Michael Rainey

The main Social Security trust fund will run dry in late 2032, resulting in a 22% reduction in benefits unless Congress acts to shore up the program's finances, according to the latest projections from the program's trustees. That means that more than 70 million people could see a significant reduction in their retirement incomes in just six years.

The average price of a gallon of gasoline fell to $4.06 on Monday following President Trump's announcement that the United States and Iran had reached an agreement to end hostilities and reopen the Strait of Hormuz.

The grand ballroom being built by President Trump on the White House grounds could cost about $600 million, with more than half of that coming from public funds, according to estimates

In its first meeting under new Federal Reserve Chair Kevin Warsh, the Federal Open Market Committee held its benchmark rate steady, reflecting growing concerns about inflation among bank officials.

In its first meeting under new Federal Reserve Chair Kevin Warsh, the Federal Open Market Committee held its benchmark rate steady, reflecting growing concerns about inflation among bank officials. All 12 voting members of the committee agreed to hold rates steady in a range of 3.5% to 3.75%, the first time in a year there was no dissent. About half of the officials at the two-day meeting forecast at least one interest rate increase this year. A notably brief post-meeting statement r

By Michael Rainey The U.S. National Science Foundation announced Thursday that it has halted plans to dismantle the Ocean Observatories

Deputy Defense Secretary Stephen Feinberg told lawmakers last week that the Pentagon is eyeing an $80 billion supplemental request to cover the cost of the war against Iran as well as other expenses, according to a

A bipartisan pair of senators is calling on Congress to act quickly to shore up the finances of Social Security, the immensely popular old-age program that faces the threat of

Global oil prices fell on Wednesday to their lowest level since the war against Iran began on February 28, with Brent crude futures dropping to $73

By Michael Rainey A key measure of inflation rose in May, the Bureau of Economic Analysis reported Thursday, reflecting the ongoing economic impact of the war against Iran.