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Snapple co-founder dies at 85
WASHINGTON, June 8 (UPI) -- A tax break and a slower economy are pushing U.S. debt higher than the size of the U.S. economy quicker than previously thought, the Treasury Department said.
The Treasury said in 2010 the debt would not exceed the gross domestic product until 2014, CNNMoney reported Wednesday.
Two fundamentals have changed, however. The department has lowered its expectation of economic growth by $219 billion, and Congress, along with President Barack Obama, cut a deal in December that extended tax breaks that took away an estimated $858 billion in revenue over the next 10 years.
Those two changes put the total debt on track to exceed the size of the nation's economy by the end of the year for the first time since World War II.
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ALGIERS, Algeria, May 24 (UPI) --
Algeria's government is under pressure to ease its foreign energy investment laws after BP warned it may delay important projects in the North African state.
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ARLINGTON, Va., May 24 (UPI) --
BAE Systems has received a two-year contract extension from the U.S. Army Space and Missile Defense Command to support its Future Warfare Center.
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Properties repossessed by lenders in the first quarter took an average of 477 days to complete the foreclosure process, up from 414 days in the previous...
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Nobody likes spending cuts but the champion of that attitude is clearly President Barack Obama, who seems to have a very clear pain-avoidance agenda.
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