The Obama Administration approved a permit to drill a deepwater oil well in the Gulf of Mexico Monday, the first such permit issued since the BP disaster last spring.

Spoiler alert: There’s now a good chance that the federal government will not shut down on Friday night, when the latest stop-gap funding measure expires.

The recent labor protests (and counter-protests) in Wisconsin are part of a long tradition of politicians letting public unions take the heat for government fiscal woes.

William McChesney Martin, Jr., the Federal Reserve chairman during the 1950s and 1960s, famously joked that it’s the job of the central bank to „take away the punch bowl just when the party is getting started.”

The Federal Reserve is not to blame for the rise in global commodity prices and it should continue its controversial purchases of Treasuries, according to New York Fed President William Dudley.

Americans earned more than expected in January, thanks to tax changes that boosted income, but consumers chose to add more to their savings at the start of year.

The cost of military health care, up 300% in the past decade, is eating a giant hole in the Pentagon’s budget, according to a report released Monday by a group of defense experts.

Commentary: Maya MacGuineas is the director of the fiscal policy program at the New America Foundation.

The big spending cuts proposed by House Republicans could weigh on economic growth and jobs, but forecasts vary widely.

Gas prices have increased nearly 17 cents a gallon in the past week. And analysts expect prices to continue higher, following a sharp rise in the price of crude oil.

If Congress fails to approve a spending bill before midnight on March 4, the federal government will shut down.

Gas prices spiked 6 cents Friday, the biggest one-day jump in two years, and drivers are probably wondering how prices can rise so much in such a short period of time.

In the latest blow to Obama signature programs, Republicans are now aiming to kill several White House plans aimed at keeping underwater borrowers in their homes.

The economy grew much slower than originally thought at the end of 2010, according to new estimates released by the government Friday.

Gas prices jumped 6 cents overnight, as the recent spike in oil prices begins to hit filling stations across America.

The Air Force announced Thursday it awarded a $3.5 billion initial contract to Boeing for the production of 18 next-generation aerial refueling tankers.

The Air Force announced Thursday it awarded a $3.5 billion initial contract to Boeing for the production of 18 next-generation aerial refueling tankers.