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Here's what the Fed's interest rate pause means for your money
After 10 straight interest-rate hikes, borrowers face sharply higher costs for credit cards, mortgages and other loans.
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After 10 straight interest-rate hikes, borrowers face sharply higher costs for credit cards, mortgages and other loans.
The president spoke less than 24 hours after the Senate approved the agreement in a bipartisan vote.
The legislation now goes to President Biden's desk, pulling the nation back from the brink of a financial crisis.
A majority of Democrats and a majority of Republicans voted in favor of the Fiscal Responsibility Act.
Rep. Thomas Massie broke with two other conservatives on the House Rules Committee to advance the legislation to the House floor.
The debt ceiling deal includes a provision to end the pandemic-related federal student loan payment pause
The House passed the bill to raise the debt ceiling Wednesday. Now, the Senate will take it up.
The debt ceiling deal has cleared both chambers of Congress and is headed to the president's desk.
After days of intense negotiations and weeks of talks, an agreement in principle has been reached to raise the debt ceiling.
Time is running short for House Republicans and the White House to reach an agreement on the debt ceiling to avoid default.
Everything from the stock market to Social Security payments could be jolted if the U.S. defaults on its obligations.
Even a short default could wipe out more than a million jobs, especially in parts of the U.S. that depend on federal spending.
"It's hard to overstate how bad it would be," one expert said. Everything from Social Security payments to your retirement fund could get hit.
Millions of Social Security recipients "need to be very careful" about spending because payments could be delayed, one expert said.
"No one should assume that the Fed can… really protect the economy and the financial system, and our reputation globally, from the damage such an event might inflict," Federal Reserve Chairman Jerome Powell said.
The U.S. may be unable to pay its bills within weeks if Congress does not raise or suspend the debt ceiling.
The treasury secretary moved up her estimate of when the U.S. risks defaulting on its debt.
The fight over the nation's debt limit could have very real implications on everything from your 401(k) to Social Security.
The federal government caps the amount of money it can borrow. But what are the risks if Congress fails to lift the debt limit?
Without congressional action, the U.S. could default as soon as June, she wrote in a letter Friday.
Bernanke says it's very important that Congress raise the debt ceiling so the government can pay its bills.
Grover is the ultimate in single interest constituencies in Washington. He is not accountable to anybody. He does not disclose who funds him, who pays him to do what he does or how much he is paid to blackmail GOP Members of Congress to sign his pledge not to raise taxes.
The debate over raising the debt limit is back, as House Republicans vote on a measure to block the increase on Wednesday.
President Obama signed a bill to raise the nation's borrowing limit on Tuesday, just hours after the Senate voted 74-26 in favor of the deal that will cut government spending by trillions and effectively raise the debt ceiling through the end of 2012.
Congress could vote today on a deal to avoid the first ever government default in U.S. history.
Polls show Americans' trust in the Supreme Court has never been lower, especially in light of ethical lapses that lead observers to question the impartiality of the justices.
Some Democrats question Biden's ability to campaign in the 2024 presidential election, divide over whether he should be the nominee, after voters say Trump won debate.
Hurricane warnings are already in effect in Barbados, St. Lucia, Grenada, St. Vincent and the Grenadines and Tobago.
Brandsegg-Nygard is the first Norwegian player selected in the first round of the NHL Draft.
Hurricane Beryl is forecast to strengthen into a "dangerous major hurricane" before reaching Barbados and the Windward Islands late Sunday.
Denise Ezell filed a lawsuit on Wednesday, saying she still has not received the money since winning on Oct. 30, 2023.
Michigan Gov. Gretchen Whitmer said the difference between Biden and Trump "could not be clearer" following the first presidential debate of the year.
Polls show Americans' trust in the Supreme Court has never been lower, especially in light of ethical lapses that lead observers to question the impartiality of the justices.
The Dearborn Heights City Council approved the budget for the upcoming fiscal year, avoiding a citywide shutdown on July 1.
Some Democrats question Biden's ability to campaign in the 2024 presidential election, divide over whether he should be the nominee, after voters say Trump won debate.
American automakers are pushing back against a federal safety ruling that involves automatic emergency braking technology in new cars.
Dearborn Village Ford general sales manager Jay Sturtz says they're resorting to good old-fashioned pen and paper while they wait for CDK to come back online.
The board of General Motors approved another $6 billion share repurchase as the Detroit automaker continues to build momentum in 2024.
United Auto Workers union President Shawn Fain and other union leaders are under investigation by a federal court-appointed monitor, according to a court filing.
Stellantis-owned Chrysler is recalling more than 211,000 SUVs and pickup trucks in the U.S., due to a software malfunction that could disable the cars' electronic stability control systems.
Martin Mull came to national fame with a recurring role on the Norman Lear-created satirical soap opera "Mary Hartman, Mary Hartman," and the starring role in its spinoff, "Fernwood 2 Night."
"CBS News 24/7," a daily flagship show featuring live reporting from CBS News and Stations' local-to-global newsrooms, brings viewers a dynamic and immersive news experience.
Alec Baldwin's attorneys say the involuntary manslaughter charge against him for the "Rust" shooting that killed Halyna Hutchins should be dismissed.
If you're a car enthusiast, the M1 Concourse in Pontiac is gearing up for a jam-packed season.
In 1999, a series about a New Jersey crime family premiered on HBO; it would change television. Series creator David Chase, and stars Edie Falco, Steven Van Zandt, Michael Imperioli and Steve Schirripa, discuss the personal and cultural impact of "The Sopranos."
Polls show Americans' trust in the Supreme Court has never been lower, especially in light of ethical lapses that lead observers to question the impartiality of the justices.
Hurricane warnings are already in effect in Barbados, St. Lucia, Grenada, St. Vincent and the Grenadines and Tobago.
Martin Mull came to national fame with a recurring role on the Norman Lear-created satirical soap opera "Mary Hartman, Mary Hartman," and the starring role in its spinoff, "Fernwood 2 Night."
The Supreme Court overruled a 40-year-old decision that said federal courts should defer to agencies in certain cases. Here's what it means.
CDK outage forecast to slow auto sales by 7.2% in June, pushing demand into July.
The FDA said its study better simulated how commercial milk processing kills the bird flu virus, H5N1.
"We can serve payers very effectively from the footprint that remains," CEO Tim Wentworth says of the coming Walgreens closures.
A Rochester mother is concerned about her 16-year-old son's allergy medication after she says it arrived at their home without the equipment to keep it at a certain temperature.
A Michigan Court of Claims judge has granted a preliminary injunction blocking abortion regulations including the 24-hour waiting period, "informed consent" and a ban on advanced practice clinicians providing abortion care.
Medicina Scarlett in Southwest Detroit is now offering its services in English and Spanish to bridge a gap in health care.
Brandsegg-Nygard is the first Norwegian player selected in the first round of the NHL Draft.
Akshay Bhatia shot a 5-under 67 that included a free drop after his golf ball fell into a fairway drain at Detroit Golf Club.
Detroit City FC heads back on the road this Saturday, traveling down to South Beach to face off against Miami FC.
The lawsuit against the NFL covered 2.4 million residential subscribers and 48,000 businesses who paid for the "Sunday Ticket" package of out-of-market games.
The Detroit Pistons have taken forward Bobi Klintman on Thursday in the 2024 NBA Draft after trading with the Minnesota Timberwolves.
U.S. Energy Secretary Jennifer Granholm and U.S. Transportation Secretary Pete Buttigieg appear on CBS Detroit's Michigan Matters this Sunday.
The University of Michigan's Ross School of Business is celebrating its 100th anniversary this year.
The three top elected county leaders essentially run the Metro Detroit region.
U.S. Rep. Shri Thanedar appears on CBS Detroit's Michigan Matters and talks about the mental health crisis impacting the nation, the fallout of the war in Gaza and his re-election campaign.
Lisa Ford appears on CBS Detroit's Michigan Matters and talks about Michigan Central Station, which her husband, Bill Ford, Executive Chair of Ford Motor Co., decided to bring back to life in 2018.
We'll see below-average temperatures, breezy conditions, and partly cloudy skies today.
The Dearborn Heights City Council approved the budget for the upcoming fiscal year, avoiding a citywide shutdown on July 1.
This year marks the sixth year that the Detroit Golf Club hosted the Rocket Mortgage Classic, but the history of the course goes back much further than that.
Golfer Nick Bienz, who went viral for qualifying for the Rocket Mortgage Classic after drinking three beers, joined CBS News Detroit to talk about competing in the tournament.
The community said its final goodbyes to fallen Oakland County Sheriff Deputy Brad Reckling at Apostolic Church in Auburn Hills, where his visitation and funeral took place on Friday.