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.

WASHINGTON (Reuters) – A presidential commission that is expected to vote later this week on a plan to balance the U.S. budget and cut the deficit may postpone its decision, commission member Representative Jan Schakowsky said on Tuesday.

“There’s a possibility always of postponing the decision. I’ve been asked what my availability is for Friday. I don’t know if that means one more day or more days,” Schakowsky, a Democrat, told Reuters in an interview.

WASHINGTON, Nov 30 (Reuters) – A presidential commission on
balancing the U.S. budget likely will fail on Wednesday to
secure enough support for its deficit-cutting plan to trigger a
congressional vote on it, aides and analysts said.

With just a day left before it releases the plan, the
commission’s co-chairmen were still scrambling to nail down 14
votes among the commission’s 18 members — a super-majority
threshold called for when the panel was created in February.

WASHINGTON (Reuters) – Two more proposals to cut the U.S. budget deficit emerged on Monday, underscoring a deep divide on taxes and spending that is likely to blunt the impact of a plan due in two days from a presidential panel.

The deficit and the national debt have soared in recent years.

The White House sharpened its focus on the issue on Monday, saying U.S. President Barack Obama will propose a two-year freeze on the pay of civilian federal workers.

WASHINGTON, Nov 18 (Reuters) – A proposal to overhaul the
costly Medicare and Medicaid health programs met opposition on
Thursday in a closed-door meeting of a presidential commission
looking for ways to balance the U.S. budget.

As private groups studying the problem of the federal
deficit unleashed a wave of alternative plans, President Barack
Obama’s commission convened again on Capitol Hill with just 12
days left before it must issue a final report.

WASHINGTON (Reuters) – A proposal to overhaul the costly Medicare and Medicaid health programs met opposition on Thursday in a closed-door meeting of a presidential commission looking for ways to balance the U.S. budget.

As private groups studying the problem of the federal deficit unleashed a wave of alternative plans, President Barack Obama’s commission convened again on Capitol Hill with just 12 days left before it must issue a final report.

WASHINGTON (Reuters) – Under withering fire at home and abroad, Federal Reserve Chairman Ben Bernanke paid a visit to Capitol Hill on Wednesday to try to tamp down lawmakers’ anger over the central bank’s bond-buying program.

The program announced on November 3 has triggered far-flung criticism, from charges overseas that it is a plot to drive the dollar’s value down, to home-grown allegations that it sows the seeds for inflation and outstrips the Fed’s authority.

WASHINGTON, Nov 17 (Reuters) – Warning of a “death spiral”
without drastic changes, a group of experts on the U.S. federal
budget deficit on Wednesday called for a 2011 Social Security
tax holiday, a soft drink tax and government spending freezes.

In an ambitious plan to slash the deficit and the
fast-mounting national debt, the group also called for a new
6.5 percent national sales tax, as well as lower and simpler
individual income and corporate tax rates.

WASHINGTON (Reuters) – Warning of a “death spiral” without drastic changes, a group of experts on the U.S. federal budget deficit on Wednesday called for a 2011 Social Security tax holiday, a soft drink tax and government spending freezes.

In an ambitious plan to slash the deficit and the fast-mounting national debt, the group also called for a new 6.5 percent national sales tax, as well as lower and simpler individual income and corporate tax rates.

WASHINGTON (Reuters) – President Barack Obama will nominate a state bank regulator to be the new head of the U.S. agency that oversees mortgage giants Fannie Mae (FNMA.OB: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FMCC.OB: Quote, Profile, Research, Stock Buzz), the White House said on Friday.

At a time of crisis and growing calls for change in America’s broken housing finance system, Obama intends to tap North Carolina Commissioner of Banks Joseph Smith to head the Federal Housing Finance Agency, the administration said.