deficit commission

Time to Kill the Mortgage Interest Tax Deduction?

With proposals from both President Obama and GOP leaders to broaden the tax base, it seems likely that some cherished income tax deductions may be reduced or even eliminated, and one leading candidate for the chopping block is the deduction for mortgage interest.

The Higher the Debt Ceiling, the Deeper the Hole

When some new members of Congress recently declared their resistance to raising the nation's debt limit, it triggered warnings of "catastrophic consequences." Problem is, the higher this ceiling gets, the deeper the hole that the U.S. is digging itself into.

Bipartisan Debt Proposal Fails to Get the Votes

President Obama's bipartisan National Commission on Fiscal Responsibility and Reform voted Friday on whether to approve its own recommendations, and failed to get the 14 votes from its members required to send its proposal to Congress. But don't count out deficit reduction quite yet.

The Deficit Commission's 'Moment of Truth'

Calling for sweeping spending cuts and an overhaul of the U.S. tax code, the White House Deficit Commission today issued a report outlining its recommendations for tackling the U.S. debt crisis.

Greenspan: Deficit Fears Could Trigger Bond Market Crisis

The U.S. must act to rein in its massive budget deficits or face the risk of a bond market crisis, former Fed Chairman Alan Greenspan said Sunday. If deficits begin to frighten the bond market, interest rates will rise, undermining the recovery, and possibly causing a double-dip recession.

VAT Would Put 850,000 People Out of Work: Industry Group

Introducing a value-added tax would cost the American economy 850,000 jobs in its first year, according to The National Retail Federation. Policymakers are considering a VAT as a possible way to reduce the federal deficit, which is currently at its highest as a share of GDP since World War Two.