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Obama: 'Change Turned Out to Be a Lot Tougher Than Expected'
By not in system - AOL NewsSAN FRANCISCO -- President Barack Obama told supporters on Thursday he is pressing ahead with his agenda in a difficult political environment in Washington and that "change turned out to be a lot tougher than expected." Obama addressed about 200 people who paid up to $35,800 apiece for the fundraiser at a San Francisco hotel, the first of four fundraisers of the day. Mandel Ngan, AFP / Getty Images The president admitted Thursday that "change turned out to be a lot tougher than expected." Even though he's running for re-election from the White House, Obama said he still wants to ...
Geithner Shows Confidence on Reaching Deficit Deal
By not in system - AOL NewsWASHINGTON -- Treasury Secretary Timothy Geithner on Tuesday reassured investors that the White House and Republican lawmakers will reach a deal to control the nation's finances, downplaying an unprecedented warning that the government risks losing its coveted debt rating if it fails to do so. In an interview on CNBC, Geithner said he disagrees with Standard & Poor's decision to lower its long-term outlook for the federal government's fiscal health. The credit agency on Monday warned the government could lose its top credit rating in the next two years if lawmakers fail to come up with a ...
Obama: Deficit Push 'Can't Exempt Anyone'
By not in system - AOL NewsWASHINGTON -- President Barack Obama says the nation's effort to curb ballooning deficits "can't exempt anyone." Obama spoke Thursday as he met with the co-chairmen of his deficit reduction commission, a day after laying out his blueprint for erasing some $4 trillion in red ink over 12 years. The commission was led by former Republican Sen. Alan Simpson and Erskine Bowles, former White House chief of staff to Bill Clinton. It produced a plan for a similar amount of deficit reduction over 10 years. Obama tells reporters the country needs to ask everyone to participate in the effort to get ...
In Budget Plan, Obama Seeks Cuts and Higher Taxes
By not in system - AOL NewsWASHINGTON -- Forcefully rejecting Republican budget-cutting plans, President Barack Obama on Wednesday proposed lowering the nation's future deficits by $4 trillion over a dozen years and vowed he would not allow benefit cuts for the poor and the elderly to pay for tax breaks for the rich. "That's not right and it's not going to happen as long as I'm president," Obama declared. While the president recommended trimming health care costs in Medicare and Medicaid, he also called for cuts in defense, an overhaul of the tax system to eliminate many loopholes enjoyed by individuals and ...
Obama Sets Goal to Cut Deficit $4 Trillion Over Next 12 Years
By not in system - AOL NewsWASHINGTON -- The White House says President Barack Obama is setting a goal of lowering the deficit by $4 trillion over the next 12 years as he wades into the politically volatile debate over the nation's crushing debt. A week after formally announcing his re-election campaign, Obama is set to propose a mix of tax increases already rejected by Republicans, and cuts to safety-net health programs likely to alienate many liberals. In a speech Wednesday at George Washington University, the president also is expected to propose reducing defense spending and eliminating tax breaks and ...
House Republicans Vehemently Oppose Tax Increases
By not in system - AOL NewsWASHINGTON -- Leading congressional Republicans renewed their vehement opposition to tax increases Wednesday, as President Barack Obama prepared to put forth his new prescription for slow growth and national indebtedness. "Most people understand that Washington doesn't have a revenue problem, it has a spending problem," said House Majority Leader Eric Cantor, R-Va. "We can't raise taxes. ... That was settled last November during the elections." Joining Cantor in appearing on morning network news programs, Rep. Paul Ryan of Wisconsin, Republican chairman of the House Ways and Means Committee, ...
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 ...
Head of House GOP Committee Opposes Budget Deal
By not in system - AOL NewsWASHINGTON -- The head of an influential House Republican panel says he'll oppose the budget deal negotiated by the White House and Congress to avert a government shutdown. Rep. Jim Jordan of Ohio said in a statement Tuesday that while some of his GOP colleagues will support the compromise announced late Friday night, he believes "voters are asking us to set our sights higher." Jordan heads the Republican Study Committee. He said the committee had pushed for a full $100 billion in cuts from President Barack Obama's budget. The deal negotiated by Obama, Speaker John Boehner and Senate ...
Obama's Debt-Cutting Plan: Everything on the Table
By not in system - AOL NewsWASHINGTON -- President Barack Obama, plunging into the rancorous struggle over America's mountainous debt, will draw sharp differences with Republicans Wednesday over how to conquer trillions of dollars in spending while somehow working out a compromise to raise some taxes and trim a cherished program like Medicare. Obama's speech will set a new long-term deficit-reduction goal and establish a dramatically different vision from a major Republican proposal that aims to cut more than $5 trillion over the next decade, officials said Monday. Details of Obama's plan are being closely held so ...
White House: Obama Regrets Vote Against Raising Debt Limit
By not in system - AOL NewsWASHINGTON -- The White House says President Barack Obama regrets his vote as a senator in 2006 against raising the debt limit. A fight over raising the debt limit is looming, and the White House is trying to explain away the apparent contradiction between Obama's previous opposition, and his position now that it must be increased. Press Secretary Jay Carney said Monday that Obama believes his vote was a mistake. He said Obama now realizes that the debt ceiling is too important to be trifled with. Republicans are threatening to withhold their votes to raise the ceiling unless Obama agrees ...
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