Budget pact does little to reduce current year deficit

Budget pact does little to reduce current year deficit

A new budget estimate released Wednesday shows that the spending bill negotiated between President Barack Obama and House Speaker John Boehner would produce less than 1 percent of the $38 billion in promised savings by the end of this budget year. The Congressional Budget Office estimate shows that compared with current spending rates the spending […]

Treasury Dept. paid law firms without checking bills

Treasury Dept. paid law firms without checking bills

The Treasury Department paid out more than $27 million to law firms overseeing the financial bailouts without requiring detailed bills or questioning the incomplete records that the lawyers provided, a government watchdog says. Treasury’s “current contracts and fee bill review practices create an unacceptable risk that Treasury, and therefore the American taxpayer, is overpaying for […]

Poll: Most think their taxes are fair

Poll: Most think their taxes are fair

For all the complaining this time of year, most Americans actually think the taxes they pay are fair. Not that they’re cheering. Fewer people expect refunds this year than in previous years, a new Associated Press-GfK poll shows. But as Monday’s filing deadline approaches, the poll shows that 54 percent believe their tax bills are […]

A new TV network for rich boys with toys

A new TV network for rich boys with toys

Discovery Communications Inc. is launching a television network for rich guys and their toys. Called Velocity, the new network will replace the current network HD Theater in some 40 million homes on Sept. 25, Discovery officials said Thursday. The target audience is men with incomes of $150,000 a year and more. “We just felt like […]

James Bond will return for 23rd film

James Bond will return for 23rd film

James Bond is staying put with the studio that distributed his last two big-screen adventures. Sony Pictures has signed a deal with MGM to co-finance and distribute the 23rd film in the super-spy franchise, due in theaters Nov. 9, 2012. Daniel Craig will be back for the third time as British agent Bond. In an […]

Obama eyes Medicare changes, tax increases

Obama eyes Medicare changes, tax increases

President Barack Obama, two years into a presidency marked by increased spending on a weak economy, is turning his attention to the nation’s crushing debt and trying to counter a Republican anti-deficit plan with one of his own. The president on Wednesday was to deliver a speech outlining his proposal to reduce spending in the […]

GOP supports Democratic Medicare cuts

GOP supports Democratic Medicare cuts

In a postelection reversal, House Republicans are supporting nearly $450 billion in Medicare cuts that they criticized vigorously last fall when Democrats and President Barack Obama passed them as part of their controversial health care law. The cuts are included in the 2012 budget that Rep. Paul Ryan, R-Wis., unveiled last week and account for […]

Budget cuts: Will anyone really notice?

Budget cuts: Will anyone really notice?

It’s touted as the biggest one-time rollback of domestic spending ever, but most folks will be hard-pressed to notice. After all, it’s just 1 percent of what the government will lay out this year. The number of security officers at airports won’t be reduced. National park campgrounds won’t close. There will still be enough meat […]

Who fired first shots of the Civil War?

Who fired first shots of the Civil War?

A raid 150 years ago by Confederate sympathizers on a Union fort at what is now Pensacola Naval Air Station was likely little more than an ill-planned and drunken misadventure, perhaps ended by one soldier’s warning shot — and a blank one, at that. But don’t tell Pensacola residents that the Jan. 8, 1861, skirmish […]

At 63, James Taylor ‘still hungry’

At 63, James Taylor ‘still hungry’

James Taylor has filled huge arenas, won five Grammys, been inducted into the Rock and Roll Hall of Fame, and influenced generations of musicians. His 2010 Troubadour Reunion Tour with Carole King was a major commercial success. Yet every single time he gives a concert, he worries people won’t come. “That’s always the question,” says […]