Deficit Reduction | featured news

Dems, GOP talk up deficit reduction, but don't act

Liberals' loud objections to White House proposals for slowing the growth of huge social programs make it clear that neither political party puts a high priority on reducing the deficit, despite much talk to the contrary....


House takes first step to avoid government shutdown

John Boehner

The House is taking its first step Wednesday to avoid a government shutdown, as Washington looks to forgo forcing a fiscal crisis this month and instead turns its attention to a more deliberate debate over long-term deficit reduction.


House G.O.P. Agrees to Lift Debt Ceiling for 3 Months

John Boehner

Backing down from their hard-line stance, House Republicans said Friday that they would agree to lift the federal government’s statutory borrowing limit for three months, with a requirement that both chambers of Congress pass a budget in that time to clear the way for negotiations on long-term deficit reduction.


Washington’s fake policy arguments

Economists Betsey Stevenson and Justin Wolfers write that “the debate in Washington about economic policy is phony. It’s manufactured. And it’s entirely political.” ... Turns out that there’s wide agreement that the stimulus created jobs, TARP was necessary, market factors drive gas prices, tax cuts reduce revenue, tax increases and spending cuts will have to be part of a deficit solution and more.


Economy has grown the most when Democrats have been in power

Demcrats Better for Economy

Earlier today, I linked to a Goldman Sachs research note arguing that the most fiscally conservative outcome in the 2012 election would be an Obama victory and Republican control of Congress. But their analysis was limited to deficit reduction.


House ready to OK GOP budget, rejects rival plans

Republicans are ready to ram through the House an election-year, $3.5 trillion budget that showcases their deficit-cutting plan for revamping Medicare and slicing everything from food stamps to transportation while rejecting President Barack Obama's call to raise taxes on the rich....


Americans blame all sides for committee failure: poll

Americans blame the failure of the debt "super committee" on everyone involved, a Reuters/Ipsos poll showed on Tuesday, despite the best efforts of Democrats and Republicans to point fingers at each other.


Bush tax cut debate dooms deal to cut deficit

Bush tax cut debate dooms deal to cut deficit

A long-running war between Democrats and Republicans over Bush-era tax cuts doomed the debt supercommittee's chances of reaching a deal. Efforts to overhaul the tax code may await the same fate as both parties gear up to make taxes a central issue in 2012 elections....


Panel set to fail to cut deficit $1.2 trillion

Panel set to fail to cut deficit $1.2 trillion

It's just about over for a special deficit-reduction supercommittee, which appears set to admit failure today in its quest to sop up at least $1.2 trillion in government red ink over the coming decade. The bipartisan 12-member panel is sputtering to a close after two months of talks in which key members and top congressional leaders never got close to bridging a fundamental divide over how much to raise taxes. The budget deficit forced the government to borrow 36 cents of every dollar it spent last year.


Supercommittee on brink of failure

Supercommittee on brink of failure

With the clocks ticking down to deadline, it is becoming increasingly apparent on Capitol Hill that the supercommittee will not be able to reach its goal of cutting $1.2 trillion from the national debt.


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