budget deficit

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Congress Running Out of Time for Debt Ceiling Fix

Deadlocked, it's on break 3 of next 6 weeks

(Newser) - Congress has six weeks to raise the debt ceiling before all hell breaks loose—and that’s a lot less time than it sounds like, because one or both chambers is scheduled to be on break for three of those weeks, the Washington Post observes. What’s more, Congress’ last...

GOP Rep Hits Brown for Opposing Ryan Plan

Brown breaks with party over Medicare overhaul

(Newser) - Scott Brown is taking flak from fellow Republicans over an op-ed in Politico in which he explains why he opposes the House GOP budget drafted by Paul Ryan. The Massachusetts senator, who opposes Ryan's plan to privatize Medicare, "ought to be ashamed of himself," says Rep. Joe...

Gang of One: Coburn Writing His Own Budget

Oklahoma Republican says his will tackle Medicare, Medicaid

(Newser) - Tom Coburn may have left the Gang of Six over unsuccessful attempts to carve out a deficit deal, but he's still in the game. The Oklahoma Republican says he's writing his own budget plan, with a focus on cuts to Medicare and Medicaid. “I want everybody to...

Coburn Drops From Gang of Six Talks

Says he sees no point, citing differences with Democrats

(Newser) - A top Republican senator in the bipartisan "Gang of Six" seeking agreement on a plan to cut the deficit by $4 trillion over the next decade dropped out of the group today, saying that his colleagues weren't willing to cut enough from benefit programs like Medicare. Tom Coburn...

59% Will at Least &#39;Consider&#39; Reelecting Obama
59% Will at Least  
'Consider' Reelecting Obama
poll says
May 16, 2011 9:25 AM CDT

59% Will at Least 'Consider' Reelecting Obama

...even though 57% of voters disapprove of his handling of the economy

(Newser) - More than half of voters approve of President Obama’s job performance and would at least consider reelecting him—even though 57% of them disapprove of they way he is handling the economy, a Politico-George Washington University poll finds. Some 52% approve of the president’s work so far, and...

Paul Krugman: Budget Deficit Is Fault of Elite, Not Voters

 Blame Elite, 
 Not Voters, for 
 Deficit Mess 
paul krugman
May 9, 2011 1:50 PM CDT

Blame Elite, Not Voters, for Deficit Mess

Those 'lecturing' on deficit helped get us here in the first place: Paul Krugman

(Newser) - More and more people have been telling Paul Krugman that the budget deficit is the people’s fault: “Weak-minded politicians catered to the electorate’s foolishness.” But that viewpoint is not only “self-serving, it’s dead wrong,” writes Krugman in the New York Times . Instead, we...

GOP Backs Away From Budget Compromise Reports

Eric Cantor told Washington Post deal was unlikely to include Medicare

(Newser) - Eric Cantor moved quickly last night to dispel reports that he was aiming for a bipartisan budget compromise. With talks with the Democrats and the White House beginning today, the Washington Post had posted a story headlined “Medicare Dropped From GOP Budget Proposal,” in which Cantor was quoted...

'Gang of Six:' $3 in Cuts for Every $1 Raised

There's something for everyone to hate

(Newser) - The budget plan the bipartisan Gang of Six ultimately devises will include $3 of spending cuts for every dollar it raises in additional tax revenues, Mark Warner tells Bloomberg , promising cuts in health care, defense, agriculture, and other domestic programs, along with changes to Medicare, Medicaid, and Social Security. The...

Cantor Escalates Debt Ceiling War

GOP ready to plunge nation into default, he warns

(Newser) - Republicans have been outspoken about their opposition to raising the debt ceiling, but comments from House Majority Leader Eric Cantor yesterday appeared to escalate the battle. The GOP "will not grant [Democrats'] request for a debt limit increase" without serious spending cuts or budget process reform, he said,...

Budget Talks Look Doomed by Unlikely Participants

Cantor, Kyl, and Pelosi crew not the most credible bunch

(Newser) - Are the White House’s budget talks already doomed? That’s the conclusion some are reaching based on who’s going, according to the Huffington Post . Both sides were invited to send up to eight appointees, but Republicans will only send two: Eric Cantor and Jon Kyl, both political pugilists...

Tax Reform: The Simple, Perfect Budget Fix

Both parties can get what they want: just fix the 'lunatic' tax code, writes Clive Crook

(Newser) - Tax Day is a painful reminder that Form 1040 "is to personal finance as waterboarding is to asking some questions," writes Clive Crook in the Financial Times . But it doesn’t have to be: "If ever there were a free lunch, if ever there were a dollar...

No One's Being Honest About the Budget

Both parties' fixes amount to 'wishful thinking': Robert Samuelson

(Newser) - Republicans and Democrats both claim to have a plan to fix the budget, but neither party is offering a realistic approach. It’s time for Dems to admit that “spending control requires genuine cuts in Social Security and Medicare”—and it’s time for the GOP to recognize...

S&P Drops US Credit Outlook to 'Negative'

They say there's 'material risk' that politicians won't fix fiscal problemsr

(Newser) - Standard & Poor’s reaffirmed America’s AAA credit rating today, but dropped its outlook to “negative,” saying there was “material risk” that US policy makers wouldn’t figure out how to handle the nation’s fiscal woes by 2013. “If an agreement is not reached...

Most Important Part of Obama Plan: The 'Trigger'

Congress would have to act if 'magical' growth fails to materialize

(Newser) - Amid the reaction to President Obama's budget speech (ranging from it was terrific to it was "a disgrace" ) at least two columnists think his proposed trigger—Congress would have to cut more spending or raise taxes if deficit targets aren't met—is significant. This "may be the...

CBO: Budget Deal Cuts Much Less Than Advertised

Spending only going down $352M

(Newser) - You know that 2011 budget pact that was supposed to have yielded the " biggest annual spending cut in history "? Well, it turns out it'll produce less than 1% of the promised $38 billion in savings by the end of this budget year, according to a Congressional Budget...

How Congress Can Fix Deficit—by Doing Nothing

The expiring Bush tax cuts provide a way: David Leonhardt

(Newser) - This deficit-cutting stuff doesn't always have to be complicated. David Leonhardt lays out a plausible way for lawmakers to make a big dent without lifting a finger. It's all about the Bush tax cuts, which are due to expire at the end of 2012. "They have created a way...

Obama: Kiss Bush Tax Cuts for Rich Goodbye

Obama lambastes Ryan budget, proposes $4T in deficit reduction

(Newser) - President Obama was in fighting form today in his speech on the deficit, lambasting Paul Ryan’s budget proposal , and insisting on higher taxes for the wealthy. He laid much of the current deficit problem at the feet of the Bush tax cuts, and pledged to eliminate them. “We...

Jon Stewart on Paul Ryan's Budget Plan: Just Like Obamacare (Daily Show Video)
 Ryan's Plan? 
 Just Like Obamacare 
jon stewart
Apr 13, 2011 8:21 AM CDT

Ryan's Plan? Just Like Obamacare

But of course, now Republicans love it and Democrats hate it

(Newser) - Remember last year, when Republicans hated Obamacare because of "exchanges, difficult end-of-life decisions, cuts to vulnerable seniors"? Well, Jon Stewart does, and last night he informed America: "Guess what? [Paul] Ryan's plan is all that, plus a $750 billion cut to Medicaid. How do they characterize a...

What Obama Will —and Should— Say in His Budget Speech

Some advice for the POTUS ahead of today's address

(Newser) - Here’s what we know about President Obama’s budget speech today: He’s going to lay out a four-step, long-term budget-reduction plan. It’s going to involve defense cuts, tax code changes, and recommendations from his deficit commission. And he’s going to stress keeping domestic spending low and...

Paul Krugman on Budget Deal: What Happened to the Old Barack Obama?

 Barack Obama Has Gone AWOL 
paul krugman
Apr 11, 2011 1:51 PM CDT

Barack Obama Has Gone AWOL

Not only is Obama caving to the GOP—he's 'celebrating' it, writes Paul Krugman

(Newser) - Barack Obama has left the building. Granted, with Republicans running amok, all Obama really has is “the bully pulpit,” but incredibly, “he’s using it to reinforce his enemies’ narrative,” writes Paul Krugman in the New York Times . Maybe he did have to make big concessions...

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