Recession is imminent. That's the clear consensus among U.S. economists. Although the Federal Reserve's work to bring down inflation has led to a slight drop, prices are expected to keep climbing. There's a growing belief the Fed missed the mark, over-reacting to put the country right into a recession.  


While Democrats and President Biden are working to boost the IRS by hiring 87,000 employees over the next 10 years, Republicans are moving in the opposite direction, introducing a bill that could do away with the agency entirely. The measure is called the Fair Tax Act. 


Google is laying off 12,000 workers, or about 6% of its workforce, becoming the latest tech company to trim staff as the economic boom that the industry rode during the COVID-19 pandemic ebbs. 

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Congress can't agree on raising the debt limit, just days before the government runs out of money to pay its bills.

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The trending TikTok ban is gaining steam on Capitol Hill where lawmakers are working on two bills to ban the app; one seeks to ban it from government devices – the other wants a total nationwide ban.

Travelers check in at an airline ticket counter in Chicago, Wednesday, Nov. 23, 2022. The Federal Reserve is set to raise its benchmark short-term rate on Wednesday, Dec. 14, for a seventh time this year. (AP Photo/Nam Y. Hu, file)

After four straight three-quarter-point interest rate hikes, the Federal Reserve is set to announce a smaller half-point increase in its key rate Wednesday, a first step toward dialing back its efforts to combat inflation. At the same time, the Fed is expected to signal that it plans more hikes next year than it had previously forecast to try to conquer the worst inflation bout in four decades. 

A CSX freight train sits on a siding in downtown Pittsburgh Saturday, Nov. 19, 2022. (AP Photo/Gene J. Puskar)

President Biden's deal to keep the railroads running has gone off track. That means the threat of an economically crippling nationwide railroad strike is back as a very real possibility.

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A federal judge in Texas has struck down the Biden administration's student debt relief program Thursday, calling it "unlawful". 


Inflation is about to hit home in yet another assault on family budgets. This time it's due to a chilling increase in heating prices along with expectations for a winter that's colder than normal.

People shop at a grocery store in Glenview, Ill., Monday, July 4, 2022.  (AP Photo/Nam Y. Huh)

President Joe Biden hailed the good news about third-quarter growth in the nation's GDP, but economic forecasts remain gloomy due to the highest mortgage and interest rates in decades, along with soaring inflation.