Obama to Propose Cuts to Social Security, Official Says
Obama will offer cuts to Social Security and other programs in a budget proposal aimed at swaying Republicans to compromise on a deficit-reduction deal, a source says.
Obama will offer cuts to Social Security and other programs in a budget proposal aimed at swaying Republicans to compromise on a deficit-reduction deal, a source says.
The House has passed a huge stopgap spending bill to keep the government open through the end of September, sidestepping any threat of a government shutdown.
With Washington gridlocked again over whether to raise their taxes, it turns out wealthy families already are paying some of their biggest federal tax bills in decades even as the rest of the population continues to pay at historically low rates.
So after months of dire warnings, across-the-board spending cuts kicked in. Washington didn't implode, government didn't shut down and the $85 billion budget trigger didn't spell doom.
The White House has detailed the potential fallout in each state from budget cuts set to take effect at week's end, while congressional Republicans and Democrats keep up the sniping over who's to blame.
Republicans and other fiscal conservatives keep insisting on more federal austerity and a smaller government. Without much fanfare or acknowledgement, they've already gotten much of both. Another round of huge cuts, known as the "sequester," will hit beginning March 1.
President Obama's State of the Union proposal to raise the federal minimum wage to $9 an hour has the retail industry on edge and fast food stocks struggling.
The House overwhelmingly passed a bill Wednesday to permit the government to borrow enough money to avoid a first-time default for at least four months, defusing a looming crisis setting up a springtime debate over taxes, spending and the deficit.
Deficit spending got just a single mention in President Obama's inaugural address. But the outcome of the the long-running conflict with Republicans over his tax-and-spend policies will help shape the government's role in coming years, not to mention Obama's legacy.
The Republican-controlled House will vote next week to permit the government to borrow more money to meet its obligations, a move aimed at heading off a market-rattling confrontation with President Barack Obama over the so-called debt ceiling.
Last week's fiscal cliff deal did much to resolve the dark specter of economic uncertainty in America. However, it was only the first of three fiscal crises set to hit before March. Next on deck, another sequestration battle; and then the biggie: "Debt Ceiling 2: The Tea Party Strikes Back."
The fiscal cliff has been averted -- at least for now. But if we've managed to dodge one devastating, intentionally-created crisis, there are plenty more massive problems on deck. Here's a list of the next six ways Washington could mess things up for tens of millions of Americans.
The fiscal cliff compromise on taxes leaves critical issues of borrowing, spending and budget cutting unaddressed, and lawmakers have given themselves only two months to settle their differences. Here's a look at what's been resolved and what they left hanging.
Under intense pressure from angry Republicans, House Speaker John Boehner agreed late Wednesday to a vote this week on aid for Superstorm Sandy recovery. He will schedule a vote Friday for $9 billion for the national flood insurance program and another on Jan. 15 for another $51 billion in aid.














