U.S. consumer confidence plunged in January to its lowest level in more than a year, reflecting higher Social Security taxes that left Americans with less take-home pay.
Treasury Secretary Timothy Geithner is telling congressional leaders that the U.S. government will exhaust its borrowing limit as soon as mid-February, earlier than expected.
A private survey shows U.S. businesses sharply increased hiring in December, helped by a surge of new construction jobs to help rebuild from Superstorm Sandy.
Business economists believe the country will see modest growth in 2013 with strength coming from a further rebound in housing which will help offset weakness in business investment.
The Federal Reserve projects the unemployment rate will stay elevated until late 2015, suggesting it will keep short-term interest rates low for the next three years.
The U.S. government said Monday that it is selling its remaining shares of American International Group stock, moving to close the books on the government's biggest bailout during the 2008 financial crisis.
Americans cut back on spending last month while their income remained flat. The weakness in part reflected disruptions from Superstorm Sandy that could slow economic growth for the rest of the year.
The U.S. economy grew at a 2.7 percent annual rate from July through September, much faster than first thought. The strength is expected to fade in the final months of the year because of uncertainty about looming tax increases and government spending cuts.
Federal Reserve Chairman Ben Bernanke on Tuesday urged Congress and the Obama administration to strike a budget deal to avert tax increases and spending cuts that could trigger a recession next year.
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"uri": "/2013/01/29/us-consumer-confidence-plunges-on-higher-taxes/",
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"summary": "Geithner says the move will free up $156 billion in borrowing authority while Congress debates increasing the $16.4 trillion debt limit.",
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