Our Business News

Have you heard the one about the three wise men (or women) in Washington, D.C.?  Me neither. Looks like the joke’s on us.  As a result of political gridlock, a slew of tax laws will expire at the stroke of midnight on Dec.31 if Congress is not able to come to agreement about the fiscal cliff and our nation’s budget. If no agreement is reached, some tax rates could go up to levels not seen since the late 1970s and early 1980s.   Although there are just five weeks before the end of the year, there’s a chance both political [...]

Federal Reserve policymakers agreed last month that they might need to take more action to support growth if the U.S. economy loses momentum. Minutes of their June meeting released Wednesday show that Fed officials signaled their concern that the struggling U.S. economy could worsen if Congress fails to avert tax hikes and across-the-board spending cuts that kick in at the end of the year. They also expressed worries that Europe’s debt crisis will weigh on U.S. growth. Members said the economy should continue to grow moderately. But the Fed lowered its growth forecast at the meeting after seeing the U.S. [...]