While fighting to keep Islamic State out of the country, the Iraqi government seeks to rebuild the country’s infrastructure, its quality of life, and relieve its $25 billion fiscal deficit.
By Lisa Mascaro, Tribune Washington Bureau WASHINGTON — The federal deficit continues to decline thanks to budget cuts, slower growth in Medicare costs and increased tax revenue, but the nation’s long-term fiscal outlook remains troubled, according to a report Wednesday from the Congressional Budget Office. At $506 billion for fiscal 2014, the federal deficit is […]
On Wednesday, the House — by a vote of 230-188 — passed one of the six “tax extenders” bills recently approved by the Ways and Means Committee. The measure, which accounts specifically for research and experimentation tax credit, could have served as a rare example of bipartisanship: both Republicans and Democrats support the broad ideas […]
BY DAVID LIGHTMAN AND KEVIN G. HALL, McClatchy Washington Bureau WASHINGTON — Republicans in the House of Representatives are expected to rally Wednesday around a business tax break that’s likely to cost the government $155.5 billion over 10 years. They’d do it without offsetting spending cuts or tax increases. Most lawmakers have long decried such deficit spending, a […]
Senator Rand Paul (R-KY), a likely 2016 presidential candidate, has some explaining — and penance — to do. On Wednesday, Mother Jones dug up some old videos of the self-proclaimed libertarian slamming Republican hero Ronald Reagan’s economic policies for increasing government spending and debt. In 2007, while stumping on behalf of his father’s presidential campaign, […]
Over the past several months, Rep. Paul Ryan (R-WI) has attempted to rebrand himself from an austerity-obsessed weak link in Mitt Romney’s 2012 presidential campaign to the Republican Party’s foremost anti-poverty warrior (with limited success, at best). But as Ryan’s latest “Path to Prosperity” budget plan makes clear, the House Budget Committee chairman’s priorities have […]
But as much as Republicans say they care about the deficit, they are not willing to raise one dime in taxes to make a deal to cut it.
Washington (AFP) – President Barack Obama on Tuesday proposed a budget for the coming fiscal year that had less to do with managing U.S. finances than with stemming Democratic losses in congressional elections. The mildly expansionary $3.9 trillion plan will not pass Congress unscathed, but Obama will use it as a platform to underline his […]
After years of ranting about the deficit, Republicans celebrated the news that it had been cut by almost two-thirds by completely ignoring it and finding some other disingenuous talking point to rant about. The reduction in America’s budget overruns comes largely from the ending of some of the Bush tax breaks for the rich and […]
WASHINGTON — The federal deficit is likely to continue its slide — to a lower-than-expected $514 billion for 2014, the nonpartisan Congressional Budget Office reported Tuesday. Down from last year’s $680 billion, the current deficit projection would mark the lowest level since President Barack Obama took office. However, the nation’s sluggish economy still poses long-term […]
House Republicans have narrowed their debt ceiling strategies to two demands, neither of which have anything to do with actually reducing America’s debt. In exchange for a one-year extension of the debt ceiling so the Treasury can pay debts Congress has already voted to take on, Republicans want the repeal of Obamacare’s risk corridors, according […]
David Lauter, Tribune Washington Bureau WASHINGTON — For the first time since President Obama took office, reducing the federal deficit has slipped as a priority for most Americans, particularly his fellow Democrats, according to a new in-depth study of public attitudes. That shift corresponds with the president’s view. In his State of the Union speech […]
AFP Photo/Jewel Samad Although most analysts predict that the Republican Party will keep its House majority in the 2014 elections, Democrats still have a real chance of making gains. As MSNBC’s First Read points out, Republican representatives are leaving office in five districts where President Obama won at least 48 percent — suggesting that Democrats have […]
We know that President Obama wants tax increases as part of the deficit reduction plan, and we know that Republican politicians vehemently do not want them. But what does the general public want? Bruce Bartlett compiled data from 27 national polls conducted between November 2010 and Sept. 16, 2011. The results? A whopping average 64.5 […]
President Obama announced his $3 trillion deficit reduction proposal today, which has many on the left praising the president’s willingness to tax the wealthy and many on the right grumbling. But what does this mean for the 12 members of the “supercommittee” tasked with reducing the deficit? Obama said in his speech today, “I will […]
Congressional leaders have begun naming their selections for a powerful “super committee” that will search for ways to slash $1.5 trillion from the deficit before Nov. 23. The super committee — which was established in the last-minute deal to raise the debt ceiling and avoid a default by the U.S. government — will consist of […]