White House Shows Taxpayers Where Their Money Went - Sort Of
On Monday, the White House rolled out "Your 2012 Federal Taxpayer Receipt," an online tool that purports to detail how your personal taxes are spent. But it's not that simple.
defense spending
Sequestration Imminent, Senate Rejects Stopgap Efforts
The Senate swatted aside last-ditch plans to block $85 billion in broad-based federal spending reductions Thursday as President Barack Obama and Republicans blamed each other for the latest outbreak of gridlock and the administration readied plans to put the cuts into effect.
Defense Cuts Could Be Inevitable, Says Rep. Randy Forbes
Rep. Randy Forbes, who chairs the readiness panel of the House Armed Services Committee, has a fairly blunt view on the near future of the fiscal cliff talks: "I am fully expecting to see sequestration in some form beginning in January," he told AOL Defense in an exclusive interview. Here's what he thinks that will mean for the U.S. military.
Obama and the Bayonets: Who's Right on the Defense Debate?
President Obama's snappy comeback about bayonets and horses put Mitt Romney on the defensive on defense spending ... but do his arguments hold water? Is Washington being a good steward of your tax dollars, as it spends them on aircraft carriers, nuclear subs, and other gear for our smaller, high-tech Navy?
The Obama Romney Debate: Who Won, and What That Means
Let's not sugarcoat it, President Obama won Monday's debate decisively -- at least on the topic of the evening, foreign policy. That's good news for Obama and bad news for Romney. But there's good news for Romney too.
Hate Paying $4 a Gallon for Gas? For Imported, You're Paying $8
When gas prices hit $4 at the pump earlier this summer, a lot of motorists were crying Uncle!" They'd be crying all the louder if they realized those first four bucks didn't cover half of it. It's just that the remainder is hidden in your tax bill.
Paul Ryan's Budget vs. President Obama's: How They Differ
Even before Mitt Romney picked him as his running mate, Paul Ryan was a Tea Party star, a fiscal-policy super-wonk and author of the GOP House's budget proposal. Here's a look at some of the ways Ryan's fiscal ideas contrast with President Obama's:
Interactive Calculator Shows You Exactly Where Your Taxes Go
As April 17 approaches, politicians and pundits of all stripes are taking potshots at the usual tax-debate villains. But there's never much talk about exactly how are our tax dollars are really spent.
How Uncle Sam Spends Your Taxes: The U.S. Budget in 8 Easy Bites
Almost everyone agrees the federal deficit is a ticking bomb, but when it comes to ideas for solving the problem, some are contradictory and all are controversial. No wonder: If you look at where the money actually goes, it's easy to see why it's so hard to balance the budget.
Please, No Tanks: Is Pentagon Spending on Autopilot?
America is $15.5 trillion dollars in the red. So why is the Pentagon buying military hardware that no one wants or needs?
Will Budget Cuts Leave Our Nation Defenseless? Hardly
President Obama's proposed cuts to national defense spending have critics in a panicked tizzy. But while the document outlining his plan suggests that real change is afoot, it clearly contradicts the outlandish claims of its detractors.
Debt-Ceiling Law: States Brace for Another Hit
The debt-ceiling discussions may be over, but the fallout for states is just starting. Many states, still struggling to recover to pre-recession levels, have depended on federal money to make up their shortfalls. As the flow of money slows, which states will take the biggest hits?
Defense Cuts to Clip Lockheed's Wings?
Following Congress's debt deal, the Pentagon faces up to $600 billion in cuts, on top of $400 billion previously demanded by the president. What might this mean for Lockheed Martin, the contractor whose F35 Joint Strike Fighter -- intended to be a "cost effective" project -- has already become a fiscal and logistical disaster?
Hocus + Pocus = The 2012 Federal Budget Plan
Like all budgets, the federal government's spending plan is all about revenues and expenditures. Unfortunately, Uncle Sam is very good at grossly overestimating tax receipts and grossly underestimating spending. It's enough to make you wonder if any of it is real.
Obama's Cuts: Less Than Meets the Eye, Thankfully
A parade of Republicans immediately lined up to attack the president's proposed budget this week, claiming the plan falls short of making a real difference. They're right. And that's good, because really deep reductions are the last thing the economy needs right now.