budget deficit

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Romney: Don't Expect Big Tax Cuts

He targets deficit as Obama pushes 'economic patriotism'

(Newser) - With the first presidential debate just days away, Mitt Romney is taking aim at the deficit, an issue even more important than job creation to independent voters, according to a Wall Street Journal poll. He told voters at a rally in Ohio yesterday that despite his tax-cutting plans, they shouldn'...

Is Ryan Really a Deficit Hawk?

Critics: His policies don't match his words

(Newser) - Paul Ryan talks a good game on deficit reduction, but his numbers don't quite match his words, critics tell NPR . Under his plan, "even with optimistic assumptions about revenues ... he still doesn't balance the budget for 20 years or so," says a federal budget analyst. "...

CBO: 'Fiscal Cliff' Could Trigger New Recession

Growth would decrease 0.5%, new report concludes

(Newser) - Don't expect a gentle fall if the US goes over the so-called "fiscal cliff." The Congressional Budget Office has concluded in a report today that if Congress doesn't do something about the impending round of tax hikes and spending cuts, US growth will plunge back into...

Ryan&#39;s Plan Is a Deficit-Hiking &#39;Con Game&#39;
 Ryan's Plan Is a 
 Deficit-Hiking 
 'Con Game' 
paul krugman
Aug 20, 2012 12:05 PM CDT

Ryan's Plan Is a Deficit-Hiking 'Con Game'

Paul Krugman: He's 'style over substance'

(Newser) - Paul Ryan is a media darling: Pundits can't stop praising his "seriousness." But the truth is that "Ryanomics is and always has been a con game," scoffs Paul Krugman in the New York Times . Ryan claims to be a deficit-slasher, but let's crunch the...

College Kids' Super PAC Aims to Raise... Beer Money

A nice cold brew could lead to balanced budget, founders argue

(Newser) - What happens when two college students form a super PAC? Easy: That super PAC sets out to raise money for … beer. Daniel Bassali and Winslow Marshall, both seniors at George Washington University, formed Slam Dunks, Fireworks, and Eagles with the intention of raising enough money to host a congressional...

Romney Tax Plan &#39;Mathematically Impossible&#39;
Romney Tax Plan 'Mathematically Impossible'
Ezra Klein
Aug 3, 2012 11:41 AM CDT

Romney Tax Plan 'Mathematically Impossible'

Non-partisan analysis says numbers don't add up

(Newser) - Mitt Romney has said that he has an economic plan and he's "not afraid to put it on the table." But the truth is that "the only thing he has put on table is dessert," writes Ezra Klein on Bloomberg . Romney says he'll cut...

Vatican Slammed With $19M Deficit

2011 figures blamed on market troubles, high costs

(Newser) - After a rare surplus in 2010, last year saw the Vatican's biggest deficit in years: $19 million, the AP reports. The figure comes despite bigger donations from dioceses around the world and the Vatican bank's $62 million donation to the pope. Officials say weak markets—particularly in real...

Obama: Republicans Are the Real Big Spenders

Federal spending is rising at slowest rate since '50s, report finds

(Newser) - Republicans are trying to fool the country into believing that they are the party of fiscal responsibility, President Obama told a fundraiser yesterday. "I’m running to pay down our debt in a way that’s balanced and responsible. After inheriting a $1 trillion deficit, I signed $2 trillion...

Boehner Kicks Off New Fight Over Debt

He won't agree to raising ceiling without spending cuts to offset

(Newser) - Remember the nasty fight in DC last summer over the national debt ceiling? Get ready for round two this fall. John Boehner launched the first volley today, demanding at a fiscal summit that any increase in the ceiling be offset by spending cuts, reports the Hill . "When the time...

ObamaCare to Add $340B to Deficit: Study

But White House shrugs off GOP analysis as 'new math'

(Newser) - The Affordable Care Act isn't going to reduce the deficit as the Congressional Budget Office claims; it's going to expand it by more than $340 billion, according to a new study by Charles Balhous, the GOP trustee for Medicare. Balhous argues that traditional budget math "double counts"...

House Passes Paul Ryan's Budget Plan

Party-line vote sets up stark contrast with Democrats

(Newser) - Republicans today pushed a $3.5 trillion budget through a divided House that showcases their plans for trimming federal deficits and contrasts sharply with how President Obama and Democrats would tackle the nation's fiscal problems. The GOP package from Paul Ryan would revamp Medicare, slice everything from food stamps...

Report: Rich Would Dodge Buffett Rule

Tax hike for richest would raise just $47B over 11 years

(Newser) - The proposed "Buffett Rule" tax on America's highest earners would barely make a dent in the federal deficit, according to a report from congressional analysts. The plan to impose a 30% minimum tax on people making more than $1 million a year would raise just $47 billion over...

Iraq, Afghan Wars Put 'Severe' Hit on US Finances

And limited lawmakers' ability to address downturn: Study

(Newser) - In the short term, wars might help the US economy—but the brief uplift is just a bubble, according to a report. In the long run, wars are a serious drag on the country's finances, the Institute for Economics and Peace finds after studying all major American wars since...

GOP Hopefuls Would Pile on US Debt
 GOP Hopefuls 
 Would Pile on US Debt 
ANALYSIS
Feb 23, 2012 7:38 AM CST

GOP Hopefuls Would Pile on US Debt

...except for Ron Paul's plan

(Newser) - The GOP presidential candidates do an awful lot of talking about fiscal conservativism, but when their budgets meet the road, there seems to be plenty of rubber involved. The budget plans of Mitt Romney, Rick Santorum, and Newt Gingrich would all greatly expand the national debt, independent analysts find. The...

House GOP Caves, Backs Payroll Tax

Boehner and Co. say they'll accept tax cut without paying for it elsewhere

(Newser) - House Republican leaders have surprised and angered rank-and-file lawmakers by abruptly backing down from demands that a 10-month extension of the payroll tax cut be paid for with cuts elsewhere. GOP leaders are wary of holding up a tax cut for 160 million Americans in an election year, Politico notes,...

Obama Unveils $3.8T Budget, Targets Rich

Budget would institute 'Buffett Rule,' boost infrastructure

(Newser) - President Obama officially unveiled his $3.8 trillion budget today, and as expected it draws a 2012 battle line, calling for higher taxes on the wealthy combined with spending measures intended to bolster the economy, the AP reports. "We built this budget around the idea that our country has...

Obama's Budget Sets Up Fight With GOP

He wants to beef up domestic spending, raise taxes on rich

(Newser) - The major news outlets are getting details of the budget plan President Obama will unveil on Monday, and it sounds like it's designed to set up election-year comparisons with Republicans. Two big themes: It calls for higher taxes on the rich and big spending on roads and manufacturing projects....

How Much Did Obama Really Add to Deficit?
 How Much Did Obama 
 Really Add to Deficit? 
Ezra Klein
Feb 1, 2012 10:14 AM CST

How Much Did Obama Really Add to Deficit?

Ezra Klein crunches the numbers and comes up with a lower total than you think

(Newser) - Mitt Romney has taken to carrying around a debt clock, blaming President Obama for the ever-climbing number it shows. But the clock doesn't show how much Obama has actually added to that debt, so Ezra Klein set out to find out. "There are two answers," he writes...

Deficit to Shrink ... to $1.1T
 Deficit to Shrink ... to $1.1T 
CBO report
Jan 31, 2012 11:42 AM CST

Deficit to Shrink ... to $1.1T

Congressional Budget Office releases its assessment

(Newser) - Good news/bad news time. Good news: The deficit will fall this year, thanks to additional tax revenue and major cuts in government spending. Bad news: It's still going to be $1.1 trillion, according to the Congressional Budget Office estimate released today; last year's total was $1.3...

National Debt Now as Big as Entire Economy

And sure to surpass it soon: USA Today

(Newser) - It's official, at least according to USA Today : The national debt is as big as the country's entire economy, and sure to surpass it soon. The federal government owes more than $15.23 trillion to creditors and government programs like Social Security, which is more than the latest...

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