When the federal government spends more than it collects in taxes, which it does most years, it has to borrow money to make up the difference. That gap is the federal deficit, which is expected to top $1 trillion in 2019.
Stanley Fischer, who is resigning as Federal Reserve vice chair, says releasing transcripts of Fed meetings immediately could inhibit frank discussions among policymakers.
They're still talking. President Obama and leaders from Congress will continue deficit-reduction negotiations. July 14, 2011 file photo taken at the White House. From left to right: House Speaker John Boehner (R--OH); Obama; Senate Majority Leader Harry Reid (D-NV); Senate Minority Leader Mitch McConnell (R-KY); Senate Majority Whip Richard Durbin, (D-IL).
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