budget deficit

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GOP Rep: More Taxes Would Kill My $600K a Year

John Fleming attacks Obama deficit plan

(Newser) - Welcome to the tragic world of Rep. John Fleming: Sure, he pulled in $6.3 million last year from his Subway and UPS franchises, but "that's before you pay 500 employees, before you pay rent, you pay equipment, and food." After coughing up those expenses, the Louisiana...

Obama: This Is Math, Not Class Warfare
 Obama: This 
 Is Math, Not  
 Class Warfare 
DEFICIT REDUCTION PLAN
Sep 19, 2011 10:55 AM CDT

Obama: This Is Math, Not Class Warfare

Vows to veto any bill that cuts Medicare but doesn't raise taxes

(Newser) - President Obama was in fighting form as he unveiled his deficit reduction plan in the Rose Garden today, vowing to veto any bill that cut Medicare but didn’t raise taxes on the rich or big corporations. “Middle class families shouldn’t pay higher taxes than millionaires and billionaires,...

Cantor Holds Line on Cuts to Pay for Disaster Relief

Same goes for earthquake in his district

(Newser) - Eric Cantor took some heat after he demanded spending cuts to pay for disaster relief in Joplin, but he looks to be holding the line when his own district is involved: Congress "will find the monies" to cover earthquake damage in Mineral, Va. , but “those monies will be...

CBO: 'Profound' Challenges Ahead

Deficit should fall, but employment, growth remain low

(Newser) - The picture for 2011 is a glum one—a $1.3 trillion deficit, 9.1% unemployment rate—and it's not going to get much brighter in the next few years, according to a report by the Congressional Budget Office. In it, notes Politico , the CBO warns of "profound...

Time for a War Tax to Cover Our Debts

10% surcharge could cover next year's bill: Walter Pincus

(Newser) - With the debt supercommittee looking to slash the deficit, some in Washington are raising an old question, notes Walter Pincus in the Washington Post : What about a tax on the wars in Iraq and Afghanistan? “These wars ought to be paid for and not put on a credit card...

Lobbyists Gear Up to Woo Debt Committee

It's not 'just another tax bill': advocate

(Newser) - Lobbyists aren’t waiting around to air their concerns before the new debt panel—and many are getting a head start, pushing their agendas with the lower committees that will send recommendations to the supercommittee in October. “I think you always want to start in the best possible position...

Paul Krugman: Deficit Hawks Used the Economic Crisis to their Benefit
Don't Just Be Afraid Amid Market Chaos—Be Angry
paul krugman
Aug 12, 2011 1:57 PM CDT

Don't Just Be Afraid Amid Market Chaos—Be Angry

Deficit hawks exploited this crisis and made it worse: Krugman

(Newser) - All this stock market turbulence should make you not only afraid but mad, writes Paul Krugman in the New York Times . That's because deficit hawks have worsened the mess by "hijacking" the crisis to focus on their “favorite hobbyhorse," he writes. "What the market was...

Special Interests Gave 'Super Committee' Members $3M

Donors have a stake in spending cuts

(Newser) - The 12 members of the new budget super committee have received more than $3 million over the past five years from special interests directly affected by potential cuts, an AP review finds. The money came from groups linked to defense contractors, labor unions, and health care providers, and buffered the...

Nuclear-Waste Disposal Making Federal Budget Sick

Congress has spent the money set aside on other things

(Newser) - Nuclear-waste disposal isn’t just an environmental issue anymore—it’s a budgetary one. The Wall Street Journal today takes a look at the nation’s dysfunctional non-system for disposing of nuclear waste, and the story ain’t pretty. Nuclear sites are currently holding some 65,000 metric tons of...

Sorry, Our Economy Has Never Been on the Mend

Washington better get focused on jobs fast: Paul Krugman

(Newser) - For far too long, we’ve been preoccupied with “the wrong worries,” focusing on the deficit when we should have been working on job creation, writes Paul Krugman in the New York Times . Now we’re seeing the fallout from that misguidedness. “Those plunging interest rates and...

Jon Stewart Assembles the 'Super Committee' (Daily Show Video)
 Jon Stewart 
 Assembles 
 the Super 
 Committee 
'THE DAILY SHOW'
Aug 4, 2011 9:05 AM CDT

Jon Stewart Assembles the Super Committee

It's 'America's own legion of doofs': Jon Stewart

(Newser) - Imagine Jon Stewart's dismay when he discovered that after months of drama, the debt deal only shaved our deficit from $28.8 trillion to $26.3 trillion at the end of a decade. "That's what this whole f***ing thing was about?" he asked last night . Removing "...

All Eyes Turn to Deficit Panel, Herculean $1.5T Task

Committee must come up with $1.5T in cuts

(Newser) - The debt deal has been signed, but the work is far from over: Now a special committee must figure out how to cut $1.5 trillion more from the deficit. The bipartisan panel, which will be composed of six Democrats and six Republicans, was created by the measure after President...

So What's in the Debt Deal? Ezra Klein Explains
 So What's in the Debt Deal? 
explaining the 'trigger'
Aug 1, 2011 10:51 AM CDT

So What's in the Debt Deal?

$1T in cuts now with more later—and a 'trigger' to ensure a second deal

(Newser) - No revenues, big budget cuts—what exactly is in the debt-ceiling deal? Ezra Klein sums it up in the Washington Post : $1 trillion in immediate cuts with at least $1.5 trillion more to come; a vote on a balanced budget amendment; and an immediate $900 billion increase to the...

Bachmann Skips Iowa Stops to Vote 'No' on Debt Deal

'Someone has to say no. I will'

(Newser) - Michele Bachmann is taking a break from the stump to vote against the debt deal. “Someone has to say ‘no.’ I will,” she said in a statement issued last night. “The 'deal' ... spends too much and doesn't cut enough,” she said. “...

Debt Ceiling Deal: Obama 'Surrendered'

Krugman: It's a 'disaster' for the country, and shows he'll surrender again

(Newser) - President Obama caved deeply in a debt deal that made the Republicans big winners, with both Andrew Leonard and Paul Krugman arguing that he "surrendered." Their take:
  • “In the end, President Obama had to admit surrender,” writes Andrew Leonard in Salon , detailing “a smashing victory
...

CBO: Dems' Plan Falls Short, Too

...about $500 billion shy of goal

(Newser) - Looks like the Republicans aren't the only ones whose debt ceiling plan falls a little short: The Congressional Budget Office says the Senate Democrats' plan would only cut the deficit by $2.2 trillion over the next decade, not the $2.7 trillion promised by Harry Reid, reports the...

Debt Ceiling Showdown: John Boehner, Harry Reid Scrambling for Support on Dueling Plans
 Boehner, Reid 
 Can't Find the Votes 
debt ceiling showdown
Jul 27, 2011 7:53 AM CDT

Boehner, Reid Can't Find the Votes

Neither plan is doing very well at this point

(Newser) - John Boehner and Harry Reid are frantically scrambling to cobble together support for their dueling debt plans after Boehner was forced to delay a House floor vote on his proposal until tomorrow ... or beyond. The delay was a direct result of the CBO's report that Boehner's package falls...

White House Raises Veto Threat on Boehner Plan

But the bill won't pass Senate anyhow, says administration

(Newser) - As John Boehner’s debt bill approaches a likely vote tomorrow, the White House has issued a veto threat. The brief statement tells Congress that “the president’s senior advisors would recommend that he veto” Boehner’s plan in the event that it passes Congress. But President Obama’s...

Let's Kill the Debt Ceiling— Permanently

Why suffer from 'problems we've created for ourselves'?

(Newser) - All this talk about raising the debt ceiling when the fact is—like almost “every other democratic country”—we shouldn’t have one at all, writes James Surowiecki in the New Yorker . “There’s no debt limit in the Constitution,” and Congress already has a way...

Debt Ceiling Showdown: New Reports Indicate US May Not Default on Aug. 2
 US Won't Default on Aug. 2 
new reports
Jul 26, 2011 7:55 AM CDT

US Won't Default on Aug. 2

New reports indicate the feds have a little wiggle room

(Newser) - The US blew past a seventh (and final? ) deadline for coming up with a debt ceiling extension plan yesterday, but new reports indicate the country may not actually default a week from today. According to economic analysts at UBS, Aug. 8 is the earliest date the government might run...

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