George W. Bush, Congress | featured news

Gibbs said that proposals by Republican Mitt Romney and other Republicans amount to nothing more than tax breaks for the wealthy and fewer regulations for business, the recipe tried during the George W. Bush years and found wanting. "We tried it in eight years and it ended in this huge economic calamity," Gibbs said.

The No Child Left Behind education law offered the promise of improved schools and better prepared students in a competitive world. Yet after a decade on the books, President George W. Bush's most hyped domestic accomplishment has become a symbol to many of federal overreach and Congress' inability to fix something that's clearly flawed.

In a televised address to the nation on July 25, 2011, to discuss the pending deadline on the debt ceiling, President Barack Obama made his pitch for a "balanced" approach to reducing the deficit -- one that includes spending cuts as well as revenue increases from tax increases for wealthier Americans. With the debt ceiling issue caught in a political deadlock over how to reduce the deficit, Obama noted that raising the debt ceiling has been a relatively routine exercise for decades. "Understand –- raising the debt ceiling does not allow Congress to spend more money," Obama said.

The bill passed, 225 to 200, with 26 Democrats joining all Republicans present to vote no. It would make permanent the current estate tax rate of 45 percent, with an exemption of $3.5 million per individual. If Congress does not act, the estate tax would disappear altogether in 2010, then return in 2011 under the higher rates -- 55 percent and a $1 million exemption -- that existed before President George W. Bush took office.