Debt ceiling financial crunch to come no later than Oct. 17

Debt ceiling financial crunch to come no later than Oct. 17

NEW YORK (CNNMoney) -- Treasury to Congress: The heat's on to raise the country's debt ceiling.Treasury Secretary Jack Lew said Wednesday he now estimates he will have less cash on hand to pay the country's bills in mid-October than he previously thought.Instead of the $50 billion he estimated a few weeks ago, he now thinks the cash balance will be closer to $30 billion."This amount would be far short of net expenditures on certain days, which can be as high as $60 billion," Lew said in a letter to lawmakers. "If we have insufficient cash on hand, it would be impossible for the United States of America to meet all of its obligations for the first time in our history."He also said he now estimates the so-called extraordinary measures that the Treasury has been taking since the spring will be exhausted no later than Oct. 17.

Five years later, Pres. Obama struggles with the economy

Five years later, Pres. Obama struggles with the economy

WASHINGTON (CNN) -- It's been five years since the banking and credit crisis rocked the U.S. economy, causing markets to plunge, unemployment to spike, housing values to crumble and placing more Americans in financial peril than at any time since the Great Depression.On Monday, President Barack Obama touted his administration's successes in helping to turn things around even though national economic growth remains sluggish and millions of people have given up looking for work.Obama said government's response "put a floor under the fall" and his policies set the stage for an end to economic contraction and created an environment for the economy to grow again.The president specifically pointed to the impact of the economic stimulus, creation of seven million jobs, the resurgence of the bailed out Detroit automakers, higher taxes on the wealthiest earners and an increase in exports."We've cleared away the rubble from the financial crisis and we've begun to lay a new foundation for economic growth and prosperity," Obama said.Although Obama paints a rosy scenario, there are still key questions on the economy.Larry Summers, a leading name to become the next chairman of the Federal Reserve, withdrew his name from consideration on Sunday, clearing the way for Janet Yellen, who serves as vice chairwoman at the Fed, to become the leading candidate.Also, the White House announced last week that top economic adviser, Gene Sperling, will step down as head of the National Economic Council and be replaced by Jeffrey Zients, the acting director of the Office of Management and Budget.There is also the looming showdown with Congress on funding the government, raising the ability of the nation to borrow money to pay its bills, and continuation of the drastic budget cuts that took effect earlier this year absent a deal in Washington to reduce the deficit.There is also the potential impact of the Affordable Care Act, the sweeping health care law backed by Obama that is taking effect this year and remains a political flashpoint with Republicans.It's the economy, stupidThat motto was made famous by political strategist James Carville during Bill Clinton's 1992 presidential campaign, and rang true for Obama's first presidential campaign as well.And the American public agrees.

First-time claims for unemployment benefits fall to 7-year low

First-time claims for unemployment benefits fall to 7-year low

NEW YORK (CNNMoney) -- First-time claims for unemployment benefits suddenly fell to the lowest level since early 2006, but don't break out the champagne just yet.About 292,000 people filed initial claims for unemployment benefits in the week ending September 7, the Labor Department reported Thursday morning.

Harley-Davidson's 110th makes sizable impact on economy in SE Wis.

Harley-Davidson's 110th makes sizable impact on economy in SE Wis.

MILWAUKEE (WITI) -- While the Harley-Davidson 110th anniversary celebration during Labor Day Weekend has been a lot of fun, it is also doing a lot of good for the local economy.The streets in and around Milwaukee have been filled with motorcycles since Thursday, August 29th, and that has been very good for business.

County Exec. Abele hosts budget hearing in Milwaukee

County Exec. Abele hosts budget hearing in Milwaukee

MILWAUKEE (WITI) -- Milwaukee County Executive Chris Abele answered some questions about his 2014 budget on Tuesday, August 13th.Abele held a budget hearing at the Martin Luther King Jr.

Kohl's donates money to Art Museum, economy improves

Kohl's donates money to Art Museum, economy improves

MILWAUKEE (WITI) -- In business news for Tuesday, August 13th, Kohl's has donated $2 million to the Milwaukee Art Museum, and in a sign the economy is continuing to recover, the Commerce Department says retail sales increased two-tenths of a percent in July.

First-time claims for unemployment benefits fall to 5-year low

First-time claims for unemployment benefits fall to 5-year low

NEW YORK (CNNMoney) -- Here's yet another good sign for the job market: First-time claims for unemployment benefits fell last week to their lowest level in more than five years.About 326,000 people filed initial claims for unemployment benefits in the week ending July 27, the Labor Department reported Thursday.That marks the lowest level of weekly claims since January 2008 and seems to indicate layoffs are back to levels more consistent with pre-recession hiring.That said, July is a notoriously choppy month for weekly jobless claims, so economists often prefer to look at a four-week moving average to smooth out some of the volatility.

Federal Reserve signals cautious optimism about U.S. economy

Federal Reserve signals cautious optimism about U.S. economy

NEW YORK (CNNMoney) -- You'll have to wait longer if you want more clues about when the Federal Reserve plans to wind down its stimulus efforts.The Federal Reserve wrapped up a two-day meeting Wednesday with small tweaks to its policy statement, but its overall outlook for the economy seems little changed.The Fed characterized recent economic growth as "modest," but noted that it expects "economic growth will pick up from its recent pace."The central bank also noted that mortgage rates have been rising and inflation may be too low.

Dow ekes out another record high on Tuesday

Dow ekes out another record high on Tuesday

NEW YORK (CNNMoney) -- The Dow was able to notch another record high Tuesday, but the broader market was mixed as investors weighed the latest corporate results against a weak regional manufacturing report.The Dow Jones industrial average gained nearly 0.2%, ending at an all-time high of 15,568.The S&P 500 fell 0.2%, after earlier touching a new record high and coming within a few points of 1,700.

Home prices in major U.S. cities rise at 12.1% annual rate in April

Home prices in major U.S. cities rise at 12.1% annual rate in April

NEW YORK (CNNMoney) -- The rise in home prices continued to accelerate in April, but a jump in mortgage rates could soon put the brakes on prices.The S&P/Case-Shiller home price index was up 12.1% in April, compared to a year ago, in the 20 top real estate markets across the nation.

Surging home sales raise new housing bubble fears

Surging home sales raise new housing bubble fears

NEW YORK (CNNMoney) -- Home sales and prices continued to climb in May, raising the prospect of a new housing bubble unless there is a significant increase in home building."The home price growth is too fast, and only additional supply from new homebuilding can moderate future price growth," said Lawrence Yun, the chief economist for the National Association of Realtors.

State Assembly passes spending plan for next two years

State Assembly passes spending plan for next two years

MADISON (WITI) -- The Wisconsin budget passed the Assembly on Wednesday, June 19th with almost no debate after a surprise move by Democrats.The $68 billion budget lays out a spending plan for the next two years and: