white house

Higher Taxes in 2013? You're Already Paying Them for 2012

More than 70 tax breaks enjoyed by individuals and businesses expired at the end of 2011. If Congress doesn't extend them retroactively back to the beginning of this year, a typical middle-class family could face a $4,000 tax increase when it files its 2012 return.

Fiscal Cliff Talks Appear to Be Stalled

Despite an intensifying pace, little progress is being reported in talks on averting automatic spending cuts and tax increases that economists fear could send the U.S. economy off a "fiscal cliff."

How Far Over the Fiscal Cliff Could Washington Go?

The dealmakers who warn that a year-end plunge off the "fiscal cliff" would be disastrous don't seem to be rushing to stop it. Why aren't they panicking? Because those master procrastinators know that Washington deadlines are rarely firm, and they know precisely how they can finagle more time.

Fiscal Cliff Pop Quiz: Fun Facts from the Economic Apocalypse

On Jan. 1, 2013, the United States will fall over off the fiscal cliff -- unless Congress and the president ink a deal to avert the crisis. If you think you know all about the forthcoming economic apocalypse -- or if you're just wondering what all the fuss is about -- check out our quiz and see.

Obama, Romney to Meet at White House Thursday

President Barack Obama will host his former political rival Mitt Romney for a private lunch at the White House Thursday, their first meeting since the election. Obama promised in his victory speech earlier this month to engage with Romney following their bitter campaign and consider the Republican's ideas.

Senate Dems Split on Cutting Benefits to Get Fiscal Cliff Deal

Deep divisions among Senate Democrats over whether cuts to Medicare and Medicaid should be part of a plan to slow the growth of the federal debt pose a big obstacle to a deal for avoiding a potentially economy-crushing "fiscal cliff," even if Republicans agree to raise taxes.

A Quickie Guide to Career-Ending Political Sex Scandals

A sex scandal this week led to the resignation of Gen. David Petraeus and shut the door on a promising political career. Washington's halls of power are littered with the corpses of political careers killed by a sexual indiscretions. Here are six types of career-ending political affairs.

A Radical Solution for the Social Security Crisis: Have More Babies!

In the debate over how to keep Social Security afloat, two proposals dominate: Either raise taxes or cut benefits. Neither is an attractive option, but one there is little-mentioned solution that could fix Social Security almost painlessly: Make more cute little Americans.

Senate Set for Symbolic Showdown on Tax Cuts

The Senate is bracing for a tax-cut showdown that is all about Democrats and Republicans showing voters their differences over taxing the well-off while accusing each other of threatening to shove the government over a fiscal cliff.

Congressional Budget Office Warns of Recession in 2013

The nonpartisan Congressional Budget Office is warning that if $607 billion in tax increases and spending cuts all hit as scheduled, the U.S. will likely go into recession in 2013. It's a "fiscal cliff" we don't have to jump off.

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.

Money and Power: Richest and Poorest U.S. Presidents

Being a U.S. president is a well-paying gig -- but it didn't pay off for all of them. Turns out, getting your face on our nation's currency doesn't always mean that much currency flowed your way. Here's our look at the White House's biggest fiscal winners ... and losers.

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.

Surprise! Here's Where Your Tax Dollars Go

Taxes. We resent paying them, yet, for the most part, they fund things we'd rather not do without. But exactly how much of our money is going to each service? The White House has made it easy to answer that question. So here's a receipt for where your tax dollars are spent.

Google Millionaire Begs: 'Raise My Taxes, Please!'

Tax increases on the wealthy just got another outspoken defender: Google's 59th employee, Doug Edwards. On Monday, in a town hall meeting in California, President Obama called on a seemingly-anonymous member of the audience to ask a question. What happened next was surprising.

Retail Launches Its Own Job Growth Policy Campaign

With the 2012 election season looming, the retail sector is getting vocally political for the first time. The National Retail Federation has launched "Retail Means Jobs," a year-long, $10 million advocacy campaign designed to push for retail-friendly policies in Washington.

Debt Ceiling: Is U.S. Being Honest About Deadline?

There is emerging evidence that the Treasury Department may have money to pay U.S. obligations beyond the August 2 deadline. While the real date may still be in August, an extra week or two could have a big impact on consumers' wallets, as well as stocks.

Obama Considering Naming William Daley to Top White House Job

President Barack Obama is considering naming former Commerce Secretary William Daley to a top White House post, perhaps chief of staff, The Associated Press reported. Daley, 62, is a JPMorgan Chase (JPM) executive and brother of Chicago Mayor Richard Daley. His appointment could help the Obama administration deflect charges that it is hostile to the business community.

Americans Say: We're Worse Off Since Obama Came to Town

President Obama sailed into the White House on the wings of hope, but now a majority of Americans say they're doing worse now than before he arrived two years ago, according to Bloomberg National Poll results released Thursday.

White House Pledges to Push Congress on Technology Goals

The Obama administration plans to put pressure on Congress in 2011 to move ahead on key technology policies such as patent reform and privacy. "Much of the policy work is really contingent on congressional action or budgetary action, so you're by default waiting for some bigger stakeholders to participate," White House technology chief Aneesh Chopra said at a Politico forum. His comments were reported by Reuters.

Is Gridlock Good for Stocks?

Tuesday's election results probably won't affect the stock market much, at least not in the short term since the outcome was largely anticipated. But even so, it's worth thinking about the effect divided government could have on the stock market over the next two years.

Feds Launch Foreclosure Probe, and Chicago Halts Evictions

Federal agencies are investigating foreclosure processes after some major banks have said they would either review or suspend foreclosures because of possible errors. And Chicago-area law enforcers are halting foreclosure-related evictions until banks provide them with proper affidavits.

Bill Limiting Foreclosure Challenges Awaits Obama's Signature

A bill that would make it more difficult to challenge the legality of documents related to foreclosures has passed Congress and is awaiting President Obama%u2019s signature. The bill was passed through Congress with minimal debate, Reuters reported. It would require courts to accept as valid document notarizations made out of state, Reuters said. That would make it more difficult to challenge the authenticity of documents related to foreclosures.

White House Kept a Lid on Oil Spill's Worst-Case Scenario

The White House blocked government scientists' efforts to disclose the worst-case environmental scenario related to the April 20 explosion of BP's Deepwater Horizon rig, the Associated Press reported Wednesday, citing a panel appointed by President Barack Obama to examine the spill.