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NEWS ABOUT: budget deficit

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'Gang of Six:' $3 in Cuts for Every $1 Raised

There's something for everyone to hate

(Newser) - The budget plan the bipartisan Gang of Six ultimately devises will include $3 of spending cuts for every dollar it raises in additional tax revenues, Mark Warner tells Bloomberg , promising cuts in health care, defense, agriculture, and other domestic programs, along with changes to Medicare, Medicaid, and Social Security. The... More »

Cantor Escalates Debt Ceiling War

GOP ready to plunge nation into default, he warns

(Newser) - Republicans have been outspoken about their opposition to raising the debt ceiling, but comments from House Majority Leader Eric Cantor yesterday appeared to escalate the battle. The GOP "will not grant [Democrats'] request for a debt limit increase" without serious spending cuts or budget process reform, he said,... More »

Budget Talks Look Doomed by Unlikely Participants

Cantor, Kyl, and Pelosi crew not the most credible bunch

(Newser) - Are the White House’s budget talks already doomed? That’s the conclusion some are reaching based on who’s going, according to the Huffington Post . Both sides were invited to send up to eight appointees, but Republicans will only send two: Eric Cantor and Jon Kyl, both political pugilists... More »

Tax Reform: The Simple, Perfect Budget Fix

Both parties can get what they want: just fix the 'lunatic' tax code, writes Clive Crook

(Newser) - Tax Day is a painful reminder that Form 1040 "is to personal finance as waterboarding is to asking some questions," writes Clive Crook in the Financial Times . But it doesn’t have to be: "If ever there were a free lunch, if ever there were a dollar... More »

No One's Being Honest About the Budget

Both parties' fixes amount to 'wishful thinking': Robert Samuelson

(Newser) - Republicans and Democrats both claim to have a plan to fix the budget, but neither party is offering a realistic approach. It’s time for Dems to admit that “spending control requires genuine cuts in Social Security and Medicare”—and it’s time for the GOP to recognize... More »

S&P Drops US Credit Outlook to 'Negative'

They say there's 'material risk' that politicians won't fix fiscal problemsr

(Newser) - Standard & Poor’s reaffirmed America’s AAA credit rating today, but dropped its outlook to “negative,” saying there was “material risk” that US policy makers wouldn’t figure out how to handle the nation’s fiscal woes by 2013. “If an agreement is not reached... More »

Most Important Part of Obama Plan: The 'Trigger'

Congress would have to act if 'magical' growth fails to materialize

(Newser) - Amid the reaction to President Obama's budget speech (ranging from it was terrific to it was "a disgrace" ) at least two columnists think his proposed trigger—Congress would have to cut more spending or raise taxes if deficit targets aren't met—is significant. This "may be the... More »

CBO: Budget Deal Cuts Much Less Than Advertised

Spending only going down $352M

(Newser) - You know that 2011 budget pact that was supposed to have yielded the " biggest annual spending cut in history "? Well, it turns out it'll produce less than 1% of the promised $38 billion in savings by the end of this budget year, according to a Congressional Budget... More »

How Congress Can Fix Deficit—by Doing Nothing

The expiring Bush tax cuts provide a way: David Leonhardt

(Newser) - This deficit-cutting stuff doesn't always have to be complicated. David Leonhardt lays out a plausible way for lawmakers to make a big dent without lifting a finger. It's all about the Bush tax cuts, which are due to expire at the end of 2012. "They have created a way... More »

Obama: Kiss Bush Tax Cuts for Rich Goodbye

Obama lambastes Ryan budget, proposes $4T in deficit reduction

(Newser) - President Obama was in fighting form today in his speech on the deficit, lambasting Paul Ryan’s budget proposal , and insisting on higher taxes for the wealthy. He laid much of the current deficit problem at the feet of the Bush tax cuts, and pledged to eliminate them. “We... More »

Ryan's Plan? Just Like Obamacare

But of course, now Republicans love it and Democrats hate it

(Newser) - Remember last year, when Republicans hated Obamacare because of "exchanges, difficult end-of-life decisions, cuts to vulnerable seniors"? Well, Jon Stewart does, and last night he informed America: "Guess what? [Paul] Ryan's plan is all that, plus a $750 billion cut to Medicaid. How do they characterize a... More »

What Obama Will —and Should— Say in His Budget Speech

Some advice for the POTUS ahead of today's address

(Newser) - Here’s what we know about President Obama’s budget speech today: He’s going to lay out a four-step, long-term budget-reduction plan. It’s going to involve defense cuts, tax code changes, and recommendations from his deficit commission. And he’s going to stress keeping domestic spending low and... More »

Barack Obama Has Gone AWOL

Not only is Obama caving to the GOP—he's 'celebrating' it, writes Paul Krugman

(Newser) - Barack Obama has left the building. Granted, with Republicans running amok, all Obama really has is “the bully pulpit,” but incredibly, “he’s using it to reinforce his enemies’ narrative,” writes Paul Krugman in the New York Times . Maybe he did have to make big concessions... More »

Face It, Washington: Defense Budget Must Shrink

Pentagon's policies 'outdated'; deficit's the biggest threat: Romesh Ratnesar

(Newser) - The latest budget compromise may have resulted in “sweeping” and “historic” cuts, as the White House, Congress, and the media have claimed—yet “not a solitary penny” was cut from defense spending. Instead, spending will break $700 billion in 2011, which happens to be a post-World War... More »

Obama's Deficit Plan: Raise Taxes on Rich

White House to take stand on deficit on Wednesday

(Newser) - President Obama will weigh in on the deficit in a speech this Wednesday, calling for cuts to entitlement programs as well as a tax increase for the wealthy. Alongside calls for reductions in Medicare and Medicaid and a new plan for Social Security, the president will propose raising taxes on... More »

Where Are the Adults in DC?

Both parties are 'incompetent and cowardly,' says Kristof

(Newser) - Both the Democrats and Republicans are acting like squabbling adolescents, slams Nicholas Kristof in the New York Times . "It’s unclear where the adults are, but they don’t seem to be in Washington," he says, adding "it’s painful how vapid the discourse is and how... More »

GOP to Vote on 1-Week Budget Extension

And Democrats aren't happy about it

(Newser) - With Republicans and Democrats still leagues apart on the 2011 budget , House Republicans will vote today on yet another extension. This one would only be for a week, but would include a full-year Pentagon budget. It would also include a lot of domestic cuts, as the price to keep the... More »

Paul Ryan Unveils Massive Cuts in GOP Budget

At the same time, it would lower taxes on corporations, the rich

(Newser) - Republicans unveiled a bold 2012 budget proposal today that, architect Paul Ryan boasts in a Wall Street Journal op-ed, “moves the debate from billions in spending cuts to trillions.” Ryan’s budget comes in at $3.53 trillion , or $179 billion less than President Obama’s . But he... More »

GOP Wants to Make Unbalanced Budget Illegal

Mandate has full support from Republican senators, none from Dems

(Newser) - The GOP is hoping to tack a 28th amendment on to the Constitution: one that would mandate a balanced budget. All 47 GOP senators are behind the proposal, which was announced yesterday, but "the whole thing is a long shot," an analyst tells Reuters . Earlier attempts have fallen... More »

Dems Offer $33B in Cuts to Revive Budget Talks

But Senate democrats worry they're capitulating too easily

(Newser) - The White House jolted budget negotiations back to life yesterday, getting Senate Democrats to agree to $33 billion in cuts in the hopes of finding middle ground with John Boehner and Co., Politico reports. Joe Biden met with Democratic leadership yesterday evening, and emerged saying that the Senate and president... More »

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