It has been a long, confusing summer for the federal budget: The FAA shutdown, the debt ceiling crisis, the Deficit "Supercommittee." But all of that was just prelude to the battles ahead over the 12 major appropriations bills to fund the government's "discretionary" spending.
Everyone now knows the federal government is about to run up against its limit for borrowing money, but everyone also knows that governments can -- and do -- just print the stuff. Washington owns the Bureau of Engraving and Printing. Could the way to sidestep this looming crisis be just making more money?
Described as a "fear tactic" by critics, the White House warned Tuesday that if Congress fails to raise the debt ceiling soon, come August, millions of Social Security recipients may find themselves without a check. The comments were met with a firestorm of criticism by seniors and their advocates.
The Tea Party-led Republican Party has already won the battle to cut this year's federal budget, and it has announced a plan to dismantle Medicare. Is a proposal to cut Social Security payments next?
The Republicans are winning this year's budget battle: Discretionary spending will decrease. But this is hardly the time for the GOP to take a victory lap: Next, the GOP will have to lower unemployment and improve the average American's daily life -- two areas where the party has historically come up short.
Right now, everything is coming up roses for the Republican Party: It's won the first round of the budget battle, and if the GOP%u2019s momentum continues, the new federal budget will reflect its spending-reduction priorities, not the Democrats'. Even so, if the two parties can agree on a budget, the greater danger, a potentially market-impacting government shutdown, will have been averted.
Here we go again: Congressional Republicans and White House Democrats are engaging in a game of rhetorical warfare over the budget. If the parties don't agree on a plan by March 4, the federal government could close, rattling stock and bond markets.
Despite pleas by two members of Congress, General Motors said it would proceed with plans to close hundreds of dealerships across the U.S.
House Republican leader John Boehner said Sunday that he would be willing to forgo extending the Bush tax cuts for the wealthy, in the first sign of compromise over the highly contentious issue. But he said he still favors those cuts.
Blaming them for promoting "19 months of government-as-community organizer," House Minority Leader John Boehner is expected to call on President Barack Obama to fire Treasury chief Tim Geithner and economic adviser Lawrence Summers.