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federal 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 ...
GOP Presidential Field Eyes Budget Wars From Afar
By not in system - AOL NewsWASHINGTON -- Republicans are pressing ahead with one of the most ambitious and risky long-term spending agendas in memory, yet the dozen or so potential White House hopefuls are nearly invisible on the issue. They can't stay on the sidelines for long, however. The contentious debate will rope them in on terms they might find hard to control. The triumph of tea party candidates in 2010 pumped new urgency into a long-brewing Republican Party push for major cuts in domestic and benefit programs, including Medicare and Social Security. In the absence of a Republican president or ...
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 ...
Boehner Signals Compromise in Budget Talks
By not in system - AOL NewsWASHINGTON -- Despite fresh pressure from tea party conservatives, House Speaker John Boehner said Thursday that Republicans "can't impose our will" on the White House and Senate Democrats on legislation to cut tens of billions of dollars in federal spending. At a news conference, Boehner, R-Ohio, denied Democratic suggestions that he has already agreed to jettison nearly half of the $61 billion in cuts passed by the House a month ago. But as was the case with Majority Leader Eric Cantor, R-Va., earlier in the week, he did not say the demand was non-negotiable. "Our goal is to cut spending, ...
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 Budget 2012: Harsh Reactions to the President's Latest Budget Proposal
By Steven Hoffer - AOL NewsJust like Sunday night's Grammy Awards, President Barack Obama's latest budget proposal has its share of surprises. The $3.7 trillion 2012 budget, released today, projects an annual deficit of more than $1 trillion -- down roughly half a trillion dollars from the 2011 deficit -- as the federal government plans to terminate or temper over 200 federal programs while reallocating funds to education, transportation and research in an effort to boost the economy. Surge Desk rounds up a few thoughts on the latest Obama budget proposal: The Washington Post's Jennifer Rubin thinks Obama's proposal ...
The Trillion-Dollar Deficit of 2010: How Huge Is It, Really?
By Steven Hoffer - AOL News(Oct. 15) -- If you stacked the number of dollar bills in this year's federal deficit -- 1,290,000,000,000 written out -- you would be nearly a quarter of the way to the moon. But that's not as stratospheric as last year, when the red ink amounted to $1.4 trillion. Still, despite over a $100 billion decrease from 2009's record breaking year, the federal deficit remains an issue of massive concern as well as proportions. So we know the deficit is big -- to state the obvious -- but how does one visualize a trillion dollars? It's going to take a lot Monopoly money to figure this one out. In ...
For Second Straight Year, Deficit More Than $1 Trillion
By not in system - AOL NewsWASHINGTON (Oct. 15) -- The Obama administration is set to report Friday that the federal budget deficit exceeded $1 trillion for the second straight year, providing critics of government spending with fresh ammunition ahead of the midterm congressional elections. The Congressional Budget Office is projecting that the deficit for the 2010 budget year that ended Sept. 30 will total $1.29 trillion. That's down by $125 billion from the $1.4 trillion in 2009 - the highest deficit on record. Soaring deficits have become a problem for Democrats in an election year focused on the weak ...
No Brass Bands When Troops Return Home From Iraq
By David Wood - Politics DailyU.S. troops returning home from war may be greeted with pay caps and increased health insurance premiums, and could even lose their jobs -- if Congress no longer wants to keep on the payroll all the soldiers and Marines once needed to fight both the Iraq and Afghanistan wars. Among other benefits at risk, troops and their families could lose their local military exchanges and commissaries, the large Wal-Mart-type stores where military families enjoy convenient and cut-rate shopping right on base. Previous generations of troops have come home to brass bands and parades. This time, thanks to ...
Opinion: Memo to Deficit Commission: It's the Spending, Stupid
By John Merline - AOL News(July 16) -- This week, federal red ink topped $1 trillion. And there's still three months to go before the government's accounting year finishes. To put that in some perspective, the entire federal budget didn't reach $1 trillion until 1987. So what to do in the face of these gargantuan deficits? Raise taxes? Cut spending? Hope the economy grows fast enough to close the gap? All of the above? President Barack Obama appointed a bipartisan commission to look at the options, and it made some news this past weekend when its co-captains spoke to the nation's governors. But you don't need a ...
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