national debt

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Second Stimulus, Additional Debt Release Coming

President to trade short-term spending for long-term cuts

(Newser) - President Obama's promises to boost jobs and cut the deficit are taking shape, with a new stimulus and tax cuts for companies that hire new workers to be announced in a major address right after Labor Day, reports the Washington Post . The stimulus is said to focus on road...

Patty Murray Will Co-Chair Debt 'Super Committee'

Harry Reid's other picks for panel are John Kerry and Max Baucus

(Newser) - Three down, nine to go. Harry Reid made his three picks for the bipartisan "super committee" that will try to come up with $1.2 trillion of cuts in about 3 months. Reid picked Patty Murray, who will serve as co-chair with a yet-to-be-named Republican, along with John Kerry...

China Blasts US Debt 'Addiction'

Irate over credit downgrade, Beijing lets loose

(Newser) - If Washington thought last night's credit downgrade was a just a nightmare, it woke up this morning to the cold, hard reality of China bashing it over the head for its free-spending ways. In what the New York Times calls a sign of America's plummeting global cachet, Beijing...

Jon Stewart Assembles the 'Super Committee' (Daily Show Video)
 Jon Stewart 
 Assembles 
 the Super 
 Committee 
'THE DAILY SHOW'
Aug 4, 2011 9:05 AM CDT

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 "...

Putin on US: It&#39;s a &#39;Parasite&#39;
 Putin on US: It's a 'Parasite' 
Aug 2, 2011 8:07 AM CDT

Putin on US: It's a 'Parasite'

Debt fight shows why world should move away from dollar, Russian leader says

(Newser) - Vladimir Putin is using Soviet-era terminology to criticize the US over its huge debt load. The Russian prime minister, speaking to a pro-Kremlin youth rally yesterday, called the US a "parasite" and said Russia and other countries should seek a new reserve currency to replace the dollar, reports Reuters...

Poll: Public Wants Debt Compromise

GOP losing ground in battle for public opinion

(Newser) - As talks drag on, public opinion is shifting in favor of lifting the debt ceiling and against politicians who refuse to budge, according to two new polls. Some 38% of Americans now favor lifting the debt ceiling, a 10-point jump from a month ago, as opposed to 31% against, according...

Obama on Debt Talks: 'I Will Not Yield'

...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....

Obama: I Won't Sign Any 'Stop-Gap' Debt Deal

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 "...

Last Night's Budget Talks Got Us Nowhere

New huddle, press conference planned today

(Newser) - With just three weeks to go until the US defaults on its debt, White House and congressional officials are planning to resume talks today after a disappointing session yesterday, reports the Washington Post . Last night's 75-minute talks went nowhere, with both sides digging in to their positions and adjourning...

Obama Ready to Cut Social Security

President pushing $4T deficit reduction plan

(Newser) - With Medicare already on the table , President Obama has signaled that the other big budgetary time bomb isn't safe from cuts: Social Security. The president is pressing congressional leaders to accept an ambitious plan to slash $4 trillion over the next decade, insiders say. He hopes to use the...

Obama Calls White House Debt Talks

Boehner says they'll be useless

(Newser) - President Obama is hauling congressional leaders into the White House tomorrow for a sit-down in a desperate attempt to break the debt-ceiling deadlock. He rejected calls for a short-term increase in the limit, saying they had “a unique opportunity to do something big.” He said the sides had...

Your New Debt-Deal Deadline: July 22

White House says agreement needed by then to avoid default

(Newser) - The date for what may or may not be financial doomsday is now July 22. Both the Wall Street Journal and the New York Times say the White House has figured that to be the do-or-die day to hammer out a deal with Republicans to avoid an unprecedented default on...

Kyl Leaves Debt Talks, Too: No Republicans Left

He joins Eric Cantor in bailing on Joe Biden's negotiations

(Newser) - And then there were none: Arizona Senator Jon Kyl is joining Eric Cantor in his decision to skip Joe Biden's deficit-reduction talks, which means no Republicans are left on the panel, reports ABC News . The departures come as Mitch McConnell blasted President Obama on the Senate floor, notes Politico...

CBO: Debt Explosion Coming
 CBO: Debt Explosion Coming 
Jun 23, 2011 6:45 AM CDT

CBO: Debt Explosion Coming

Ending Bush tax cuts could eliminate deficit, CBO says

(Newser) - Ballooning entitlements threaten to push the national debt bigger than the entire US economy by 2021, and twice that size within 25 years, according to a pessimistic Congressional Budget Office report. “The health care programs are the main drivers of that growth,” wrote the CBO. But with Democrats...

Moody's Warns US to Strike Deal on Debt Limit

It threatens to downgrade nation's triple-A credit rating

(Newser) - Moody's is getting antsy over the lack of progress on a deal to raise the debt limit and cut the deficit, reports the Washington Post . It warned today that it will consider lowering the nation's credit rating unless a deal emerges by mid-July, citing a "very small...

Big Biz, Tea Party Diverge in Debt Debate

Chamber seeks compromise, Tea Party says 'hell no'

(Newser) - A rift between big business and the Tea Party movement is growing as the very real prospect of America defaulting on its debt looms, the Christian Science Monitor finds. The federal government hit the $14.3 trillion debt ceiling yesterday, and while Tea Party-backed lawmakers are sticking to their guns...

Romney: Obama's on 'Peacetime Spending Binge'

GOP hopeful issues correction after Dems pounce on error

(Newser) - Mitt Romney was so busy slamming President Obama over the deficit yesterday that he somehow managed to forget two little wars in Iraq and Afghanistan, and US involvement in Libya. In a Union-Leader op-ed on America's debt problem, Romney knocked Obama for "one of the biggest peacetime spending...

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...

Senate's ‘Gang of Six’ Tackles Deficit Head-On

Plan would require core compromises by Democrats and Republicans

(Newser) - The soaring national debt is making strange bedfellows in the Senate: A bipartisan "Gang of Six" has been secretly working for months, and now appears as the leading hope in negotiations, with both sides willing to sacrifice their sacred cows. For Democrats, that means deep cuts to Medicare and...

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...

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