Federal Deficit, House Of Representatives | featured news

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.

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.

In advance of Thursday’s White House meeting to resolve the stalemate in the debt talks, we've learned that Obama and Speaker Boehner share a goal to prove they can get a 'big' deal done.

President Obama's deficit-reduction plan “falls short” of targets set by House Republicans and Obama's own fiscal commission and would be unlikely to stabilize borrowing, according to a new independent ...

In the run-up to a vote, Speaker John Boehner predicted Thursday a $38 billion package of spending cuts would clear the House with a bipartisan majority and said it marks a first step in a longer Republican campaign to rein in federal deficits

The proposed reductions fall short of the $100 billion in cuts Republicans campaigned for last fall but represent substantial hits to various programs including law enforcement, NASA, the EPA and arts funds.

Republican leaders in the House of Representatives will seek $32 billion in spending cuts from current levels this year as part of an effort to reduce a forecasted $1.5 trillion deficit.

An effort by Republicans in the House of Representatives to repeal the healthcare law enacted last year would add to already huge federal budget deficits, the Congressional Budget Office warned on Thursday.

Increase is much larger than previously planned, but is necessary to avoid defaulting on debts next year, House majority leader says.