The Congressional Budget Office (CBO) in the U.S. recently released an infographic, which detailed how Americans utilised energy, as well as the various sources of energy in the country.
One of the most notable findings from the study showed that fossil fuel was still a key energy resource, though the U.S. economy remained highly diversified in its energy needs.
Hundreds of thousands of unemployed Americans will see their unemployment benefits end sooner than expected despite Congress signing into effect an unemployment benefits extension through the end of the year.
June onwards, several states across the United States will reduce the number of extended unemployment benefit checks, as mandated by federal law, as unemployment rates are no longer on the rise.
The United States has allowed China to purchase government debt directly from the Treasury Department, bypassing primary dealers in Wall Street. According to Reuters, the agreement is the Treasury’s first-ever direct relationship with a foreign government.
Under the arrangement, the People’s Bank of China, the single largest buyer of US debt, will be able to purchase bonds via a direct computer link to the Treasury’s auction system. However, if China wants to sell the bonds it still has to go through the market.
Ben Bernanke is a marked man. Ever since he was appointed as the Chairman of the U.S. Federal Reserve in 2006, Bernanke has been a constant target for criticism – with some progressive economists now blaming him for not doing enough for the economy. But while the man is not without flaw, Bernanke has actually gone further than any other central banker in recent times in attempting to stimulate the economy through monetary policy.
The U.S. Federal Reserve has given permission to three Chinese state-backed banks to set up branches within the U.S., said Reuters on Wednesday – effectively clearing the way for the Industrial and Commercial Bank of China (ICBC) to purchase a majority stake in the U.S. subsidiary of Bank of East Asia.
China has increased its US debt holdings for the second month in a row as the country looks for new ways to spend its rising foreign currency reserves. China, the largest foreign buyer of US government debt, also has the largest foreign exchange reserves in the world.
A large part of Beijing’s foreign exchange reserves are invested in US government bonds, and the latest data from the US Treasury department shows that China purchased an additional $12.7 billion of US Treasuries in February.
The United States’ five largest banks, who have been deemed as “too big to fail” by some analysts, are now bigger than they’ve ever been before, according to a report by Bloomberg on Monday.
Having reduced the risk of a relapse into recession, the US economy is now able to move on its own power, albeit gingerly. Consequently, the question on most people’s minds today is whether the US economy is ready not just to walk, but also to run and sprint. But the US faces a new problem: that the sense of relief now can – and probably will – be taken too far.
The US Internal Revenue Service (IRS) has set up a new department within the agency, which aims to crack down on corporations that have been moving their profits from country to country in order to lower their tax bills.
Government employees from Trenton city, the capital of New Jersey, which is the third-richest state in the US, could soon face a shortage of toilet paper at their work place after its city council refused to approve a $42,573 contract for paper products from its suppliers.
According to Trenton’s Mayor Tony Mack, the city’s government buildings only have enough toilet paper to last until March 16; and the mayor blamed the city council for nit picking over budget details.
