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.
With the ink barely dry on the Financial Crisis Inquiry Commission ’s assessment of the 2008 market meltdown, the group is turning to other pursuits: infighting and preparing for congressional investigations.
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.
Mitt Romney’s promise to balance the budget without higher taxes while protecting retirees and spending more on defense means the rest of government -- such as meat inspections, food stamps, national parks and affordable- housing aid -- would need to be cut by more than a quarter.
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.
Gina Deluca says she was shocked when she moved to New Mexico from California and discovered that her hourly wage as a waitress fell to a federal minimum of $2.13. Her old state required at least $6.75 for all workers at the time.