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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

Lawmakers meet Fed’s Hoenig, discuss mandate

WASHINGTON (Reuters) – Republican lawmakers on Thursday met with a senior Federal Reserve official who opposes the central bank’s easy money policies to discuss stripping the Fed of its task of ensuring full employment.

After the meeting with Kansas City Federal Reserve Bank President Thomas Hoenig, the No. 3 Republican in the House of Representatives, Mike Pence, told reporters he continues to think the Fed should focus solely on fighting inflation.

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.

Nov 30, 2010

Deficit panel may postpone decision: Schakowsky

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.

Nov 30, 2010

Short on votes, US deficit panel paints grim view

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.