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NEWS ABOUT: budget deficit

Debt Plan Will Contain New Tax Revenues: Boehner

But entitlements must be adjusted, speaker says

(Newser) - Despite Republican leaders' push against a tax hike, the super committee debt deal will include new tax revenues, John Boehner said yesterday. "I think there is room for revenues, but I think there clearly is a limit to the amount of revenues that are available." His comments follow... More »

Bipartisan Letter to Super Committee: Blow Past $1.5T

40 GOP reps now open to revenue hikes

(Newser) - A collection of 100 House members—including, critically, 40 Republicans—have sent a bipartisan letter urging the deficit reduction “super committee” to create a broad deal that would both trim entitlement cuts and boost revenue. “To succeed, all options for mandatory discretionary spending and revenues must be on... More »

Super Committee Dems Propose $3T Debt Deal

It includes big slashes to Medicare

(Newser) - Democrats threw a whopper of a deal onto the table in a closed-door super committee meeting yesterday, offering a plan that would slash between $2.5 trillion and $3 trillion from the deficit over the next 10 years, while providing between $200 billion and $300 billion in new stimulus spending,... More »

Ron Paul Unveils Plan to Cut $1T From Budget

Foreign aid and education department would be history

(Newser) - Ron Paul may have turned up the heat on fellow Republican candidates today by unveiling a plan to cut $1 trillion from the federal budget—in a single year, the Washington Post reports. In a Las Vegas speech, Paul said he would:
  • End the Afghanistan and Iraq wars, cut all
... More »

Greece to Fire 30K Workers

Budget deficit will fall short of EU, IMF targets

(Newser) - The Greek economic tragedy took another hair-raising turn today, Reuters reports. Enacting an austerity plan to attract EU and IMF loans, politicians there announced a new plan to place 30,000 workers in a "labor reserve" where they will earn partial pay and be laid off in a year.... More »

David Brooks: Obama Duped Me

Deficit speech doesn't sit well with president's biggest conservative fan

(Newser) - In his New York Times column today, David Brooks admits something critics have long accused him of: “I’m a sap,” he writes , “a specific kind of sap. I’m an Obama Sap.” He had, for example, backed Obama's stimulus plan just days ago . But... More »

GOP Rep: More Taxes Would Kill My $600K a Year

John Fleming attacks Obama deficit plan

(Newser) - Welcome to the tragic world of Rep. John Fleming: Sure, he pulled in $6.3 million last year from his Subway and UPS franchises, but "that's before you pay 500 employees, before you pay rent, you pay equipment, and food." After coughing up those expenses, the Louisiana... More »

Obama: This Is Math, Not Class Warfare

Vows to veto any bill that cuts Medicare but doesn't raise taxes

(Newser) - President Obama was in fighting form as he unveiled his deficit reduction plan in the Rose Garden today, vowing to veto any bill that cut Medicare but didn’t raise taxes on the rich or big corporations. “Middle class families shouldn’t pay higher taxes than millionaires and billionaires,... More »

Cantor Holds Line on Cuts to Pay for Disaster Relief

Same goes for earthquake in his district

(Newser) - Eric Cantor took some heat after he demanded spending cuts to pay for disaster relief in Joplin, but he looks to be holding the line when his own district is involved: Congress "will find the monies" to cover earthquake damage in Mineral, Va. , but “those monies will be... More »

CBO: 'Profound' Challenges Ahead

Deficit should fall, but employment, growth remain low

(Newser) - The picture for 2011 is a glum one—a $1.3 trillion deficit, 9.1% unemployment rate—and it's not going to get much brighter in the next few years, according to a report by the Congressional Budget Office. In it, notes Politico , the CBO warns of "profound... More »

Time for a War Tax to Cover Our Debts

10% surcharge could cover next year's bill: Walter Pincus

(Newser) - With the debt supercommittee looking to slash the deficit, some in Washington are raising an old question, notes Walter Pincus in the Washington Post : What about a tax on the wars in Iraq and Afghanistan? “These wars ought to be paid for and not put on a credit card... More »

Lobbyists Gear Up to Woo Debt Committee

It's not 'just another tax bill': advocate

(Newser) - Lobbyists aren’t waiting around to air their concerns before the new debt panel—and many are getting a head start, pushing their agendas with the lower committees that will send recommendations to the supercommittee in October. “I think you always want to start in the best possible position... More »

Don't Just Be Afraid Amid Market Chaos—Be Angry

Deficit hawks exploited this crisis and made it worse: Krugman

(Newser) - All this stock market turbulence should make you not only afraid but mad, writes Paul Krugman in the New York Times . That's because deficit hawks have worsened the mess by "hijacking" the crisis to focus on their “favorite hobbyhorse," he writes. "What the market was... More »

Special Interests Gave 'Super Committee' Members $3M

Donors have a stake in spending cuts

(Newser) - The 12 members of the new budget super committee have received more than $3 million over the past five years from special interests directly affected by potential cuts, an AP review finds. The money came from groups linked to defense contractors, labor unions, and health care providers, and buffered the... More »

Nuclear-Waste Disposal Making Federal Budget Sick

Congress has spent the money set aside on other things

(Newser) - Nuclear-waste disposal isn’t just an environmental issue anymore—it’s a budgetary one. The Wall Street Journal today takes a look at the nation’s dysfunctional non-system for disposing of nuclear waste, and the story ain’t pretty. Nuclear sites are currently holding some 65,000 metric tons of... More »

Sorry, Our Economy Has Never Been on the Mend

Washington better get focused on jobs fast: Paul Krugman

(Newser) - For far too long, we’ve been preoccupied with “the wrong worries,” focusing on the deficit when we should have been working on job creation, writes Paul Krugman in the New York Times . Now we’re seeing the fallout from that misguidedness. “Those plunging interest rates and... More »

Jon Stewart Assembles the Super Committee

It's 'America's own legion of doofs': Jon Stewart

(Newser) - Imagine Jon Stewart's dismay when he discovered that after months of drama, the debt deal only shaved our deficit from $28.8 trillion to $26.3 trillion at the end of a decade. "That's what this whole f***ing thing was about?" he asked last night . Removing "... More »

All Eyes Turn to Deficit Panel, Herculean $1.5T Task

Committee must come up with $1.5T in cuts

(Newser) - The debt deal has been signed, but the work is far from over: Now a special committee must figure out how to cut $1.5 trillion more from the deficit. The bipartisan panel, which will be composed of six Democrats and six Republicans, was created by the measure after President... More »

So What's in the Debt Deal?

$1T in cuts now with more later—and a 'trigger' to ensure a second deal

(Newser) - No revenues, big budget cuts—what exactly is in the debt-ceiling deal? Ezra Klein sums it up in the Washington Post : $1 trillion in immediate cuts with at least $1.5 trillion more to come; a vote on a balanced budget amendment; and an immediate $900 billion increase to the... More »

Bachmann Skips Iowa Stops to Vote 'No' on Debt Deal

'Someone has to say no. I will'

(Newser) - Michele Bachmann is taking a break from the stump to vote against the debt deal. “Someone has to say ‘no.’ I will,” she said in a statement issued last night. “The 'deal' ... spends too much and doesn't cut enough,” she said. “... More »

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