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Opinion: Is the Debt Commission Serious?
By John Merline - AOL News(April 27) -- Before President Barack Obama's debt commission officially met for the first time today, he told the members that "everything has to be on the table" when it comes to reducing the nation's gargantuan debt. Presumably, that would include Obama's own budget. After all, his budget plan, released earlier this year, would leave the country $5 trillion deeper in debt than would otherwise be the case, according to the Congressional Budget Office. That's because Obama's budget would spend more ($2.3 trillion more) and take in less money ($1.4 trillion less) than if the government were ...
Debate: Spending, Not Taxes, Is the Problem
By not in system - AOL News(April 14) -- Widely used in Europe, the value-added tax (VAT) has always seemed a nonstarter in the United States. That may be changing given apparently insurmountable structural deficits and fear that the financial collapse of Greece could happen here if revenue isn't increased. These days, the VAT is being taken seriously even by pro-market conservatives and libertarians.I do not agree with their arguments, but they present an interesting challenge. __________________________Other Views on VATIt's almost inescapable, say Henry Aaron and Isabel Sawhill of the Brookings Institution.This ...
Health Bill Could Cut Deficits by $118 billion, Say Hill Budget Pros
By Tom Diemer - Politics DailyThe budget experts on Capitol Hill say the Senate-passed health care bill would reduce federal budget deficits by $118 billion over a 10-year period -- not quite as much as they figured in an earlier assessment. The nonpartisan Congressional Budget Office said its estimate today does not differ "substantially" from a slightly higher savings projection in December. It said the estimate folds in amendments adopted before the Dec. 24 passage of the bill and also includes assumptions about when a new law would take effect. The CBO did not consider changes proposed by President Obama that have yet ...
After Congress Punts, Obama Names Deficit Panel
By Russell Berman - AOL NewsWASHINGTON (Feb. 18) -- A former Republican senator from Wyoming and a Democratic former chief of staff to Bill Clinton will lead a presidential commission charged with recommending solutions to the nation's soaring deficit, President Obama announced Thursday morning. The president tapped Alan Simpson, who represented Wyoming from 1979 to 1997 and rose to become the No. 2 Republican in the Senate, and Erskine Bowles, the White House chief of staff from 1996 to 1998, to head the fiscal panel, which Obama established by executive order after the Senate rejected an attempt to create the ...
Opinion: Spot the Savings, If You Can
By John Merline - AOL News(Jan. 26) – If the old cliché about how "little things mean a lot" holds true in the world of Washington spending, then the Obama administration's plan to freeze some federal spending for three years is a big deal. But that's about the only way this plan could be characterized as a big deal. By every other measure, it's microcosmic. Here are some relevant numbers: First, the share of the budget affected by the freeze is small – just 13 percent, based on Congressional Budget Office data for 2011 (the administration says 17 percent). That's because President Obama has taken most ...
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