Deficit

Obama’s $4 trillion budget: Can it accomplish anything?

Obama’s $4 trillion budget: Can it accomplish anything?

President Barack Obama is unwrapping a nearly $4 trillion budget that gives Democrats an election-year playbook for fortifying the economy and bolstering Americans’ incomes. It also underscores how pressure has faded to launch bold, new attacks on federal deficits. Obama’s 2015 fiscal blueprint, which he is sending Congress Tuesday, was expected to include proposals to […]

High-profile panel stumbles on trimming deficit

High-profile panel stumbles on trimming deficit

Since the end of World War II, more than a dozen high-profile bipartisan panels have been convened to tackle the nation’s thorniest fiscal problems. Seldom have their recommendations spurred congressional action. Their ambitious, high-octane reports and recommendations are mostly gathering dust on government shelves. Right now, congressional negotiators are struggling with a way to head […]

Obama tax deal drives up rates

Obama tax deal drives up rates

What the Federal Reserve giveth, Obama taketh away. The U.S. central bank’s $600 billion stimulus plan was supposed to lower interest rates. But President Barack Obama‘s tax deal with Republicans, by rekindling fears of budget deficits in the bond market, has pushed them higher. As the Fed meets this coming week, the surprise shot in […]

Obama faces voter anger, disappointment

Obama faces voter anger, disappointment

President Barack Obama on Monday said times were still tough for many Americans, as he defended his policies during aggressive questioning after the worst U.S. recession since the 1930s was declared over. As audience members at a townhall-style meeting voiced exasperation and disappointment at his administration, and one woman said she was “exhausted” from defending […]

Political spin clouds economic realities

Political spin clouds economic realities

Midterm politics are distorting economic decision-making as leaders of both parties spin rival views of the road ahead, offering visions based on questionable economics. The resulting political angst is leaving a mark on major legislation. A far-reaching financial overhaul bill signed by President Barack Obama on Wednesday reflects voter anger over bankers, bailouts and bonuses. […]

Even government workers face job losses

Even government workers face job losses

For years, most people who worked for state or local governments accepted a fact of life: Their pay wasn’t great. The job security was. Now that’s gone, too. States and municipalities are facing gaping budget gaps. Many have responded by slashing services, raising taxes and, for the first time in decades, making deep job cuts. […]

Government debt reaches record $13 trillion

Government debt reaches record $13 trillion

US debt has reached 13 trillion dollars for the first time in history, the Treasury Department said Wednesday, stoking a political furor over government spending. Amid vast government outlays designed to end the economic crisis, the debt reached a record 13,050,826,460,886.97 dollars on June 1, according to official figures. The debt has increased by around […]

Cashing in Uncle Sam’s IOUs

Cashing in Uncle Sam’s IOUs

The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration. It’s time to start cashing them in. For more than two decades, Social Security collected more money in payroll taxes than it […]