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budget deficit
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 Seeking Deal in Budget Stalemate
By not in system - AOL NewsWASHINGTON -- The White House said Tuesday it was still confident Republicans and Democrats could reach an agreement to fund the government through the end of the year and avoid a shutdown, while admitting frustration at the pace of negotiations. "We believe a deal is possible," White House spokesman Jay Carney told reporters. Carney spoke as President Barack Obama huddled with congressional leaders at the White House for talks aimed at reaching an agreement ahead of a Friday deadline to keep the government operating. While the White House has been heavily involved in the budget ...
Enough With Budget Brinksmanship: The Case for Waiting Until 2012
By Walter Shapiro - Politics DailyWith the government living on a two-week financial reprieve that will expire on March 18, this is Rumpelstiltskin time in politics as everyone seems to be stamping his feet in rage over the $14-trillion national debt. Republican Paul Ryan, chairman of the House Budget Committee, is making the rounds with charts entitled "Reckless Spending Spree" and "Tidal Wave of Debt." In a clarion-call address to the Conservative Political Action Conference (CPAC), Indiana GOP Gov. Mitch Daniels warned of "the new Red Menace, this time consisting of ink." Talking to a convention of religious broadcasters ...
No Progress on Budget After Biden Huddles With Boehner, Other Hill Leaders
By Patricia Murphy - Politics DailyThe White House dispatched Vice President Joe Biden to Capitol Hill Thursday in an effort to bring feuding Democrats and Republicans to the negotiating table over funding the federal government through Sept. 30. But an hour after Biden went behind closed doors with the Hill's "Big Four" -- House Speaker John Boehner, Minority Leader Nancy Pelosi, Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell -- the participants emerged with little more than an agreement to allow the Senate to vote on the parties' wildly divergent budget-cutting proposals and an unusually short ...
Providence, RI, Issues Pink Slips to All of Its Schoolteachers
By Dana Chivvis - AOL NewsFacing a budget crisis, the Providence, R.I., school district has issued dismissal notices to all 1,926 of its teachers, leading Providence Teachers Union President Steven Smith to compare the educational bombshell to Pearl Harbor. "This is beyond insane," Smith said, according to The Providence Journal. "Let's create the most chaos and the highest level of anxiety in a district where teachers are already under unbelievable stress. Now I know how the United States State Department felt on Dec. 7 , 1941." On Tuesday, Providence Schools Superintendent Tom Brady sent a letter to the district's ...
Protests Against Union-Busting State Bills Sweep Midwest
By Dana Chivvis - AOL NewsProtests against union-busting state bills are sweeping the Midwest today, with thousands packing the Capitol in Ohio, Indiana's House Democrats staging a walkout and Wisconsin Democrats remaining in hiding outside the state. In Indiana, Gov. Mitch Daniels signaled this afternoon that he was ready to drop the so-called "right to work" bill after only three of the state's 40 House Democrats showed up this morning, according to The Indianapolis Star. Jay LaPrete, AP Demonstrators display signs during a protest against Senate Bill 5 outside the Ohio Statehouse on Tuesday in ...
Obama Official Says Budget Won't Be Pain-Free
By not in system - AOL NewsWASHINGTON - President Barack Obama will send Congress on Monday a $3 trillion-plus budget for 2012 that promises $1.1 trillion in deficit reduction over the next decade by freezing many domestic programs for five years, trimming military spending and limiting tax deductions for the wealthy. Jacob Lew, the president's budget director, said Sunday that the new spending plan for the 2012 would disprove the notion that "we can do this painlessly ... we are going to make tough choices." Chip Somodevilla, Getty Images President Barack Obama will send Congress a $3 trillion-plus budget ...
New York Budget: The 5 Most Painful Cuts
By Mary Phillips-Sandy - AOL NewsNew Yorkers, prepare for a fresh round of belt-tightening. On Monday, Gov. Andrew Cuomo derided the state's budget system as "a sham," saying that a tangle of loopholes and arcane regulations prevented meaningful reductions in spending. He added that the secretive budget process and influence of special interests reminded him of the corrupt Wall Street practices he once fought as New York state's attorney general. "This all must end," he said. Today Cuomo issues his first budget, which is designed to close the state's $10 billion deficit. Although several of his "cuts" are actually ...
Federal Budget Deficit on Track to Hit Record $1.5 Trillion
By not in system - AOL NewsWASHINGTON -- Far from slowing, the government's deficit spending will surge to a record $1.5 trillion flood of red ink this year, congressional budget experts estimated Wednesday, blaming the slow economic recovery and last month's tax-cut law. The report was sobering new evidence that it will take more than President Barack Obama's proposed freeze on some agencies to stem the nation's extraordinary budget woes. Republicans say they want big budget cuts but so far are light on specifics. Wednesday's Congressional Budget Office estimates indicate the government will have to borrow 40 cents ...
Republicans Urge Obama to Join in Cutting Spending
By not in system - AOL NewsWASHINGTON - The nation faces a crushing burden of debt and is on course for an economic disaster without dramatic action to wrestle the budget deficit under control, House Budget Committee Chairman Paul Ryan said Tuesday in the Republican response to President Barack Obama's State of the Union address. And such spending cuts must start immediately as the price of getting GOP conservatives to cast a painful vote to increase the government's ability to borrow to pay its bills this spring, Ryan said. AP In the Republican response to the president's State of the Union address, Rep. ...
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