Debt Ceiling Nears as Budget Talks Stymied

The Treasury Department said Wednesday the government would hit its legal borrowing limit by Monday, setting in motion emergency measures to keep the government operating for several more weeks and serving as a reminder that the nation's budget wrangling could continue well into 2013.

World economy: US runs out of road as fiscal cliff looms

LONDON: The wheels could come off the US economy even before it has shifted out of second gear unless politicians reach a last-minute deal to avoid $600 billion in tax rises and spending cuts that kick in next month.

"Fiscal cliff" drag on economy less than feared so far

WASHINGTON (Reuters) - The U.S. economy showed surprising signs of resilience in November despite the approach of the so-called fiscal cliff as consumer spending rose by the most in three years and a gauge of business investment jumped.

Bank of Canada should raise rates in late 2013: IMF

TORONTO (Reuters) - Canada's economy should start ramping up in the second half of next year following a couple years of sluggish growth, allowing the Bank of Canada to resume raising interest rates by the end of 2013, the International Monetary Fund said on Wednesday.

Spending Probably Rose in U.S., Home Sales Climbed

Consumer spending probably rose in November as Americans set aside the threat of higher taxes next year while shopping for the holidays, economists said before reports this week.

State governors to meet with Obama, Boehner on "fiscal cliff"

(Reuters) - With a few weeks remaining before the onset of "fiscal cliff," a bipartisan delegation of governors is set to meet Tuesday with President Barack Obama and congressional leaders in search of some answers about the impact of deficit reduction measures on their state budgets, which rely heavily on federal aid.

Euro, shares rise on signs of Chinese growth

LONDON (Reuters) - The euro hit a six-week high and shares rose on Monday as signs of quicker Chinese growth boosted investors' risk appetite although gains were capped by U.S. budget worries.

Barack Obama: US wealthiest must pay more tax

US President Obama has reiterated his call for high earners in the US to pay more in taxes, in his first news conference since winning re-election.

Two million jobless set to lose unemployment benefits

NEW YORK (CNNMoney) -- More than 2 million jobless Americans will lose their federal unemployment insurance during the holidays if Congress doesn't extend the deadline to file for extended benefits.