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The federal budget deficit will drop below $1 trillion for the first time in President Barack Obama’s tenure in office, a new report said Tuesday.

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A sudden outburst of bipartisanship is sweeping Washington, presenting President Obama with an opportunity to move his agenda, but also a challenge to get it done quickly before this window inevitably slams shut.

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China surpassed the U.S. to become the world’s biggest trading nation last year as measured by the sum of exports and imports of goods, official figures from both countries show.

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Washington is entering a distinctly familiar situation: a paralyzing legislative stalemate with outsize importance for the nation’s economic and homeland security.

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The federal government helped bring the economic recovery to a virtual halt late last year as cuts in military spending and other factors overwhelmed the Federal Reserve’s expanded campaign to stimulate growth.

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The Federal Debt Ceiling is a looming catastrophe one day and a crisis averted the next. It seems a never-ending cycle. WSJ’s David Wessel explains the basics of the debt limit and why you should care.

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A bipartisan group in the U.S. House of Representatives is attempting to craft a bill that would give millions of undocumented immigrants a way to become citizens, House aides said on Thursday, mirroring an effort in the Senate.

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Congressional leaders sound increasingly resigned to the possibility that across-the-board government spending cuts could start taking effect on March 1, as scheduled, and continue for at least a few weeks.

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Though Washington can’t seem to get enough of it, the debt and deficits fixation continues to feel pretty theatrical. Far scarier, by contrast, is the state of the economy. Notwithstanding some positive signs in the housing and construction sectors, the drifting economy remains troubled.

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When Barack Obama took office four years ago, reducing the budget deficit was a middle-tier item on the public’s agenda. Only about half of Americans (53%) viewed it as a top policy priority in January 2009, placing it ninth on a list of 20 policy goals.

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A bipartisan group of senators has just unveiled a new proposed framework for overhauling the U.S. immigration system.

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Senate Democratic leaders announced Wednesday that they plan to accept the House GOP plan to extend the Treasury’s borrowing authority, committing themselves to approving a budget outline this spring and putting off any potential default on the nation’s swelling debt until well into the summer.

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