Scott Horsley

The Labor Department reports Tuesday on May's inflation rate. While inflation has cooled since last summer, prices are still rising faster than the Federal Reserve would like.

Employers added a whopping 339,000 jobs last month, a stunningly strong number. Here are some of the key takeaways of the country's red hot labor market.

President Biden delivers the first Oval Office address of his presidency. It comes a day after Congress passed a bipartisan deal to lift the debt ceiling, narrowly avoiding the deadline.

U.S. employers added a whopping 339,000 jobs in May, far more than forecasters had expected. The unemployment rate, which is compiled from a separate survey, rose to a still-low 3.7%.

Employers added a whopping 339,000 jobs in May, far above expectations, according to a report from the Labor Department on Friday. The unemployment rate rose to 3.7%, from 3.4% in April.

Congressional forecasters say the debt ceiling deal struck by President Biden and House Speaker Kevin McCarthy over the weekend would reduce deficits by about $1.5 trillion over the next decade.

If the federal government defaults on its debt, one surprising place investors would likely seek shelter is in the safety of U.S. Treasury debt.

Treasury Secretary Janet Yellen says unless lawmakers raise the debt ceiling by June 5, the government won't have enough money to pay all of its bills.

House Republicans and the White House are racing to clinch a debt deal, with just days before the U.S. could run out of money to pay its bills.

Did spending by President Biden and the Democrats rack up the country's debt? Is a default the same as a government shutdown? Here are answers to things people often get wrong about the debt ceiling.

If you're confused about the debt ceiling battle being waged in Washington right now, you're not alone. There are a lot of misconceptions about what's behind the drama and what's at stake. We'll separate fact from fiction.

The Treasury Department is not set up to pay some of its bills and not others. But it may be forced into that situation, if Congress doesn't raise the debt ceiling soon.

Unless Congress acts to raise the federal debt limit, the U.S. government could run short of cash to pay its bills as early as June 1. Seniors, veterans, government workers and others would suffer.

Unless Congress and the White House reach a deal to raise the debt ceiling, real people could suffer, from service members to Social Security recipients to would-be homebuyers.

The IRS is working to develop its own free electronic tax-filing system in a potential challenge to commercial products such as TurboTax. The agency plans a pilot test of the program next year.

Backstopping the deposits at two failed banks cost the government billions. The FDIC has a plan to recover that money through a special charge, most of which would be paid by the U.S.'s biggest banks.

Annual inflation fell to 4.9% in April — the lowest it's been in two years — but prices are still climbing. A spike in used car prices contributed to last month's jump in the cost-of-living index.

Consumer prices in April were 4.9% higher than a year ago, according to the Labor Department. Prices rose 0.4% between March and April.

The Labor Department reports Wednesday on consumer prices for April. Inflation has cooled from a four-decade high last summer, but prices are still climbing too fast for comfort.

Research shows Black Americans are audited more often as other taxpayers. Analysts say the IRS' practice is unfair and produces less money for the government than a more equitable system would.