Tami Luhby

As the date that the US could default on its obligations grows closer, the Treasury Department must prepare for an unprecedented situation -- figuring out which bills to pay with the money it has on hand if Congress doesn't act.

Inflation has eaten away more than one-third of Social Security benefits' buying power since 2000, a new analysis found.

As the stalemate over addressing the debt ceiling continues and the threat of default looms larger, President Joe Biden has resurfaced the controversial idea of using the 14th Amendment as a way to lift the borrowing cap without Congress.

There is a "significant risk" that the federal government will no longer be able to pay all its obligations in the first two weeks of June if the debt limit remains unchanged, the Congressional Budget Office said Friday.

If the US is not able to pay all its bills for the first time ever, senior citizens could quickly feel the pain.

The nation is days away from defaulting on its obligations. The Republican House speaker, pushed by conservatives in his party, demands deep spending cuts. The president, a Democrat, works on negotiating a package to avert a fiscal calamity.

Work requirements in two safety net programs for low-income Americans are set to change under the compromise debt ceiling package negotiated by President Joe Biden and House Speaker Kevin McCarthy.

Although it’s named the Fiscal Responsibility Act, the compromise debt ceiling package that President Joe Biden signed into law this past weekend doesn’t do much to fix the nation’s enormous financial challenges.

A federal appeals court wrestled in oral arguments on Tuesday with a Biden administration request that it pause a judge’s ruling that would wipe away an Obamacare mandate requiring certain preventive care services – including statins and some cancer screenings – to be provided at no cost.

Elevated by a strong stock market, Americans’ household wealth rose to nearly $149 trillion in the first quarter of 2023, new federal data shows. But that’s still several trillion dollars shy of its recent peak.