Wednesday, October 26, 2011
Democrats on the the Congressional Joint Select Committee on Deficit Reduction, also known as the Super Committee, gave their first proposal to the committee Republicans on Wednesday. The committee is charged with reducing the nation's debt by cutting $1.2 trillion.
Congressional officials, speaking to the Associated Press said the proposed ...
Tuesday, September 20, 2011
Faced with an uphill reelection battle and a disenfranchised base, President Obama indicated on Monday that he plans on taking a harder line against an anti-tax GOP. In a speech introducing his debt reduction plan yesterday, Obama vowed to veto any plan Congress sends him that does not raise taxes on the wealthy and corporations while cutting Medicare benefits. "I will not support any plan that puts all the burden for closing our deficit on ordinary Americans," Obama said. Obama's plan, which will reduce annual deficits up to $4 trillion over 10 years, has been assailed as "class warfare" by Republicans.
Tuesday, September 20, 2011
Before President Obama had even made his deficit speech, Congressman Paul Ryan spelled out his concerns over its impact. On Sunday, he accused Obama on Fox News of launching "class warfare" by introducing the so-called Buffett Rule. The president rebuffed the remarks saying "This is not class warfare. It's math."
Tuesday, September 20, 2011
Open a newspaper, go on the internet, or turn on the TV, and you're likely to hear a diagnosis of what will cure the ailing economy. Revising the tax code, reducing the deficit, super committees — all distractions, according to New York Times op-ed columnist Joe Nocera. He calls the political back-and-forth in Washington "meaningless noise." The real problem, Nocera says, is a lack of available credit.
Monday, September 19, 2011
President Obama will announce a deficit reduction plan that will reduce government spending by $3 trillion through cutting entitlements, tax increases, and war savings. The plan is the White House's opening offer to the Congressional "super committee," which has until Dec. 23 to reach a deal on deficit reduction. GOP lawmakers have already labeled the proposed tax hikes "class warfare," particularly the so-called "Buffet Rule" — a minimum tax rate on those earning more than $1 million per year named for billionaire Warren Buffett.
Thursday, September 08, 2011
Six weeks after the Congressional showdown over raising the debt ceiling came to resolution, the 12 member Congressional deficit reduction committee, sometimes referred to as the "super committee" or "super Congress," will have its first meeting today. Federal spending, taxes, and deficit reduction are all on the super committee's agenda as it tries to cut nearly $1.2 trillion from the nation's debt over the next decade.
Thursday, August 18, 2011
The twelve-member joint Congressional "super committee" that has been tasked with creating a deficit reduction plan that both Republicans and Democrats can stomach — by Thanksgiving, no less — has a tough path ahead. It's a goal that seemed impossible for President Obama and Congressional leaders to achieve, just last month. Can the committee succeed where others failed?
Monday, August 15, 2011
President Obama is departing today for his three-day bus tour through the Midwest, where he will stop in Minnesota, Iowa and Illinois. With his poll numbers slipping, Obama will be talking with Americans about ways to improve the economy and job growth. While Obama is on the road, Texas Governor Rick Perry, who announced this weekend that he will seek the 2012 Republican nomination, will begin fundraising for his campaign. As the race to for the presidency kicks up a notch, a Congressional twelve-member 'super committee' will begin work on a debt-reduction strategy, aiming to come up with a plan to reduce the deficit by $1.5 trillion by Thanksgiving of this year.
Monday, August 01, 2011
David Weigel, who covers politics and policy for Slate magazine, Reihan Salam, columnist for The Daily and blogger for National Review Online, and Karen Tumulty, national political correspondent for The Washington Post, discuss the deal on the debt ceiling and deficit.
Wednesday, July 27, 2011
Despite plenty of drama and public rhetoric in the battle over the U.S. debt ceiling, President Obama and House Speaker John Boehner have not yet reached a compromise. The deadline is looming as is the possibility the country will have to default on its $14.3 trillion of debt. As time marches on, analysts are starting to think seriously about what would happen if no deal can be reached. A vote was expected today in the House on Boehner’s last bid to increase the debt limit and cut spending — but that all fell apart last night when Tea Party Republicans refused to vote for it.
Tuesday, July 26, 2011
In his speech last night, President Obama urged the House and Senate to reach a compromise on a debt plan by August 2. "We can't allow the American people to become collateral damage to Washington's political warfare," he said. Immediately afterward, House Speaker John Boehner gave a live speech responding to Obama, in which he pushed for Obama to sign the Republican plan to raise the debt limit. The Democratic-led Senate and Republican-led House have proposed two vastly different plans. So, what happens if they can’t agree by the deadline?
Monday, July 11, 2011
President Obama will meet with Congressional leaders today to try and revive a $4 trillion deal to reduce the deficit and avoid a default on the national debt, a day after Speaker John Boehner rejected any agreement on that scale. Boehner says the parties should aim for a $2 to $3 trillion deal, because a larger deal would require tax increases. But President Obama says a larger deal would be easier to implement. Negotiations continued last night at the White House.
Wednesday, July 06, 2011
Republican and Democratic Congressional leaders will meet at the White House today in an attempt to reach a deal over deficit reduction and raising the debt ceiling. President Obama says that any agreement must close tax loopholes, while the vast majority of Republicans say that new taxes cannot be a part of the deal. Obama has also signaled he's open to cutting spending on "entitlement programs," something that makes many members of his party nervous. Todd Zwillich, The Takeaway's Washington correspondent, previews the meeting and tells us what each side is bringing to the table.
Tuesday, May 10, 2011
(Washington, DC -- Todd Zwillich, Transportation Nation) Get ready for dueling petro-bills in Congress this week as Republicans and Democrats try to outdo one another in the war of words over high gas prices.
Only trouble is, none of the bills you'll see tossed around the Capitol this week will do anything to lower this spring's high prices at the pump.
House Republicans this evening will bring up a vote on HR 1229, known as the "Putting the Gulf of Mexico Back to Work Act." It forces the Obama Administration to consider new drilling permits in the Gulf within 60 days, and automatically approves the permits if it the administration goes too slowly.
Republicans say there will be another vote this week, this one on a bill forcing the administration to conduct lease sales in the Gulf of Mexico and on the Outer Continental Shelf off the coast of Virginia.
If you feel like you've seen this movie before, it's because you have.
Thursday, April 14, 2011
President Barack Obama outlined a comprehensive plan on Wednesday to reduce the nation's looming deficit by $4 trillion over the next 12 years. His plan, which includes tax increases for the wealthy, changes to social welfare programs and long-term spending cuts, was offered as a Democratic alternative to the proposal put forward by Rep. Paul Ryan (R-Wisc.) which would fundamentally alter Medicare and Medicaid. In the next few weeks, members of Congress will have to decide whether to raise the nation's debt ceiling, and Vice President Joe Biden will lead negotiations to move congressional leaders towards common ground. Will they find it?
Wednesday, April 13, 2011
Good afternoon. It’s great to be back at GW. I want you to know that one of the reasons I kept the government open was so I could be here today with all of you. I wanted to make sure you had one more excuse to skip class. You’re welcome.
Of course, what we’ve been debating here in Washington for the last few weeks will affect your lives in ways that are potentially profound. This debate over budgets and deficits is about more than just numbers on a page, more than just cutting and spending. It’s about the kind of future we want. It’s about the kind of country we believe in. And that’s what I want to talk about today.
From our first days as a nation, we have put our faith in free markets and free enterprise as the engine of America’s wealth and prosperity. More than citizens of any other country, we are rugged individualists, a self-reliant people with a healthy skepticism of too much government.
Wednesday, April 13, 2011
President Obama is set to deliver a much anticipated speech 1:30 p.m. at George Washington University in Washington. The speech will detail his long-term plans for reducing the nation's deficit. Todd Zwillich, The Takeaway's Washington correspondent says that the president will have to prepare the public for tough decisions as he faces the debt.
Tuesday, April 12, 2011
The [political] fault lines are here in that the Tea party won a huge victory in the Congressional beat down and when you have someone like Rep. Ryan coming out and touching third rails of government...talking about slashing Medicare, talking about really representing the Tea Party agenda in certain elements, in that you could simultaneously cut the top tax rate and cut spending, you're really forcing the administration's hand. They're king of saying, well we're putting political skin in the game and now we're going to force you to come out and sacrifice some of your fiscal sacred cows.
— Roben Farzad, senior writer for Bloomberg Business Week, on The Brian Lehrer Show.
Monday, April 11, 2011
NYT's David Sanger weighs in on two plans to reduce the federal deficit, which now stands at more than $14 trillion.
Tuesday, March 22, 2011
—Michael Dimock,associate director for the Pew Research Center for the People and the Press, on the Brian Lehrer Show.