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Greek Deficit Shoots Up; Citigroup Trader Probed for False Speculation
By Anthee Carassava - AOL NewsATHENS, Greece -- This country's 2010 deficit shot up significantly more than anticipated, European Union data revealed today, signaling ailing attempts by the government in Athens to rein in the country's runaway finances and avoid a painful debt makeover. At 10.5 percent of the country's gross domestic product -- well above the 9.4 percent forecast -- the Greek deficit ranked second highest in the European Union last year, according to a statement from Eurostat, the EU's statistics agency. Crisis-hit Ireland topped the list with 32.4 percent, while the U.K. ranked third with 10.4 ...
Obama's Deficit Plans Run Into Economic Reality
By not in system - AOL NewsLOS ANGELES -- President Barack Obama headed west to sell his big picture deficit-reduction plan. But many people are waiting for a quick fix to their own economic problems caused chiefly by persistent unemployment and the crippled housing market. Audiences in California and Nevada understood why it's important to get a handle on the deficit over the long term. Yet they made clear that the economic recovery hasn't fully taken hold in ways that are meaningful to them. As Obama shifts into re-election mode, he will need to show that he hasn't lost his focus on jobs even as the conversation in ...
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 ...
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 ...
Stopgap Spending Bill Approved by Senate
By Politics Daily Staff - Politics DailyThe Senate on Thursday approved another stopgap spending bill that cuts $6 billion more from the federal budget and keeps the government running until at least April 8, the Washington Post reports. The bill passed 87 to 13. The House has already approved the legislation, so it now goes to President Obama, who is expected to sign it. The bill would give House and Senate negotiators breathing room to try to hammer out a longer-term spending plan for the rest of the fiscal year. An earlier stopgap bill passed in early March trimmed $4 billion in federal spending The $10 billion in cuts so far ...
In Iowa, 'Social Issues' Emphasis Could Limit GOP Presidential Field -- and Focus
By Jill Lawrence - Politics DailyDES MOINES, Iowa – For Republicans with White House dreams, Iowa is the Rubik's cube of primary states. Should they tack right to win over the state's influential bloc of social conservatives? Should they be true to themselves, even if that could backfire? Should they throw up their hands and launch instead in New Hampshire or South Carolina? And if they do that, will Iowa be lost to them in a general election? Several White House prospects are grappling right now with those questions as the Iowa calendar fills up with events designed as platforms for values issues. Many will ...
What Would Jesus Cut? Deficit Debate Rallies Christians -- and Exposes Divisions
By David Gibson - Politics Daily"What would Jesus do?" That question has for years been a powerful slogan for conservative Christians who want to challenge Americans to conform to Gospel teachings. But now that some are applying the rallying cry to the nation's divisive budget battles, it is also exposing divisions among Christians as much as it is offering a united witness of faith -- or public policy. Earlier this week a coalition of dozens of progressive Christian leaders led by Jim Wallis of Sojourners launched a campaign, "What would Jesus cut?" with a full-page ad in Monday's edition of Politico, and the group is ...
Opinion: A Modest Deficit-Cutting Proposal
By Will Durst - AOL NewsDoesn't matter which side of the budget battleground you stick your rhetorical bayonet in, one thing we can all agree on is ... our government is broke. Broke. Broke. Broke. Broke. Broke. Broke. Broke. Stone broke. Like a ceramic pocket watch in a gravel blender broke. Destitute. Down and out. Indigent. Flat busted. Hard up. Cleaned out. On the skids. Short of currency. Devoid of money. Insufficient funds. Negative cash flow. Penniless. Pauperized. Poverty stricken. Impecunious. Decidedly unprosperous. Financially strapped. Insolvent. Not currently considering any luxury acquisitions like ...
The Deficit Dog That Didn't Bark: Raising the Retirement Age
By Robert W. Stock - AOL News"You're going to have to raise the retirement age for Social Security," New Jersey Gov. Chris Christie proclaimed in a recent speech to the American Enterprise Institute. "Oh, I just said it and I still am standing here. I did not vaporize into the carpet and I said it." When the report of President Barack Obama's deficit commission emerged last year, one of its major cost-cutting suggestions was just that: an increase in the age for receiving full Social Security benefits to 69 by 2075. Yet in all of the furious deficit debate in Washington of late, the late-retirement proposal so far been a ...
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