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.
Congressional Republicans are refusing to include tax increases in a bill to raise the U.S. debt limit, even as they fight with each other and with Democrats about how to define just what a tax increase is.
Senator Max Baucus and Representative Dave Camp, wearing pink hairnets, yellow hard hats and three- quarter-length baker’s aprons, ducked beneath a river of warm hamburger buns in Minnesota as they searched for a path around the obstacles they’re encountering in Washington.
The congressionally appointed panel assigned to probe the origins of the 2008 credit crisis heaped blame on “reckless” Wall Street firms and “weak” federal regulators, concluding the meltdown could have been avoided.
President Barack Obama ’s chief economist, Austan Goolsbee , is considering resigning and returning to the University of Chicago where his leave as a professor is about to expire, according to two people familiar with the matter.
Congress will return from its spring recess next week to debate just how large a tax burden Americans can and should shoulder, an issue at the core of the discussion about reducing the U.S. budget deficit.