Here's what the Fed's interest rate pause means for your money
After 10 straight interest-rate hikes, borrowers face sharply higher costs for credit cards, mortgages and other loans.
After 10 straight interest-rate hikes, borrowers face sharply higher costs for credit cards, mortgages and other loans.
The president spoke less than 24 hours after the Senate approved the agreement in a bipartisan vote.
The legislation now goes to President Biden's desk, pulling the nation back from the brink of a financial crisis.
A majority of Democrats and a majority of Republicans voted in favor of the Fiscal Responsibility Act.
Rep. Thomas Massie broke with two other conservatives on the House Rules Committee to advance the legislation to the House floor.
The debt ceiling deal includes a provision to end the pandemic-related federal student loan payment pause
The House passed the bill to raise the debt ceiling Wednesday. Now, the Senate will take it up.
The debt ceiling deal has cleared both chambers of Congress and is headed to the president's desk.
After days of intense negotiations and weeks of talks, an agreement in principle has been reached to raise the debt ceiling.
Time is running short for House Republicans and the White House to reach an agreement on the debt ceiling to avoid default.
Everything from the stock market to Social Security payments could be jolted if the U.S. defaults on its obligations.
Even a short default could wipe out more than a million jobs, especially in parts of the U.S. that depend on federal spending.
"It's hard to overstate how bad it would be," one expert said. Everything from Social Security payments to your retirement fund could get hit.
Millions of Social Security recipients "need to be very careful" about spending because payments could be delayed, one expert said.
"No one should assume that the Fed can… really protect the economy and the financial system, and our reputation globally, from the damage such an event might inflict," Federal Reserve Chairman Jerome Powell said.
The U.S. may be unable to pay its bills within weeks if Congress does not raise or suspend the debt ceiling.
The treasury secretary moved up her estimate of when the U.S. risks defaulting on its debt.
The fight over the nation's debt limit could have very real implications on everything from your 401(k) to Social Security.
The federal government caps the amount of money it can borrow. But what are the risks if Congress fails to lift the debt limit?
Without congressional action, the U.S. could default as soon as June, she wrote in a letter Friday.
Bernanke says it's very important that Congress raise the debt ceiling so the government can pay its bills.
Grover is the ultimate in single interest constituencies in Washington. He is not accountable to anybody. He does not disclose who funds him, who pays him to do what he does or how much he is paid to blackmail GOP Members of Congress to sign his pledge not to raise taxes.
The debate over raising the debt limit is back, as House Republicans vote on a measure to block the increase on Wednesday.
President Obama signed a bill to raise the nation's borrowing limit on Tuesday, just hours after the Senate voted 74-26 in favor of the deal that will cut government spending by trillions and effectively raise the debt ceiling through the end of 2012.
Congress could vote today on a deal to avoid the first ever government default in U.S. history.
Officials said the reported sighting has not been confirmed in Kent Lake, but they posted signs around the lake "out of an abundance of caution," urging visitors to call Metroparks police if they see the alligator.
Police have arrested one person in connection with a shooting on Tuesday near the Fairlane Town Center in Dearborn.
The university's Board of Regents approved a Class C liquor license on May 16. Sales will begin on Aug. 31, according to a news release.
After getting long-term security with a $212 million contract extension, Lions quarterback Jared Goff said he has one more thing to accomplish with Detroit.
It's never reached the Governor's desk for her signature but there has been interest from lawmakers in making sure all students in our state are accounted for-- a move one homeschool advocate tells CBS News Detroit amounts to government overreach.
Officials said the reported sighting has not been confirmed in Kent Lake, but they posted signs around the lake "out of an abundance of caution," urging visitors to call Metroparks police if they see the alligator.
After decades of decline, Detroit's population population grew, according to new estimates from the U.S. Census Bureau.
Police have arrested one person in connection with a shooting on Tuesday near the Fairlane Town Center in Dearborn.
The university's Board of Regents approved a Class C liquor license on May 16. Sales will begin on Aug. 31, according to a news release.
After getting long-term security with a $212 million contract extension, Lions quarterback Jared Goff said he has one more thing to accomplish with Detroit.
Anyone who has gotten behind a wheel knows that feeling of being stuck at a red light, researchers are working on ways to reduce those instances. One of the ways is through changing traffic signals.
United Auto Workers union members at Stellantis' Warren Stamping Plant voted on Monday to authorize a strike over health and safety concerns.
Members of UAW Local 869 are scheduled to vote on May 6 over safety concerns at the plant.
Technology originally developed for homeland security is now available in Michigan to inspect every inch of your car. Developers say UVeye is like getting an MRI for your vehicle.
A bill introduced to the Michigan Legislature is looking to decrease noise pollution around Metro Detroit, more particularly along Woodward Avenue.
Jim Parsons and Mayim Bialik are reprising their roles from "Big Bang Theory" in part one of the "Young Sheldon" series finale.
Caitlin Clark struggled early in her WNBA debut before finishing with 20 points and 10 turnovers as the Indiana Fever fell to the Connecticut Sun 92-71.
Actor Steve Buscemi appeared to be looking at his phone moments before he was randomly punched in New York City, exclusive video obtained by CBS New York shows.
Steve Buscemi was allegedly punched in the face in Manhattan's Kips Bay neighborhood last week.
Prince Harry and Meghan are in Nigeria for a 3-day tour at the invitation of the African nation's military.
Robust corporate profits and steady U.S. economic growth are driving stocks to record highs.
Private-label food supplier recalls 32-ounce pouches of Great Value Organic Black Chia Seeds because of potential contamination.
President Biden and former President Donald Trump agreed Thursday to presidential debates on June 27 and Sept. 3.
The Justice Department said Thursday morning that the president was asserting executive privilege over the recordings with special counsel Robert Hur.
Ransomware attack targeted a Nissan virtual private network, the automaker's U.S. subsidiary said.
Private-label food supplier recalls 32-ounce pouches of Great Value Organic Black Chia Seeds because of potential contamination.
The fitness chain's $10 monthly membership is one of few things that had remained unchanged since 1998 — until now.
Elon Musk's Neuralink finds a brain-computer interface device captured less data a month after implant surgery.
A Metro Detroit mother wants her 1-year-old transferred to a hospital out of state after she says she raised concerns about her daughter's care at Children's Hospital of Michigan.
An 11-year-old boy in Warren has made medical history. He is one of two children in the world to receive an experimental gene therapy procedure to restore vision.
The university's Board of Regents approved a Class C liquor license on May 16. Sales will begin on Aug. 31, according to a news release.
After getting long-term security with a $212 million contract extension, Lions quarterback Jared Goff said he has one more thing to accomplish with Detroit.
The club has acquired the site of the old Southwest Detroit Hospital at the corner of Michigan Avenue and 20th Street.
Detroit starts its season against the Los Angeles Rams, whom it defeated in the first round of the 2023 season playoffs.
Richard Brendan Globensky pleaded guilty to federal charges, admitting he stole green jackets awarded to golf legends Arnold Palmer, Ben Hogan, and Gene Sarazen.
The winner of the Republican and Democratic August primaries will face off in the general election.
The roundtable discusses mobility and the importance of marque events like the 2024 NFL Draft, the Detroit Auto Show and more.
By the time this presidential race is over, Biden, Trump and their entourages may not need Michigan driver's licenses, but they'll know their way around and where the orange barrel construction zones are enough to void them on their way to campaign events.
The Motor City is putting the final touches in place for the 2024 NFL Draft as it rolls into Detroit next week.
Michael Bickers, Regional President of PNC Southeast Michigan/Detroit, and Eric Poe, CEO of CURE Auto Insurance, appeared on CBS Detroit's Michigan Matters.
After getting long-term security with a $212 million contract extension, Lions quarterback Jared Goff said he has one more thing to accomplish with Detroit.
Earlier this year, Michael Rice the superintendent for Michigan public schools, wrote a letter to the legislature calling for all students to be counted in at least one category: public, private, parochial or homeschool.
Showers and a few rumbles build in for your Friday before the skies clear up and the heat arrives this weekend.
University of Michigan lecturer Deb Gordon-Gurfinkel founded Telling It 16 years ago.
A massive police operation has busted a major car theft ring responsible for stealing over 400 cars across Metro Detroit, resulting in at least $8 million in losses.