Central State Pension Fund executive director, Thomas Nyhan said in a statement that around 273,000 current and future retirees will be affected with its latest benefits cut. The country's largest pension fund is currently facing financial problem due to 2008 financial crisis and the latest economic uncertainty.
The creditworthiness of the world's largest economy seems to be drenched as US treasury has stopped issuing further debt citing reasons for reaching the borrowing ceiling.
When a series of big U.S. companies last year moved to reincorporate abroad in inversion deals, some Republican lawmakers and tax policy critics blamed the high U.S. corporate tax rate. Lowering it, they said, would keep companies from fleeing the country.
The U.S. budget deficit fell by nearly a third during fiscal 2014 to $486 billion as federal revenues grew far faster than spending, the Congressional Budget Office said on Wednesday.
German lender Commerzbank AG (CBKG.DE) is nearing agreement with U.S. authorities over its dealings with Iran and other countries under U.S. sanctions, sources familiar with the matter said.
The U.S. government cut its stake in American International Group Inc to about 21.5 percent on Monday.