budget deficit

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Obama Sends $3.8T Budget to Congress
 Obama Sends 
 $3.8T Budget 
 to Congress 
UPDATED
Apr 10, 2013 10:50 AM CDT

Obama Sends $3.8T Budget to Congress

Seeks 'grand bargain' with cuts, taxes that rile both Dems, GOP

(Newser) - President Obama's budget plan for fiscal year 2014 is en route to Congress. Seeking to slash the deficit, it contains a mix of tax hikes on the wealthy and cuts to government programs—including entitlements—that is upsetting both sides of the aisle, the AP reports. "I have...

Obama Budget to Offer GOP a Spoonful of Sugar

Medicare, Social Security cuts 'demonstrate willingness to compromise': NYT

(Newser) - Obama's personal salary isn't the only figure the president plans on cutting this year. A new budget set to be released next week proposes cuts to Medicare and Social Security. It's a deficit-reducing olive branch to the GOP, and the administration says it will lead to...

Senate Passes First Budget in 4 Years, 50-49

Calls for $975B in new taxes over decade

(Newser) - The Senate gave pre-dawn approval today to a $3.7 trillion budget for next year that embraces nearly $1 trillion in tax increases over the coming decade but shelters domestic programs targeted for cuts by Republicans in the House. It's the first budget the Democratic-run Senate has approved in...

Chicago to Close 53 Elementary Schools

Teachers' union fumes over deficit-fighting move

(Newser) - Chicago yesterday released a long-awaited school closings list, which named the 61 buildings it plans to shutter. The Tribune breaks down the "confusing" math behind the closure announcement, and reports that the plan will spell the end for 53 elementary schools; 13% of elementary and middle schools in the...

Like Saddam's WMDs, We Still Manufacture 'Mainstream'

Paul Krugman thinks we haven't learned to examine 'mainstream' consensus

(Newser) - It's the 10th anniversary of the Iraq war, a disastrous war fought on false pretenses. "So did our political elite and our news media learn from this experience? It sure doesn’t look like it," Paul Krugman writes in the New York Times . The real trick of...

Obama&#39;s Problem Is With Democrats
 Obama's Problem 
 Is With Democrats 
John Boehner
Mar 14, 2013 10:50 AM CDT

Obama's Problem Is With Democrats

John Boehner complains that Obama isn't offering concessions, wants leadership

(Newser) - "So it was a good meeting." That's how John Boehner begins his op-ed in the Washington Post today, in reference to yesterday's face-to-face with President Obama . But it wasn't that good. "While this may have been the first time some of my colleagues have...

Ryan's New Budget Axes ObamaCare, $5T in Spending

Would balance over 10 years

(Newser) - Paul Ryan is unveiling his latest budget proposal, and this time, he says, it'll balance in 10 years—half the time he claimed for his previous budget, NPR notes, because he's including new revenue from the fiscal cliff deal. As promised, the new plan calls for repealing ObamaCare,...

The Sequester Has Arrived
 Sequester Day 
 Has Arrived 
Mar 1, 2013 7:29 AM CST

Sequester Day Has Arrived

At some point today, Obama will have to initiate the cuts

(Newser) - Happy sequester day, America. By 11:59 tonight, Barack Obama will have to formally notify federal agencies that it's time to start implementing across-the-board cuts, barring a last-minute deal that at this point seems wildly improbable. While Congressional leaders will meet at the White House today, there's so...

Palin: Feds Fear Unrest, Are 'Stockpiling Bullets'

'We're finished,' says ex-governor

(Newser) - An "economic Armageddon" is coming, Sarah Palin says—but it's not the sequester she's referring to. "If we are going to wet our proverbial pants over 0.3% in annual spending cuts when we’re running up trillion-dollar annual deficits, then we're done. Put a...

Obama: We Can't Afford 'Reckless' Sequester

President slams Congress, and Republicans in particular

(Newser) - President Obama took the stage at a White House event this morning, backed by a crowd of uniformed first responders, to warn against an upcoming round of " automatic brutal spending cuts " that he warned would cost America jobs, harming everything from border patrol to military readiness, education, and...

Simpson, Bowles Back With Sequel to Deficit Plan

They want to slash another $2.4T, far exceeding Obama's goals

(Newser) - If you liked the first Simpson-Bowles plan, good news! Washington's favorite bipartisan hypothetical budget slashers have come up with a sequel of sorts, proposing $2.4 trillion in new (and probably politically impossible) deficit cuts over the next decade, Politico reports. How would they get there?
  • They'd slash
...

Why We Need to &#39;Kick That Can&#39;

 Why We Need to 
 'Kick That Can' 
Paul Krugman
Feb 8, 2013 1:31 PM CST

Why We Need to 'Kick That Can'

Paul Krugman: US debt problems are long-term; fixing now would be 'destructive'

(Newser) - Paul Krugman appears exasperated with John Boehner's exasperation. On Wednesday, the speaker of the House discussed his determination to tackle the deficit, saying, “I’ve watched them kick this can down the road for 22 years since I’ve been here. I’ve had enough of it. It’...

Obama Calls for Brief Sequester Dodge

Will seek budget cuts in address this afternoon

(Newser) - President Obama wants to put off the dreaded sequester just a little while longer. In an address this afternoon, Obama called for a handful of small budget cuts to justify pushing the automatic spending cuts back again, this time until after Congress has crafted a new federal budget, the Washington ...

What Sequester Is, and Why It Is Stupid
What Sequester Is,
and Why It Is Stupid
OPINION
Jan 31, 2013 11:33 AM CST

What Sequester Is, and Why It Is Stupid

Matthew Yglesias breaks down the looming spending cuts

(Newser) - Hey, politics watchers: Are you ready for another utterly avoidable budget crisis with the potential to arbitrarily wreck the economy? Well, good news! The "sequester"—a trillion dollars in spending cuts that no one actually wants—is barreling towards us, and apparently no one intends to stop it...

US Has More Than One Deficit

 US Has More 
 Than One 
 Deficit 
Larry Summers
Jan 22, 2013 1:15 PM CST

US Has More Than One Deficit

Larry Summers warns against getting myopic about the national debt

(Newser) - All Washington talks about lately is how to reduce the deficit, and indeed that "should be a key priority," Larry Summers writes in the Washington Post . But it's not everything. "Budget deficit obsession in conjunction with rigid bureaucratic scoring rules may preclude high-return investment" we desperately...

The Nitty-Gritty of Tax Deal
 The Nitty-Gritty of Tax Deal
Jan 2, 2013 11:00 AM CST

The Nitty-Gritty of Tax Deal

For many households, tax bill going up $1.6K

(Newser) - We narrowly avoided plunging over the fiscal cliff, but don't pop any champagne bottles yet. Though analysts generally agree that what we got is better than no deal, the plan we got is full of holes. Here's a rundown of what the deal does and does not do:...

GOP Considers 'Doomsday' Fiscal Cliff Plan

Meanwhile, Pelosi planning her own end-run

(Newser) - With fiscal cliff negotiations going, in John Boehner's words, "nowhere," Republicans are considering what ABC News correspondent Jon Karl calls a "doomsday" contingency plan. Under the plan—which Karl's sources say "is becoming the most likely scenario"—the House would approve extending the...

Grand Bargain Is Impossible, Dangerous

Matthew Yglesias on the inanity of the fiscal cliff talks

(Newser) - Back during the Bush years, the faction in Congress advocating a "grand bargain" on America's long-term budget deficit was "an amusing curiosity," writes Matthew Yglesias over at Slate . But with the fiscal cliff looming, "they've become actively dangerous." The only way to avoid...

Obama Playing Hardball on Taxes

He plans to seek $1.6TR extra from wealthy, corporations

(Newser) - President Obama is telling GOP leaders to read his lips: Some new taxes. The president plans to play hardball in budget negotiations with an opening figure of $1.6 trillion in tax hikes for corporations and the wealthy, the Wall Street Journal reports. The figure is far more than Republicans...

We&#39;re Already Feeling the Fiscal Cliff
 We're Already 
 Feeling the 
 Fiscal Cliff 
new report
Oct 26, 2012 7:40 AM CDT

We're Already Feeling the Fiscal Cliff

Report says threat has cost US 1M jobs this year

(Newser) - We're not supposed to go over the "fiscal cliff"—an array of budget cuts and tax hikes that could cut $500 billion out of the economy—until January. But the US is already feeling the effects of the impending budget uncertainty, a report by the National Association...

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