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Senate Democrats offer $3 trillion debt deal

Wed, 26 Oct 2011 00:00:00 -0700

Washington Post - By Lori Montgomery - Oct. 26 (News Report) - Senate Democrats are urging the debt-reduction supercommittee to pursue a far-reaching agreement to slice $3 trillion from the federal budget over the next decade through significant cuts to federal health programs, including Medicare, and as much as $1.3 trillion in new taxes.

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Fed tells worried stock market it will keep interest rate near zero for 2 years

Tue, 09 Aug 2011 00:00:00 -0700

Associated Press - Aug. 09 (News Report) - The Federal Reserve guaranteed super-low interest rates for two more years Tuesday - an unprecedented step to arrest the alarming decline of the stock market and the economy. Wall Street roared its approval and finished a wild day with a 429-point gain. The rally was remarkably fast - the Dow Jones industrial average was still down for the day with less than an hour of trading to go - and enough to erase two-thirds of its decline the day before. The Fed set its target for interest rates near zero in 2008 as a response to the financial crisis that fall. Since then, it had said only that rates would stay low for an "extended period." On Tuesday, it guaranteed them until mid-2013.

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Debt drama takes political toll on Obama

Wed, 03 Aug 2011 00:00:00 -0700

Los Angeles Times - By Peter Nicholas - Aug. 03 (News) - Though he succeeded in staving off a historic default, President Obama emerges from the debt talks in a weakened political position with limited influence over a divided Congress.

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Moody's confirms U.S. rating at Aaa, outlook negative

Tue, 02 Aug 2011 00:00:00 -0700

Reuters - By Walter Brandimarte, Daniel Bases - Aug. 02 (Breaking News) - Moody's Investors Service on Tuesday confirmed its Aaa rating of the United States, citing the decision to raise the debt limit, but assigned a negative outlook that could pressure lawmakers to cut the U.S. deficit.

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Gabrielle Giffords returns to Congress for crucial US debt crisis vote

Tue, 02 Aug 2011 00:00:00 -0700

The Guardian - By Damien Pearse - Aug. 02 (News) - Congresswoman shot at rally earlier this year is applauded as Nancy Pelosi calls her the 'personification of courage' Gabrielle Giffords, the congresswoman who was shot in the head earlier this year during a political rally, was applauded by fellow politicians as she made a surprise return to the House of Representatives for the crucial vote. Giffords was hugged and kissed on the House floor, while those in the chamber cheered loudly as voting drew to a close. In a statement released by her office, the Arizona Democrat said: "I have closely followed the debate over our debt ceiling and have been deeply disappointed at what's going on in Washington. I had to be here for this vote. I could not take the chance that my absence could crash our economy." Nancy Pelosi, the Democratic minority leader, said Giffords was the "personification of courage".

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How the Deficit Got This Big

Mon, 25 Jul 2011 00:00:00 -0700

New York Times - By Teresa Tritch - Jul. 25 (News Analysis) - A look at how the economy went from healthy surpluses at the end of the Clinton era to the current deficit. With President Obama and Republican leaders calling for cutting the budget by trillions over the next 10 years, it is worth asking how we got here — from healthy surpluses at the end of the Clinton era, and the promise of future surpluses, to nine straight years of deficits, including the $1.3 trillion shortfall in 2010. The answer is largely the Bush-era tax cuts, war spending in Iraq and Afghanistan, and recessions. Despite what antigovernment conservatives say, non- defense discretionary spending on areas like foreign aid, education and food safety was not a driving factor in creating the deficits. In fact, such spending, accounting for only 15 percent of the budget, has been basically flat as a share of the economy for decades. Cutting it simply will not fill the deficit hole.

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As debt-ceiling crisis grows, McConnell warns default could 'destroy' GOP

Thu, 14 Jul 2011 00:00:00 -0700

Los Angeles Times - By James Oliphant - Jul. 14 (News Report) - Mitch McConnell, the Senate minority leader who has proposed a fallback plan that would likely ensure the $14.3-trillion debt limit would be raised, said in a radio interview that a default by the United States could critically damage his party heading into the 2012 elections.

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Source: Obama says he'll risk job for debt deal

Thu, 14 Jul 2011 00:00:00 -0700

CBS News - By Cbs/Ap - Jul. 14 (News Report) - Amid new warnings and fresh signs of strain, President Obama and congressional leaders are entering a perilous debt-limit endgame. The president, declaring "enough is enough," is demanding that budget negotiators find common ground by week's end even as the Senate's top Republican gained followers for his own last-ditch scheme to avoid a government default.

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Is Obama winning the debt-limit fight?

Wed, 13 Jul 2011 00:00:00 -0700

Los Angeles Times - By James Oliphant - Jul. 13 (News Analysis) - Has President Obama seized the upper hand in the debt-limit debate? Mark Salter, for years a top adviser to Sen. John McCain, said Wednesday that he has, that Obama has “outmaneuvered” Congressional Republicans by appearing more daring on fiscal reforms—and that the GOP has best find another strategy.

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Deficit hopes scaled back as Boehner pulls support

Sun, 10 Jul 2011 00:00:00 -0700

Los Angeles Times - By Lisa Mascaro, Christi Parsons, Peter Nicholas - Jul. 10 (News Report) - The Republican House speaker bows to party pressure and says he'll seek a smaller agreement. President Obama has not abandoned the idea of a bargain that would reduce deficits by $4 trillion over 10 years.

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In Deficit Plan, Taxes Must Rise, President Warns

Thu, 30 Jun 2011 00:00:00 -0700

New York Times - By Mark Landler - Jun. 30 (News) - President Obama pressured Republicans on Wednesday to accept higher taxes as part of any plan to pare down the federal deficit, bluntly telling lawmakers that they “need to do their job” and strike a deal before the United States risks defaulting on its debt.

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Harry Reid cancels Senate July 4 recess after Obama chides Congress

Thu, 30 Jun 2011 00:00:00 -0700

CBS News - Jun. 30 (News) - Senate will stay in session next week, Senate leader announces one day after Obama tells Congress to get to work on a debt limit deal Read more by CBSNews.com staff on CBS News' Political Hotsheet.

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Obama enters debt talks

Tue, 28 Jun 2011 00:00:00 -0700

Washington Post - By Paul Kane, Rosalind S. Helderman - Jun. 28 (News Report) - President Obama formally entered debt talks Monday with a pair of Oval Office meetings with Senate leaders, hoping that face-to-face talks could set the stage for detailed negotiations seeking more than $2 trillion in federal savings in exchange for continued Treasury borrowing to finance government operations.

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It's a 'major problem' that Senate Dems haven't passed a 2012 budget yet.

Mon, 13 Jun 2011 00:00:00 -0700

The Hill - By Michael O'Brien - Jun. 13 (News Report) - It's a major problem that Senate Democrats haven't passed a 2012 budget, Virginia Senate candidate Tim Kaine (D) said Monday. Kaine, who most recently served as chairman of the Democratic National Committee (DNC), said he thought the Senate should pass a budget.

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Army report: Military has spent $32 billion since ’95 on abandoned weapons programs

Fri, 27 May 2011 00:00:00 -0700

Washington Post - By Marjorie Censer - May. 27 (Special Report) - For almost a decade, the Defense Department saw its budgets boom — but didn’t make the kind of technological strides that seemed possible.

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Senate rejects Ryan budget

Thu, 26 May 2011 00:00:00 -0700

The Hill - By Alexander Bolton - May. 26 (News) - The Senate on Wednesday resoundingly rejected a budget sponsored by House Budget Committee Chairman Paul Ryan (R-Wis.) that calls for significant cuts to future Medicare benefits.

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Senate Republicans stand by plan to overhaul Medicare

Wed, 25 May 2011 00:00:00 -0700

Washington Post - By Paul Kane, Amy Goldstein, Peter Wallsten - May. 25 (News) - Senate Republicans on Wednesday stood by a GOP plan to transform Medicare, one day after the party lost a conservative House district in Upstate New York amid a strong effort by Democrats to make that proposal the central issue.

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Sen. Scott Brown says no to GOP Medicare plan

Mon, 23 May 2011 00:00:00 -0700

USA Today - By Catalina Camia - May. 23 (News Report) - In what could be a boost to Democrats, GOP Sen. Scott Brown said Monday he will vote against a controversial Republican plan to revamp the popular Medicare program for seniors.

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Boehner Builds Economic Case on Assertions at Odds With Markets, Studies

Wed, 11 May 2011 00:00:00 -0700

Bloomberg - By James Rowley, Mike Dorning - May. 11 (News Analysis) - House Speaker John Boehner, giving Wall Street leaders his prescriptions for growing the U.S. economy and reducing the nation’s debt, built his case on several assertions that are contradicted by market indicators and government reports.

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Republican rift widens on Medicare

Tue, 10 May 2011 00:00:00 -0700

The Hill - By Alexander Bolton, Julian Pecquet - May. 10 (News) - Senate Republicans won't echo the House GOP’s call for a major overhaul of the popular health entitlement for seniors.

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Budget talks: Republicans offer to seek common ground with Democrats

Thu, 05 May 2011 00:00:00 -0700

Washington Post - By Lori Montgomery - May. 05 (News) - Senior Republicans conceded Wednesday that a deal is unlikely on a contentious plan to overhaul Medicare and offered to open budget talks with the White House by focusing on areas where both parties can agree, such as cutting farm subsidies.

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Debt ceiling: More Democrats threaten to vote against raising borrowing limit

Fri, 29 Apr 2011 00:00:00 -0700

Washington Post - By Peter Wallsten - Apr. 29 (News) - A growing number of Democrats are threatening to defy the White House over the national debt, joining Republican calls for deficit cuts as a requirement for consenting to lift the country’s borrowing limit.

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House G.O.P. Members Face Voter Anger Over Budget

Wed, 27 Apr 2011 00:00:00 -0700

New York Times - By Jennifer Steinhauer, Carl Hulse - Apr. 27 (News) - In central Florida, a Congressional town meeting erupted into near chaos on Tuesday as attendees accused a Republican lawmaker of trying to dismantle Medicare while providing tax cuts to corporations and affluent Americans.

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A Balanced Budget Amendment Would Be a Dangerous Distraction - US News and World Report

Tue, 26 Apr 2011 00:00:00 -0700

U.S. News & World Report - By Scott Lilly - Apr. 26 (News Analysis) - In 1946, our public debt was 109 percent of gross domestic product—75 percent higher than the current level. We ran deficits in 20 of the next 28 years, but still whittled the debt down to 24 percent of GDP by 1974 by keeping deficits relatively small in all but the worst economic years, and moving into surplus in good years.

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No deal on raising debt ceiling

Fri, 22 Apr 2011 00:00:00 -0700

The Politico - By Jake Sherman, Jonathan Allen - Apr. 22 (News) - One day after being named to a presidential task force to negotiate deficit reduction, House Majority Leader Eric Cantor fired off a stark warning to Democrats that the GOP “will not grant their request for a debt limit increase” without major spending cuts or budget process reforms

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