Spending Cuts | featured news

Yes, the rest of the world is watching this embarrassing debt ceiling nonsense, and it is growing dismayed.

President Obama said Friday Congress has a "unique opportunity to do something big" and stabilize the U.S. economy for decades by cutting deficits ...

Frustrations mounted in the continuing battle over the debt ceiling with Reid saying Cantor "shouldn't even be at the table." The comments come as credit-rating firms moved closer to an unprecedented downgrade of the U.S.'s debt.

China's Foreign Ministry, responding to concerns over the U.S. debt ceiling impasse, says it hopes the U.S. government will adopt "responsible ...

Budget talks between President Barack Obama and his GOP rivals are at a frustrating standstill, leading a top Republican to launch a long-shot proposal to give Obama sweeping new powers to muscle through an increase in the government's debt limit without the approval of a bitterly divided Congress.

President Obama continued to push for a $4-trillion deal to rein in government deficits Sunday, but a White House meeting with congressional leaders failed to break the deadlock over spending and taxes that has stalemated discussions for more than a month.

Talks to reach a more ambitious deficit-reduction deal effectively broke down on Saturday, House Speaker John Boehner said, as he and fellow Republicans resisted any White House attempts that could increase taxes.

The Speaker of the House said that there were still significant obstacles in the way of an agreement.

Senate negotiators, including Amy Klobuchar, D.- Minn., on Thursday announced a final deal that ends a 45-cent per gallon tax credit for ethanol.

President Obama seeks up to $4 trillion in deficit cuts, putting Social Security, Medicare, defense spending and tax reform on the table as part of a balanced approach to cuts, officials say.