Dem Lawmakers Cry Foul on Obama Budget Cuts

He wants to beef up domestic spending, raise taxes on rich

(NEWSER) - The major news outlets are getting details of the budget plan President Obama will unveil on Monday, and it sounds like it's designed to set up election-year comparisons with Republicans. Two big themes: It calls for higher taxes on the rich and big spending on roads and manufacturing projects. It also projects the 2012 deficit will rise slightly to $1.33 trillion before dropping to $901 billion in fiscal 2013. Other details: More»

Lawmakers attach special funds to budgets to direct cash homeward

(NEWSER) - Congress' ban on earmarks doesn't seem to be stopping members from channeling money to home-state projects. These days, instead of tacking such projects on to bills, legislators are creating "slush funds" that ultimately serve the same purpose, watchdog groups tell the New York Times . Included in the Army Corps of Engineers' latest budget, for instance, are 26 funds containing a total of $507 million that is to be spent on building projects not listed in President Obama's budget or in the final bill. That money will likely go to lawmakers' pet projects, according to analysts. More»

Obama says he will veto proposed budget amendment to Constitution

(NEWSER) - So much for the weekend plans of the United States Senate: The Chicago Tribune notes that Harry Reid said today he'll hold session every single day "from now until Congress passes legislation that prevents the United States from defaulting on our obligations." While little progress was made last week, President Obama met with John Boehner and Eric Cantor in secret yesterday in an effort to get deficit talks back on track before the Aug. 2 deadline, adds Politico . “We're making progress,” he said today. More»

...even though 'this may bring my presidency down'

(NEWSER) - We already knew last night's debt talks did not go well —but not only did President Obama leave "abruptly," he really put his foot down, Talking Points Memo reports: "I have reached the point where I say enough," he said, according to those present. "Would Ronald Reagan be sitting here? I've reached my limit. This may bring my presidency down, but I will not yield on this." More of the latest developments:

• Obama reportedly gave both sides a deadline to determine whether they will seek long-term spending cuts or a short-term solution: tomorrow. His reason for leaving last night, at least according to one Democrat? Eric Cantor interrupted his closing remarks to push, for the third time, a short-term extension of the Aug. 2 deadline. Obama's response? "See you guys tomorrow."

President says budget talks will continue 'every day'

(NEWSER) - Compromise was the theme of President Obama's press conference today, during which he acknowledged that yesterday's budget talks did not result in a deal—but promised that "we're gonna meet every single day until we get this thing resolved." He insisted that he and "all the leaders" agree that we absolutely cannot fail to raise the debt ceiling and thus "allow the US government to default." He also confirmed he is still looking for "the largest possible deal," and that he appreciates John Boehner's "good-faith efforts on that front." Obama also noted that nobody is talking about increasing taxes right now. More»