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Federal deficit
Spending Cuts Not Expected to Dent $1.5 Trillion Deficit
By not in system - AOL NewsWASHINGTON -- The $38 billion in spending cuts agreed to last week won't prevent this year's budget deficit from setting another record high, estimated at $1.5 trillion. Most of the agreed-to spending cuts either affect future budgets or amount to accounting gimmicks that won't reduce actual spending. The Treasury Department reported Tuesday that the deficit already totals $829.4 billion through the first six months of the budget year - a figure that until 2009 would have been the biggest ever for an entire year. For March alone, the government ran a deficit of $188 billion. President ...
White House: Obama to Lay Out New Spending Plan to Cut Deficit
By not in system - AOL NewsWASHINGTON - One budget deal down, President Barack Obama and Congress began to pivot Sunday from the painful standoff over this year's spending to a pair of defining debates over the nation's borrowing limit and the election-year budget. Much will be revealed at midweek, when the House and Senate are expected to vote on a budget for the remainder of this fiscal year and Obama reveals his plan to reduce the deficit, in part by scaling back programs for seniors and the poor. Across the dial on Sunday, messengers from both parties framed the series of spending fights as debates over cuts - a ...
White House Says Shutdown Will Delay Pay to Troops
By not in system - AOL NewsWASHINGTON -- The Obama administration warned Wednesday that a federal shutdown would undermine the economic recovery, delay pay to U.S. troops fighting in three wars, slow the processing of tax returns and limit small business loans and government-backed mortgages during peak home buying season. The dire message, delivered two days before the federal government's spending authority expires, appeared aimed at jolting congressional Republicans into a budget compromise. Billions of dollars apart, congressional negotiators were working to strike a deal by Friday to avert a shutdown by setting ...
GOP Budget Proposal Would Increase Health Cost for Future Retirees
By not in system - AOL NewsWASHINGTON -- Most future retirees would pay considerably more for health care under the new budget proposed by House Republicans, according to an analysis by nonpartisan experts for Congress that signals problems ahead for the plan. The fiscal blueprint would put people now 54 and younger in a different kind of health care program when they retire, unlike the Medicare that their parents and grandparents have known. Instead of coverage for a set of benefits prescribed from Washington, they'd get a federal payment to buy private insurance from a choice of government-regulated plans. "A ...
What Would a Government Shutdown Really Mean? [VIDEO]
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GOP 2012 Budget to Propose More Than $4 Trillion in Cuts
By not in system - AOL NewsWASHINGTON -- A Republican plan for the 2012 budget would cut more than $4 trillion over the next decade, more than even the president's debt commission proposed, with spending caps as well as changes in the Medicare and Medicaid health programs, its principal author said Sunday. The spending blueprint from Rep. Paul Ryan, the chairman of the House Budget Committee, is to be released Tuesday. It deals with the budget year that begins Oct. 1, not the current one that is the subject of negotiations aimed at preventing a partial government shutdown on Friday. In an interview with "Fox News ...
Opinion: Are We Broke Yet? [VIDEO]
By not in system - AOL News"The nation is not broke, my friends," opines guerrilla filmmaker and amateur accountant Michael Moore. "Wisconsin is not broke. Saying that the country is broke is repeating a big lie." Relax, America, it turns out that all that talk about local, state and federal government being broke is just total B.S. or, as The New York Times puts it, "obfuscating nonsense ... a scare tactic employed for political ends." Moore is a bit skimpy on evidence, simply asserting that all we need to do to make things right is to shake down rich people who "have diverted ... wealth into a deep well that sits on ...
Obama: Medicare, Social Security Demand Compromise
By not in system - AOL NewsWASHINGTON -- Defending his new budget as one of "tough choices," President Barack Obama said Tuesday that more difficult decisions about the nation's biggest expenses - Medicare, Medicaid and Social Security - will have to be tackled by Democrats and Republicans acting together, not by White House dictates. "This is not a matter of, 'you go first, I go first,'" he said. "It's a matter of everybody having a serious conversation about where we want to go and then ultimately getting in that boat at the same time so it doesn't tip over." The president pitched his $3.73 trillion budget as a ...
Obama Sends Congress $3.7 Trillion Budget
By not in system - AOL NewsWASHINGTON -- President Barack Obama sent Congress a $3.73 trillion budget Monday that holds out the prospect of eventually bringing deficits under control through spending cuts and tax increases. But the fiscal blueprint largely ignores his own deficit commission's plea to slash huge entitlement programs like Social Security and Medicare. Obama called his new budget one of "tough choices and sacrifices," but most of those cuts would be held off until after the end of his first term. Overall, Obama proposed trimming the deficits by $1.1 trillion over a decade although his changes would ...
Majority of Americans See U.S. Losing Ground on Key Economic Issues
By Bruce Drake - Politics DailyMore than six in 10 Americans say the country is losing ground in three key economic areas -- the deficit, the cost-of-living and availability of good-paying jobs -- and the percentage of those who believe that the year ahead will get better has dropped sharply since January, according to a Pew Research Center poll conducted Dec. 1-5. Sixty-seven percent see the country losing ground when it comes to dealing with the budget deficit, 64 percent say the same about the direction of the cost-of-living, and 63 percent believe the situation as far as the availability of good jobs is getting ...
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