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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 ...
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 ...
Possible Deal Near as Shutdown Deadline Approaches
By not in system - AOL NewsWASHINGTON -- Perilously close to a government shutdown, the White House and congressional leaders closed in on a possible deal to cut tens of billions of dollars in federal spending and avert the closure, officials said Friday night. House Republican leaders summoned their rank and file to a late night meeting for what aides said would be an update on the talks. Democrats said they were reviewing the details of a possible tentative agreement. The developments unfolded as the administration readied hundreds of thousands of furlough notices for federal workers and warned that federal ...
Congress Doesn't Shut Down During a Shutdown
By not in system - AOL NewsWASHINGTON -- Senators would have to push their own elevator buttons. House members would go without their free gym. Food on Capitol Hill would be sparse. And the lawmakers' restrooms? Perhaps not as fresh. Congress would feel the pinch of a government shutdown, but nowhere near the pain that would be inflicted on the massive federal work force it is supposed to govern. AFP / Getty Images Services at the U.S. Capitol would be curtailed, but lawmakers can decide who is essential in their offices and committees. Unlike the roughly 800,000 federal workers who would be affected, ...
Workers Brace for Effect of Government Shutdown
By not in system - AOL NewsLITTLE ROCK, Ark. - A weather forecaster says he may have to live off the money he's been setting aside for a Caribbean vacation. A worker in Washington hopes to polish his resume so he can retire from public service and work in the private sector. An accountant wonders if she can put off her mortgage for a month. Federal workers like them across the U.S. will be out of work and without a paycheck if the looming government shutdown isn't averted. Some say they will make the best of it, using the spare time to get a few things done. Others are far more fearful of how they'll provide for their ...
GOP Budget Proposal Would Increase Health Cost for Future Retirees
By not in system - AOL NewsWASHINGTON -- Most future retirees would pay considerably more for health care under the new budget proposed by House Republicans, according to an analysis by nonpartisan experts for Congress that signals problems ahead for the plan. The fiscal blueprint would put people now 54 and younger in a different kind of health care program when they retire, unlike the Medicare that their parents and grandparents have known. Instead of coverage for a set of benefits prescribed from Washington, they'd get a federal payment to buy private insurance from a choice of government-regulated plans. "A ...
What Would a Government Shutdown Really Mean? [VIDEO]
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