With a mandate to implement $1.2 trillion in budget cuts or new revenue by next Wednesday, signs are emerging that the Congressional Super Committee may try to punt its responsibility to other committees.
Silvio Berlusconi is a step closer to leaving office after the Senate approved a package of austerity measures. It's now headed to the lower house. That progress has sent stock markets higher.
Greece has named an interim leader, Lucas Papademos, whose chief charge will be to make sure Greece does what it must to continue receiving the bailouts and rescue financing to keep its government operating while also servicing its debt.
Italian Prime Minister Silvio Berlusconi is the latest world leader to announce he'll leave power — toppled by the increasing debt crisis in Europe. Like Greek Prime Minister George Papandreou, Berlusconi lost the support of his people and his government.
In a conversation with The New York Times, Leon Panetta, the new defense secretary, described broad categories that he would like to cut in order to meet a Congressional mandate for $450 billion in cuts over 10 years.
George Papandreou will step down and a coalition government will be formed to govern until elections will be held. But they have a major role: approving the steps needed to fulfill the conditions of the EU bailout.
As public schools like the University of California struggle to find ways to remain competitive with top tier private schools, they're having to do so with declining state support. Accordingly, many are hiking tuition dramatically, but it's making college much less affordable.
A German musician is making waves on the Internet by turning financial data into often-depressing musical arrangements. Johannes Kreidler has tied musical notes to falling stock prices.
As Europe's and America's economies falter, there's one nation standing above the trouble: Poland. In 20 years since the end of the Cold War, Poland has not once endured a recession.
As the markets teetered and with European leaders telling Greece to take it or leave it — literally — Greece has called off plans for a popular referendum on the European Union bailout plan, agreed to last month.