WASHINGTON (Reuters) – The independent watchdog group Taxpayers for Common Sense will unveil a $2 trillion deficit-reduction proposal in hopes of averting an economic debacle at year’s end known as the fiscal cliff.
On Monday, the group plans to detail about 130 specific deficit-reduction steps the U.S. Congress could take to replace across-the-board spending cuts of $1.2 trillion that are scheduled to take effect on January 2. These would occur just as tax increases for all income groups are due to kick in.
WASHINGTON, Sept 19 (Reuters) – A third Republican U.S.
Senate candidate on Wednesday rejected Mitt Romney’s
characterization of nearly half the country as slackers, but
other party lawmakers voiced support for their struggling
Republican members of Congress said Romney was making a
valid point, though not artfully stated, when he said that 47
percent of Americans pay no federal income tax and feel entitled
to federal assistance.
WASHINGTON (Reuters) – The top Republican in the U.S. Congress said on Tuesday he had no confidence a divided Washington could avoid a “fiscal cliff” that threatens to push the nation into a recession, but the top Democrat voiced optimism there would be a deal.
“I’m not confident at all,” House of Representatives Speaker John Boehner said, accusing President Barack Obama of failing to provide needed leadership.
WASHINGTON (Reuters) – A top U.S. Senate Democrat sketched out a broad-brush idea on Thursday that would give Congress six months beyond year’s end to come up with a comprehensive deficit-reduction plan, potentially softening the impact of a looming “fiscal cliff.”
The idea by assistant Democratic Senate leader Dick Durbin has not been developed into a formal plan, a spokesman said. Financial markets and government economists are worried that failure to compromise on tax and spending issues could bring on a recession.
WASHINGTON (Reuters) – A pair of deals struck this week by influential lawmakers, combined with a new pragmatism among Tea Party conservatives, provides clues how the “fiscal cliff” could be avoided by extending all current budget and tax policies until the new president and Congress take office in January.
In sharp contrast to the budget wars they waged last year, Tea Party activists in Congress are so far going along with the script that is now developing.
WASHINGTON (Reuters) – Washington took some tentative steps toward confronting its looming fiscal threats on Tuesday with a deal in Congress to neutralize the risk of a government shutdown that could upset voters ahead of the November 6 elections.
The White House said it would shield U.S. military pay from automatic budget cuts due to take effect in January — a move that could shift more of the reductions onto defense contractors. It also instructed agencies to begin preparing for some across-the-board cuts.
WASHINGTON (Reuters) – The White House said on Tuesday it was starting to get ready for potentially painful year-end spending cuts, and was committed to shielding U.S. military pay from any government budget crunch.
Jeffrey Zients, acting director of President Barack Obama’s Office of Management and Budget, said discussions would start soon on how to weather the looming automatic spending cuts, known as “sequestration,” that would take place starting January 2 if Congress cannot achieve a deficit reduction deal.
WASHINGTON (Reuters) – Democrats and Republicans in Congress reached a deal on Tuesday to fund federal government activities through next March and eliminate any threat of agency shutdowns that could upset voters ahead of the November 6 presidential and congressional elections.
The deal, announced by House of Representatives Speaker John Boehner and Senate Majority Leader Harry Reid, would fund discretionary federal programs – from defense and foreign aid to education and medical research – at an annual rate of $1.047 trillion, the level specified in last year’s debt limit deal.
WASHINGTON (Reuters) – The Congress is limping toward what some see as a not-so-deserved five-week vacation starting on Friday, dimming hopes it will complete work on many or any of the major issues confronting it, from taxes, agriculture, and trade with Russia to cyber security and postal service reform.
Campaigning, not legislating, appears to weigh most heavily on the minds of congressional Republicans and Democrats in the run-up to the November 6 elections to pick the next president, 435 members of the House of Representatives and one-third of the 100-member Senate.
WASHINGTON, July 26 (Reuters) – Republican leaders in the
U.S. House of Representatives are moving towards seeking a
six-month extension of government funding that would avoid the
threat of shutdowns until the spring of 2013, Republican
lawmakers and aides said on Thursday.
Lawmakers have little stomach for an election-year repeat of
last year’s bruising budget battles, which brought the federal
government to the brink of shutdown several times and further
damaged Congress’ approval ratings.