Erskine Bowles and Alan Simpson, the deficit-reduction duo, are trying to rekindle congressional interest in a $2.5 trillion package of spending cuts and tax increases with new details showing how it could work.
This week marks the beginning of the U.S. budget season. Representative Paul Ryan of Wisconsin will present the budget for House Republicans. Senator Patty Murray of Washington will, for the first time since 2009, present a budget on behalf of Senate Democrats. In a few weeks, the Barack Obama administration will publish its own budget. In honor of the occasion, Americans everywhere will wear traditional budget-season hats and eat the customary budget- season meals, which include, of course, a rich dessert that we assume will be offset by future weight loss.
Eleven years ago, eliminating income taxes for low-income Americans was an applause line for a Republican president. Mitt Romney in 2012 sees the number of people paying nothing as a political problem.
Deficit-reduction principles backed by more than 80 U.S. chief executive officers are so broad that anti-tax advocate Grover Norquist and an ally of President Barack Obama both claim their plans could satisfy the standards.
President Barack Obama plans to send his fiscal 2014 budget to Congress in mid-March, a budget official said, delaying the fiscal blueprint as the administration and congressional Republicans wrangle over taxes and spending.
President Barack Obama and House Speaker John Boehner began public negotiations over how to avert the so-called fiscal cliff, expressing a willingness to compromise while reiterating their previous positions.
Republican presidential candidate Mitt Romney’s plan to cut income tax rates by 20 percent without increasing the U.S. budget deficit relies on unspecified assumptions about economic growth and unannounced details about the tax breaks he would curtail.