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.
Watch CBS News
After 10 straight interest-rate hikes, borrowers face sharply higher costs for credit cards, mortgages and other loans.
The U.S. averted disaster by raising the debt ceiling, but a mild recession is still possible even as job numbers remain hot, according to the head of Bank of America. Mark Strassmann breaks down how the U.S. economy is doing.
President Biden Saturday signed a bipartisan bill that will suspend the nation's debt ceiling and avoid what could have been a catastrophic government default. Christina Ruffini has more.
President Biden will likely sign the debt limit bill later today after the House and Senate approved it this week. It's a win for the president as the 2024 campaign season gets underway in earnest. CBS News Correspondent Wendy Gillette reports from New York.
President Biden delivered remarks from the Oval Office Friday night after Congress passed bipartisan legislation to suspend the U.S. debt limit until 2025. Watch his address in this CBS News Special Report, with analysis from Margaret Brennan and Nancy Cordes.
The president spoke less than 24 hours after the Senate approved the agreement in a bipartisan vote.
The debt ceiling deal has cleared both chambers of Congress and is headed to the president's desk.
The U.S. Senate is now taking up the compromise bill to raise the debt ceiling and avoid a catastrophic default. The House overwhelmingly passed the measure on Wednesday, but there are some grumblings in the Senate. Natalie Brand reports.
A majority of Democrats and a majority of Republicans voted in favor of the Fiscal Responsibility Act.
Skyler Henry reports on members of the House of Representatives debating the White House debt ceiling deal (5-31-2023)
House Freedom Caucus members are unhappy with the debt ceiling deal between House Speaker Kevin McCarthy and President Biden.
Natalie Brand reports on members of the House of Representatives preparing to vote on the White House debt ceiling deal (5-31-2023)
Scott McFarland reports on criticism leveled from both sides of the aisle against debt limit bill (5-29-2023)
President Biden and House Speaker McCarthy both expressed optimism that they would be able to get their respective parties on board for the debt ceiling plan they negotiated. Natalie Brand has the latest.
After days of intense negotiations and weeks of talks, an agreement in principle has been reached to raise the debt ceiling.
The House Democratic leader said he can guarantee the U.S. will not default on its debt.
Bradley Blackburn reports on agreement reached to raise debt limit just days ahead of default (5-28-2023)
The massive storms that soaked California at the beginning of this year allowed many in the state to automatically be granted a tax extension. But that’s causing problems for the U.S. balance sheet as it approaches the deadline to raise the debt ceiling. Julie Weil, a tax reporter for the Washington Post, has more.
Republican lawmakers want the government to slash federal spending, which ballooned during the pandemic.
President Joe Biden wrapped up a meeting with House Speaker Kevin McCarthy to discuss raising the debt ceiling as the U.S. government will soon run out of money to pay its bills -- and possibly dive into a recession if no deal is reached. Nicole Sganga reports.
Negotiations over the debt ceiling ended on Capitol Hill as President Joe Biden and House Speaker Kevin Mccarthy prepare for face-to-face talks Monday afternoon.
Following several meetings Friday, White House negotiators and Republican congressional leaders left the Capitol without an agreement on solving the nation's debt ceiling crisis. President Biden is expected to cut short his Asia-Pacific trip to return to Washington to address the issue. Christina Ruffini has the latest.
Without a deal, Treasury Secretary Janet Yellen has said the U.S. could be unable to pay its bills and might default on its debt as soon as June 1.
Skyler Henry reports on the stalemate in the negotiations to raise the debt ceiling and avoid the first federal default in United States history.
The treasury secretary moved up her estimate of when the U.S. risks defaulting on its debt.
A tentative agreement has been reached between the San Francisco Unified School District and the United Educators of San Francisco, both sides announced Friday, ending a teachers' strike that began earlier this week.
Chris Paul made the announcement ahead of the NBA's All-Star weekend at the home of the Los Angeles Clippers in Inglewood.
Sultan Ahmed bin Sulayem, CEO and chairman of Dubai's DP World, appears in the Epstein files more than 4,700 times, according to the Justice Dept.
Inflation came in below economists' forecasts and slowed from December's 2.7% annual rate.
President Trump pardoned five former NFL players - one posthumously - for crimes ranging from perjury to drug trafficking.
A tentative agreement has been reached between the San Francisco Unified School District and the United Educators of San Francisco, both sides announced Friday, ending a teachers' strike that began earlier this week.
Chris Paul made the announcement ahead of the NBA's All-Star weekend at the home of the Los Angeles Clippers in Inglewood.
Sultan Ahmed bin Sulayem, CEO and chairman of Dubai's DP World, appears in the Epstein files more than 4,700 times, according to the Justice Dept.
Inflation came in below economists' forecasts and slowed from December's 2.7% annual rate.
President Trump pardoned five former NFL players - one posthumously - for crimes ranging from perjury to drug trafficking.
A tentative agreement has been reached between the San Francisco Unified School District and the United Educators of San Francisco, both sides announced Friday, ending a teachers' strike that began earlier this week.
Police in San Francisco announced that a teenage suspect has been arrested in connection with a mass shooting in the Richmond District near Ocean Beach late last year.
Schools in the San Francisco Unified School District will remain closed for a fifth straight day on Friday, as the teachers' strike continues without a labor deal.
Parents held a virtual roundtable to talk about the ongoing strike in the San Francisco Unified School District.
The California Highway Patrol has issued a Feather Alert for a missing woman last seen in San Francisco in January.
About 300 pounds of processed marijuana was discovered by San Leandro police, leading to an arrest on Wednesday, authorities said.
A former member of the San Leandro City Council pled guilty in a corruption case that has ties to former Oakland Mayor Sheng Thao, federal prosecutors said.
The Alameda County Sheriff's Office said they received a call from a person claiming to have a firearm around 3:20 Monday morning. When deputies arrived, they say a person exited the home on Selborne Drive and presented an immediate threat to deputies. Two deputies shot at him, and he died from his injuries.
Some prospective tenants said they are still without housing and have been cut off from all help because they are officially listed in the county's computer as "permanently housed" at the Phoenix Apartments.
The legacy of the Black Panther Party, founded in Oakland in 1966 to protect the Black community while demanding freedom and justice, lives on through an award-winning walking tour.
The Cupertino City Council voted 3-2 in favor of a unique affordable housing project that will also reserve units for those with intellectual and developmental disabilities (IDD).
A San Jose shop owner has discovered that for the unhoused, a bicycle isn't just a reliable way of getting around; it can be a lifeline for a fresh start.
An assistant principal at a San Jose middle school was among a group of people arrested during a police operation targeting adults seeking minors online to engage in sexual activity, authorities announced on Wednesday.
Authorities on the Central Coast have recovered a body after a car plunged several hundred feet off Highway 1 in Big Sur Tuesday afternoon.
Authorities in Monterey County have arrested a man on suspicion of attempted murder after he allegedly stabbed a woman while driving on Highway 101 in Salinas over the weekend.
A Sonoma County man has been arrested on multiple weapons charges after police seized more than 150 firearms from two homes as part of an investigation into the illegal manufacturing of guns.
One of the suggestions is the complete renovation of the Canal District shoreline, removing about 550 existing homes and raising the land high enough to safely redevelop on top of it. It is projected to cost nearly $2 billion.
A bank employee was among three people arrested in a series of armed home invasion robberies in Marin County of people who had withdrawn large amounts of cash, authorities said.
A man who was arrested on child sexual abuse charges in Illinois is facing additional charges in the San Francisco Bay Area in connection with the alleged sexual assault of a child, police said.
Four suspects remain at large and two were arrested after an armed robbery at a Petaluma jewelry store on Saturday, police said.
Chris Paul made the announcement ahead of the NBA's All-Star weekend at the home of the Los Angeles Clippers in Inglewood.
Ryo Hisatsune is the leader at the AT&T Pebble Beach Pro-Am with a 62 at Pebble Beach.
Tony Vitello walked up the dugout stairs to meet with reporters about 15 minutes later than expected because of a team meeting that went longer than planned.
The bushes that surrounded global superstar Bad Bunny during his record-breaking Super Bowl halftime performance at Levi's Stadium were indeed people in costume, and three Bay Area friends participated together after answering a vague casting call.
The Detroit Tigers announced Tuesday that they signed Justin Verlander, a 42-year-old free agent, to a one-year, $13 million deal.
President Trump pardoned five former NFL players - one posthumously - for crimes ranging from perjury to drug trafficking.
About 300 pounds of processed marijuana was discovered by San Leandro police, leading to an arrest on Wednesday, authorities said.
Police in San Francisco announced that a teenage suspect has been arrested in connection with a mass shooting in the Richmond District near Ocean Beach late last year.
A former member of the San Leandro City Council pled guilty in a corruption case that has ties to former Oakland Mayor Sheng Thao, federal prosecutors said.
Border czar Tom Homan announced Thursday that Operation Metro Surge in Minnesota is concluding, with a drawdown of federal immigration officers set to occur over the course of next week.
The Federal Trade Commission sent a letter to Tim Cook one day after President Trump circulated a report raising questions about Apple News' practices.
The family believes the outcome of the trial can lead to significant changes within the social media industry and help other families become even more aware of what they say are deadly devices in the hands of children.
The social media platform changed its privacy policy last month, inviting users to allow it to track their specific location.
Instagram's parent company Meta and Google's YouTube dispute claims that their platforms deliberately addict and harm children.
ChatGPT will clearly distinguish between ads and answers to user prompts on the AI platform, according to OpenAI.
Health officials in the East Bay said a man has died from consuming toxic wild mushrooms, amid an ongoing spike in mushroom-related poisonings throughout California.
Health officials in Napa County confirmed Wednesday that a child has been diagnosed with measles in the county's first case in nearly 15 years.
Over the years, Dr. Rachel Forer has found plenty of ways to take the sting out of going to the dentist. But no matter how hard she tried, fear had a way of creeping in.
Officials in San Mateo County are the latest in the Bay Area to warn residents to not forage for wild mushrooms, amid a rise in mushroom poisonings that have led to illnesses and even deaths.
The Bay Area's Spare the Air alert has been extended to at least Saturday as a high-pressure system is expected to hang around and impact air quality.
Sultan Ahmed bin Sulayem, CEO and chairman of Dubai's DP World, appears in the Epstein files more than 4,700 times, according to the Justice Dept.
President Trump pardoned five former NFL players - one posthumously - for crimes ranging from perjury to drug trafficking.
California Gov. Gavin Newsom fired back immediately, vowing to take this matter to court. So has Earth Justice, one of the leading environmental law nonprofits in the country.
A former member of the San Leandro City Council pled guilty in a corruption case that has ties to former Oakland Mayor Sheng Thao, federal prosecutors said.
Border czar Tom Homan announced Thursday that Operation Metro Surge in Minnesota is concluding, with a drawdown of federal immigration officers set to occur over the course of next week.
After more than two years of renovations, the historic Castro Theatre is back open for business.
A large Pride flag has been removed from the Stonewall National Monument in Greenwich Village. The National Park Service said it did so under guidance from the federal government.
The billionaire and philanthropist MacKenzie Scott donated $45 million to The Trevor Project, a nonprofit focused on suicide prevention and advocacy for LGBTQ young people.
Oasis nightclub announced plans to close six months ago. New Year's Eve was slated for the final performance. A last-minute, multi-million dollar donation turned the final curtain call into an encore performance.
A 16-year FBI employee has filed a lawsuit alleging he was fired last month because he had a Pride flag displayed near his desk.
"Dawson's Creek" and "Varsity Blues" star James Van Der Beek has died at 48 years old.
After more than two years of renovations, the historic Castro Theatre is back open for business.
The bushes that surrounded global superstar Bad Bunny during his record-breaking Super Bowl halftime performance at Levi's Stadium were indeed people in costume, and three Bay Area friends participated together after answering a vague casting call.
The show unfolded as a visual journey through Puerto Rico's history, culture and identity, reaching an estimated 135 million viewers worldwide.
Puerto Rican superstar Bad Bunny, born Benito Antonio Martínez Ocasio, is one of the most-streamed artists on the planet.
Ever since the COVID-19 pandemic, the Oakland Unified School District has seen an alarming spike in the number of unhoused students in the school system who deal with a host of challenges far beyond what most children face.
Meteorologist and CBS News Bay Area's resident pilot Lt. Jessica Burch got a treat during Fleet Week, taking to the skies with one of the Blue Angels.
A Bay Area man discovered his devastating loss left him with a new opportunity to rethink how he lives -- follow his journey in virtual reality, 360-degree video.
A groundbreaking medical study involving the UCSF Medical Center has shown some colorectal cancer patients can safely skip radiation treatment and enjoy a potentially higher quality of life.
Every day, San Francisco bar pilot Captain Zach Kellerman goes through what might just be the world's most dangerous commute.
Superintendent Maria Su of the San Francisco Unified School District held a briefing Friday following the end of a four-day teacher strike, the first walkout among educators in nearly five decades.
Expect clear skies on Friday, increasing clouds on Saturday with rain returning Sunday. The wet weather pattern is expected to continue through the Presidents' Day holiday and into next week. Jessica Burch has the forecast.
A tentative agreement has been reached between the San Francisco Unified School District and the United Educators of San Francisco, both sides announced Friday morning, ending a teachers' strike that began earlier this week. Veronica Macias reports.
It wasn't a surprise to many that the Trump administration announced a rollback of regulations to curb greenhouse emissions. California Gov. Gavin Newsom fired back immediately, vowing to take this matter to court. So has Earth Justice, one of the leading environmental law nonprofits in the country.
The Cupertino City Council voted 3-2 in favor of a unique affordable housing project that will also reserve units for those with intellectual and developmental disabilities (IDD).
In 2025, KPIX is moving to a new community service award: the CBS News Bay Area Icon Award. Submit nominations for an outstanding community hero at kpix.com/icon.
It's the most wonderful time of the year for a South Bay woman who has played Mrs. Claus for more than 40 years for the children of North San Jose's Alviso District.
For residents of the Oakland Hills, the prospect of another wildfire always remains a concern. This week's Jefferson Awards winner has made it his mission to make the hills and other high-risk areas safer.
In East Palo Alto -- where state education numbers show more than nine in ten public school students are low income and more than half are English learners -- many are finding hope and connection at the Boys & Girls Clubs of the Peninsula.
This week's Jefferson Award winner is Army veteran who continues to live a life of service into his 80s, by feeding hundreds of San Francisco families a week.
A Bay Area man who overcame tremendous obstacles to excel in school has made it his mission to gear up other students for success in the classroom and in life.
For Students Rising Above scholar Josh Collins it took moving across the country to realize the value of his Bay Area family.
Samir Hooker had to grow up fast after his stepfather was shot dead 12 years ago. Now he is watching over his mom and sister while attending UC Berkeley.
It's hard enough to graduate from one of the most prestigious schools in the country when you're the first in your family to go to college. Imagine doing that while you're also trying to protect your parents from being deported?
Some students who are the first in their families to go to college face the challenge of balancing a rigorous academic load while still working to help support their family back home.