Congress, Budget Deficit | featured news

President Barack Obama unveiled his proposed Fiscal Year 2014 budget plan Wednesday in the White House Rose Garden, offering a combination of new spending initiatives and tax increases aimed at creating jobs and reducing future budget deficits. In his remarks, Obama called his plan “a fiscally responsible blueprint for middle-class jobs and growth.”

The wrangling of President Barack Obama and congressional Republicans over the federal budget underscores a clash of core philosophies about how the economy works that supersedes any skirmish on taxes or spending cuts.

The vast majority of tax breaks in the U.S. tax code would be difficult to eliminate because they promote important social goals or are “hugely popular” with voters, according to a new congressional analysis that casts doubt on Republican promises to substantially lower tax rates without increasing budget deficits.

President Barack Obama, in a populist step designed to appeal to voters, will propose a "Buffett Tax" on people making more than $1 million a year as part of his deficit recommendations to Congress on Monday.

Treasury Secretary Timothy Geithner warned in a letter to Congress that failure to raise the $14.294 trillion debt ceiling would drive up interest rates, push down household wealth, put more pressure on federal entitlement programs and cause a double-dip recession.

With high gas prices and federal deficits in the political spotlight, senior Democrats believe that Senate Republicans will support an idea they otherwise might not like.

Despite Republican-led calls to strip funding from NPR, public broadcasting emerged largely unscathed in the federal budget compromise hammered out in Congress over the past week.

With a partial government shutdown just minutes away, President Obama and congressional leaders reached a tentative deal Friday night to cut ...

Garbage will pile up in the streets of the capital, the Statue of Liberty will close and families of soldiers at war could struggle to pay the bills if Congress fails to reach a budget deal and the government shuts down this weekend.

With a midnight deadline looming, the White House and Congress scrambled on Friday to break a budget impasse that threatens to shut down the U.S. government and idle hundreds of thousands of federal workers.