Budget | featured news

The Senate's top Democratic on budget issues is scrapping Barack Obama's signature tax $400 tax credit for most workers as he seeks to cut the deficit to sustainable levels.

Could marijuana be the answer to the economic misery facing California? Democratic State Assembly member Tom Ammiano thinks so. Ammiano introduced legislation last month that would legalize pot and allow the state to regulate and tax its sale — a move that could mean billions for the cash-strapped state.

As a spending bill loaded with pork makes its way through Congress, President Obama is getting pushback from members of his own party who are questioning his vow to end wasteful spending.

Saying he would defend his budget plan, President Obama on Saturday cast himself as a populist crusader willing to do battle with special interests.

Many Americans applauded the spending plans and tax breaks set out in President Barack Obama's record budget, while others questioned the yawning deficit it would entail.

The president's outline of his proposal boosts federal spending to a record level.

Ambitious budget seeks to cut deficit in half in 4 years, largely by raising taxes on businesses, the wealthy, cutting spending in Iraq, Afghanistan.