Italy's budget may matter more than ineffectual Franco-German summitry, but the new agreement between France and Germany on reforming EU rules remains a reckless distraction, says CFR's Sebastian Mallaby.

This editorial discusses the advantages and pitfalls of three possible scenarios for returning Detroit to solvency.

The euro crisis could trigger another American bank failure. Wall Street is better prepared this time, but U.S. regulators still haven't mapped the new financial universe, written rules for it, or ramped up enforcement.

Janet L. Yellen, Vice Chair of the Board of Governors of the Federal Reserve System, gave this speech at the Federal Reserve Bank in San Francisco on November 29, 2011.

The National Governors Association (NGA) and the National Association of State Budget Officers (NASBO) released this November 2011 report on the fiscal condition of states.

Benn Steil's Financial News column explains why the ECB is incapable of taking Fed-size risks to its balance sheet as long as Germany is willing to contemplate its ultimate liquidation.

Experts discuss the economic, political, and social conditions in Europe and analyze what is next for Italy, France, and Germany.

Sebastian Mallaby explains why Germany should pay more to keep the eurozone intact.

The failure of the bipartisan supercommittee adds to a pattern of legislative gridlock that has left critics and international investors doubting Congress's ability to address the nation's looming fiscal challenges.

Michael Spence says Italy can be saved only if both it and the European Union commit boldly and unconditionally to aggressive action on stabilization and reform.

Edmund S. Phelps, professor of political economy at Columbia University, discusses the causes of the economic slump in the United States.

Despite the failure of a supercommittee deficit deal, budget expert Peter Orszag says there will still be opportunity for policies, such as more economic stimulus and cutting healthcare costs, to avert a U.S. fiscal crisis.

President Obama gave this statement on November 21, 2011 following the inability of the Joint Select Committee on Deficit Reduction (the 'Supercommittee') to construct a bipartisan agreement before its deadline.

The co-chairs of the Joint Select Committee on Deficit Reduction (the 'Supercommittee'), Representative Jeb Hensarling and Senator Patty Murray, released this statement on November 21, 2011.

Greece's new prime minister is seeking crucial parliamentary support for an EU bailout package that will require restructuring its sovereign debt. Economist William Cline says Uruguay's 2003 default offers a constructive model.

Victoria Zapana explains how the city of Gaithersburg, Alabama, has remained debt-free for decades, while the country's economy struggles to reduce its deficit.

Jane G. Gravelle discusses patterns of federal spending and taxes and compares different approaches to debt reduction.

Marc Labonte argues for reduction of the current deficit in order to reduce the country's future fiscal shortfall.

The Committee for a Responsible Federal Budget urges the supercommittee to identify other areas of saving and address long-term drivers of debt.

James Cooper outlines the possible effects of European debt crisis contagion on the United States.