Ten former chairs of the Council of Economic Advisers write in an op-ed for Politico that the political battle over this year's budget is a distraction from the more "dire" problem -- the structural budget deficit.
Manufacturing companies worldwide are responding to changes in the supply chain after the Japan tsunami. Now, many Chinese companies want to fill in the production gaps, a move that could cost Japan billions of dollars.
Portugal's prime minister resigned after the country's parliament rejected a key round of budget cuts. Investors responded negatively -- making it more expensive for the country to borrow money.