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House Republicans Vehemently Oppose Tax Increases
By not in system - AOL NewsWASHINGTON -- Leading congressional Republicans renewed their vehement opposition to tax increases Wednesday, as President Barack Obama prepared to put forth his new prescription for slow growth and national indebtedness. "Most people understand that Washington doesn't have a revenue problem, it has a spending problem," said House Majority Leader Eric Cantor, R-Va. "We can't raise taxes. ... That was settled last November during the elections." Joining Cantor in appearing on morning network news programs, Rep. Paul Ryan of Wisconsin, Republican chairman of the House Ways and Means Committee, ...
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 ...
White House Longs for 'Golden Era' of Balanced Budgets
By Politics Daily Staff - Politics DailyAh, those were the good old days. White House Press Secretary Jay Carney, peppered with spending questions, couldn't hide a little nostalgia Wednesday for a simpler, more prosperous time a little more than a decade back -- a time of balanced budgets. "There was a golden era in an administration long, long ago, where balanced budgets were created, where surpluses were created," Carney during an exchange with a reporter at his daily briefing. "Surpluses were envisioned as far as the eye could see: 1999, 2000." Right. So it wasn't that long ago. In fiscal year 1999, with President Bill ...
Rival Budget Bills Fail in Senate, Shutdown Countdown Begins
By Patricia Murphy - Politics DailyThe Senate voted Thursday to defeat two rival plans to cut federal spending through the end of the year, reflecting deep divisions over the best course to tame the country's spiraling debt. The impasse means that lawmakers will continue negotiations ahead of a March 18 deadline. That's when the current short-term spending measure expires and the government could shutdown without a new agreement. The first bill, approved by House Republicans last month, was rejected in the Senate by a vote of 44 to 56. All 53 Democrats and three Republicans voted against it. Sens. Rand Paul (R-Ky.), Jim ...
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 ...
Opinion: Houston, We Have a Spending Problem
By John Merline - AOL NewsIn his State of the Union speech on Tuesday, President Barack Obama said that a key to "winning the future" is to "make sure we aren't buried under a mountain of debt." "Mountain" doesn't really do justice to how much debt the country has piled up. Right now the federal debt tops $14 trillion. To get a sense of how huge that number is, consider this: If you were to make a stack of 14 trillion $1 bills, it would make two round trips to the moon. The day after the speech, the Congressional Budget Office made it clear in a new report why this mountain exists. In a word: spending. As the chart ...
Opinion: Paul Ryan -- Rehabilitated, or Defanged?
By Bob Maistros - AOL NewsWell, well. Look who was right there on national TV offering up the official Republican State of the Union response last night. In the most dizzying intra-party rehabilitation since China's Deng Xiaoping climbed his way back from tractor factory worker to Paramount Leader, freshly minted House Budget Committee Chairman Paul Ryan, R-Wisc., was thrust front and center to provide the GOP answer to President Barack Obama's newly centrist stylings. It seems like just yesterday -- it was actually last August -- when the Washington Post was reporting that then-House Minority Leader and now Speaker ...
Sperling Tapped to Be Obama's Economic Adviser -- and Negotiator
By Joseph Schuman - AOL NewsPresident Barack Obama has apparently chosen to replace his departing chief economic adviser, a veteran financial policymaker from the Clinton administration, with ... a veteran financial policymaker from the Clinton administration. But there are big differences between Lawrence Summers, who steps down this month as director of the National Economic Council, and Gene Sperling, the man expected to be officially tapped for that job Friday. The White House said Obama will announce economic personnel moves when he discusses the December employment report set to be released that day. Sperling, a ...
Did the GOP Learn Its Lesson in November?
By Matt Lewis - Politics DailyWhile much has been made of the "historic" "wave" "landslide" midterm election results, one thing nearly every poll confirmed was that the results were not an affirmation of Republicans, but instead a repudiation of the big spending Democrats. The Republican push to end earmarks has been hailed as a sign that they were on the right track. But as Democrats and even some pork-addicted Republicans point out, earmarks make up such a tiny percentage of total spending that the value of an earmark ban is, though important, primarily symbolic. This week, the current congressional Republicans will ...
10 Political 'Nonstarters' From Federal Debt Panel
By Andrea Stone - AOL NewsWASHINGTON (Nov. 11) -- The draft report from the chairmen of the bipartisan presidential debt commission to reduce the national deficit through deep spending cuts and tax increases took months to piece together. It took mere minutes for partisans on the left and right to pull it apart. The final report isn't due until Dec. 1. But already some panel members have said they aren't buying some of the ideas set forth by the chairmen, former Republican Sen. Alan Simpson and former Clinton White House Chief of Staff Erskine Bowles. Alex Brandon, AP Erskine Bowles, left, and former Wyoming Sen. ...
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