Obama's 'All-In' Budget Presents Huge Risks

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»

The economy should be Obama's top priority: Henninger

(NEWSER) - Barack Obama makes health care sound like the most pressing issue in American life, but with unemployment at 10% and the country still officially in recession, Daniel Henninger wonders why he's "draining a dwindling reservoir of presidential capital." The cost of health care may be a problem for many, but government's job of fixing wrecked markets is not nearly over—and voters agree, with 87% dissatisfied with the economy. For the Wall Street Journal columnist, "even more so now than way back in 1992: It's still the economy, stupid." More»

(NEWSER) - If you want to see a health care plan that will hike your taxes, increase your medical expenses, and swell the deficit, Steven Pearlstein can name one: "Doing nothing as we continue to search in vain for the perfect plan." For the Washington Post columnist, a somewhat flawed health bill is better than none, and at the moment "the outlines of a good reform plan are there"—universal coverage, controlled costs, and improved quality. More»

To pay for new system, he must tax old 'crazy' one: Reich

(NEWSER) - During the campaign, Barack Obama was scathing about John McCain’s plan to tax employer-provided health benefits. But Obama’s going to have to bite the bullet and tax them himself if he wants to pay for his own health care initiative, writes Robert Reich in Salon. Now that Congress has killed Obama’s original plan to raise funds by cutting tax deductions for the rich, it’s the only way to generate enough revenue. More»

Projects deficit will soar to $1.75T

(NEWSER) - President Obama's budget plan, which he delivers to Congress today, attempts to balance a broad spending program with a commitment to slash the deficit in half by the end of his first term. It calls for tax increases on the wealthy and spending cuts to fund a "down payment" on a huge expansion of health care. It also makes permanent middle-class tax cuts introduced in this month's stimulus package, paid for by a cap-and-trade system that will force companies to pay to pollute. More»