The Obama administration projects that the federal budget deficit will drop to the lowest level in five years, $759 billion for the year ending Sept. 30, as the economy improves and tax collections increase.
President Barack Obama proposes to address the nation’s fiscal challenges through tax increases for top earners, smaller budget cuts than his Republican opponents demand and a silence beyond the next 10 years while deficits and debt mount.
House Republicans expect to adopt a budget resolution this week that envisions eliminating most federal debt by cutting government’s share of the economy to a level not seen since 1951, before Medicare, Medicaid, the Environmental Protection Agency and the space program.
President Barack Obama and congressional Republicans have stumbled into an approach to deficit reduction that inflicts the pain of economic austerity without the gain of addressing the long-term budget gap.
President Barack Obama ’s debt- reduction panel is looking at curbing the more than $1 trillion in tax breaks Congress provides for everything from corporate research and development to child care, as a way to raise money without raising income taxes. It’s already facing a backlash.
Bernie Sanders , the U.S. Senate’s only avowed socialist, may be the chamber’s fiercest advocate of taxing the rich to cut the federal deficit. That doesn’t mean he wants to reduce their Social Security and Medicare benefits.