The supercommittee pulls the trigger: How do the automatic cuts work?
It's all over. The "supercommittee"--the bipartisan group of lawmakers charged with hammering out a plan to reduce the federal deficit--has admitted defeat. With the panel's Wednesday deadline looming, Democrats and Republicans say they're just too far apart on what mix of tax hikes and spending cuts would be best.
A spike in Italian debt yields sent global markets tumbling Wednesday, with the Dow down more-than 370 points in recent trading.
Earlier this week, you may recall, talk on the Street was that if Silvio Berlusconi would only step down, the Italians would be free to adopt austerity measures and market pressures would relent. Instead, Berlusconi's pledge to resign seem to intensify market fears about Italy's huge debt load.
CANNES, France (AP) -- European leaders heaped pressure on Greece over its decision to hold a referendum on its latest bailout deal, calling it a vote on whether it wants to stay in the eurozone and vowing Athens would not get new rescue loans until the result was in.