Supreme Court hears arguments in ACA tax credits case
Lawyers presented arguments to the Supreme Court on Wednesday regarding whether the Affordable Care Act authorizes tax credits only for people who buy a health insurance plan through a state-run exchange and not the federally run HealthCare.gov. A decision is expected in late June or early July. Read more
Obama expected to sign Homeland Security funding bill
The House of Representatives approved legislation extending funding for the Department of Homeland Security. The measure passed 257-167 with the backing of 75 Republicans and all Democrats who voted. Spending for the agency turned into a debate over President Barack Obama's immigration policy. Obama is expected to sign the legislation. Read more
IRS audit rate of U.S. businesses falls to 8-year low
The Internal Revenue Service audited 57,211 U.S. businesses in fiscal 2014, just 0.57% of the total. That rate, an eight-year low, represented a decrease from 0.61% during 2013. IRS Commissioner John Koskinen attributed the decline to the agency's smaller budget. Read more
Estimate of Q4 economic growth lowered to 2.2%
The U.S. economy expanded at an annual rate of 2.2% for the fourth quarter, according to revised estimates by the Department of Commerce. Growth was previously estimated at 2.6%. Data about business stockpiles and the trade deficit contributed to the downward revision. Read more
First-time jobless claims in U.S. increase to 313,000
Initial jobless claims last week rose 31,000, to 313,000, the Labor Department said. It was the biggest increase since December 2013. Read more
Senate closer to ending standoff over Homeland Security funding
In a 98-2 vote, the Senate swept away procedural obstacles that could prevent a swift final vote on funding for the Department of Homeland Security, which will run out of money Friday. Senate Democrats said they will vote for a measure backed by Senate Majority Leader Mitch McConnell, R-Ky., that deals only with the funding issue. Read more
Yellen eyes labor market, inflation for interest rate’s future
With the U.S. job market still gaining strength and inflation low, the Federal Reserve is not yet ready to raise interest rates from near-zero levels, Fed Chair Janet Yellen told the Senate banking committee as she delivered the Fed's semiannual economic report. Investors were pleased to hear Yellen say the Fed will be patient on rates as the economy continues to improve. Read more
Economy would be hit by DHS partial shutdown, Obama says
If Congress allows funding authority for the Department of Homeland Security to expire Friday, the U.S. economy and national security will be directly affected, President Barack Obama says. Essential personnel would still report to work, but more than 100,000 agents for border patrol, airport security and port inspection would not be paid, he says. Read more
Economy would be hit by DHS partial shutdown, Obama says
If Congress allows funding authority for the Department of Homeland Security to expire Friday, the U.S. economy and national security will be directly affected, President Barack Obama says. Essential personnel would still report to work, but more than 100,000 agents for border patrol, airport security and port inspection would not be paid, he says. Read more
Labor Department to submit retirement account adviser rule
The Labor Department is expected to submit a proposal that would strengthen standards for brokers who recommend retirement investments. The rule will be submitted to the Office of Management and Budget, and will be available for public comment after it is approved and published. Read more