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Dec 5, 2010

U.S. lawmakers optimistic about deal on tax cuts

WASHINGTON, Dec 5 (Reuters) – Senior U.S. lawmakers said on
Sunday they were optimistic about striking a deal to extend
Bush-era tax cuts for all taxpayers and continue emergency
jobless aid for millions of long-term unemployed Americans.

President Barack Obama and other Democratic leaders want to
extend the cuts only for low- and middle-income Americans,
arguing that the tax breaks for the wealthy would add $700
billion to budget deficits over the next 10 years.

Dec 5, 2010

Lawmakers optimistic about tax cut deal

WASHINGTON (Reuters) – Senior lawmakers said on Sunday they were optimistic about striking a deal to extend Bush-era tax cuts for all taxpayers and continue emergency jobless aid for millions of long-term unemployed Americans.

President Barack Obama and other Democratic leaders want to extend the cuts only for low- and middle-income Americans, arguing that the tax breaks for the wealthy would add $700 billion to budget deficits over the next 10 years.

Dec 5, 2010

U.S. lawmakers optimistic about tax cut deal

WASHINGTON, Dec 5 (Reuters) – Senior U.S. lawmakers said on
Sunday they were optimistic about striking a deal to extend
Bush-era tax cuts for all taxpayers and continue emergency
jobless aid for millions of long-term unemployed Americans.

President Barack Obama and other Democratic leaders want to
extend the cuts only for low- and middle-income Americans,
arguing that the tax breaks for the wealthy would add $700
billion to budget deficits over the next 10 years.

Dec 3, 2010

US deficit-cut plan falls short, offers framework

WASHINGTON, Dec 3 (Reuters) – A bold plan to slash the U.S.
budget deficit fell short on Friday of winning the support
needed to trigger legislative action in Congress, shifting the
fiscal responsibility issue to the White House and lawmakers.

The outcome was a sour note, coming the same day the
government said the U.S. unemployment rate jumped to 9.8
percent and as both Democrats and Republicans battled over
expiring tax cuts that, if extended, will only add to the
deficit.

Dec 3, 2010

U.S. deficit-cutting plan stumbles in uphill climb

WASHINGTON, Dec 2 (Reuters) – A bold plan to slash the U.S.
budget deficit appeared on Thursday to be falling short of the
support needed from members of a presidential commission to
trigger congressional action.

But the plan had won more backing, from Democrats and
Republicans, than many expected in February when President
Barack Obama set up the commission with the task of finding
ways to cut the $1.3 trillion deficit and $13.8 trillion debt.

Dec 3, 2010

Deficit-cutting plan stumbles in uphill climb

WASHINGTON (Reuters) – A bold plan to slash the budget deficit appeared on Thursday to be falling short of the support needed from members of a presidential commission to trigger congressional action.

But the plan had won more backing, from Democrats and Republicans, than many expected in February when President Barack Obama set up the commission with the task of finding ways to cut the $1.3 trillion deficit and $13.8 trillion debt.

Dec 2, 2010

Deficit-cutting plan advances in uphill climb

WASHINGTON (Reuters) – Two more lawmakers pledged on Thursday to support a plan to slash the U.S. budget deficit drawn up by the co-chairmen of a presidential commission, but the plan still faced long odds of moving to Congress.

With anxiety over government debt roiling markets in Europe and driving global capital into U.S. Treasury bonds, Republican Senators Tom Coburn and Mike Crapo said they will vote for the bold proposal at a decisive commission meeting on Friday.

Dec 2, 2010

U.S. deficit-cutting plan advances in uphill climb

WASHINGTON, Dec 2 (Reuters) – Two more lawmakers pledged on
Thursday to support a plan to slash the U.S. budget deficit
drawn up by the co-chairmen of a presidential commission, but
the plan still faced long odds of moving to Congress.

With anxiety over government debt roiling markets in Europe
and driving global capital into U.S. Treasury bonds, Republican
Senators Tom Coburn and Mike Crapo said they will vote for the
bold proposal at a decisive commission meeting on Friday.

Dec 1, 2010

US deficit panel recalibrates, seeks more support

WASHINGTON, Dec 1 (Reuters) – A presidential panel on
balancing the U.S. budget on Wednesday revised its fiscal
austerity plan with deeper spending cuts and a more flexible
tax code overhaul, hoping to draw broader political support.

The 18-member commission, established in February by
President Barack Obama, discussed its revised plan at a public
meeting on Capitol Hill. The panel is due to vote on it on
Friday, two days later than originally scheduled.

Dec 1, 2010

Short on votes, deficit panel delays decision

WASHINGTON (Reuters) – A presidential commission looking for ways to slash the budget deficit postponed final action on Tuesday on a bold fiscal austerity plan after it was unable to gather enough support among panel members.

In a stark display of deep political divisions over tax and spending issues, the 18-member panel led by co-chairmen Alan Simpson and Erskine Bowles put off until Friday a final vote on their plan, which is expected to be unveiled on Wednesday.

    • About Donna

      "Washington congressional correspondent specializing in economics, taxes and budget issues. Covered the healthcare reform legislation and President George W. Bush's push to overhaul Social Security. Also covered the savings and loan crisis and spent time covering the White House during President Bill Clinton's administration. Covered trade and Federal Reserve policy as well."
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