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Budget deficit News

GOP Senator targets generous tax loopholes exploited by the rich

Washington, D. C. - A Republican senator strikes a populist chord with the release of a new report detailing a litany of tax breaks directed primarily to large companies and professional athletes.

Op-Ed: Maniacal NCOA report targets Australian public in austerity drive

Sydney - It’s official — government exists solely to increase the hardship of citizens. The National Committee of Audit (NCOA) has proven that any point of contact between Australian government with human realities is non-existent.

Bowles: Fiscal cliff deal a 'missed opportunity'

Speaking to the financial and general news press, Fix The Debt Coalition Co-founder Erskine Bowles characterized the 'fiscal cliff' solution as a 'missed opportunity.'

Op-Ed: The economic costs of the U.S. permanent war economy

Washington - Cuts to defense spending are often criticized as leading to lost jobs and less security. However, little attention is paid to the economic costs of what has now become a permanent war economy in the U.S.

Francois Hollande unveils 75% super-tax in 2013 budget proposal

Paris - French President Francois Hollande's Socialist government unveiled its 2013 budget proposal to tackle the growing deficit. One of the key measures includes a 75 percent temporary super-tax on those making one million euros ($1.28 million).

Ontario deficit falls to $13 billion, PCs call reduction charade

Toronto - Is it time to celebrate at Queen's Park? New budget figures show that the deficit in Ontario has shrunk by $3.3 billion to $13 billion, but the opposing Progressive Conservatives called the numbers a deception.

California struggles with soaring budget deficit

California Governor Jerry Brown says California's budget deficit has soared to $16 billion or about $7 billion more than his previously announced estimate of $9.2 billion in January.

Gingrich tax plan would continue US transfer of wealth

Washington - A proposed tax overhaul by GOP presidential contender Newt Gingrich could cut taxes for all Americans, but those making more than $1 million would receive an average annual tax cut of almost $614,000, new analysis released this week shows.

Warren Buffett not supporting White House 'Buffett Rule'

In an interview with CNBC, Berkshire Hathaway Chief Warren Buffett clarified the nature of his tax increase proposal, saying the 'Buffett Rule' floated by the White House was not in line with Buffetts thinking.

Michael Moore endorses Obama tax plan, says America is Liberal

Appearing on MSNBC's 'Rachel Maddow Show' on Monday, filmmaker and Liberal activist Michael Moore expressed his pleasure with President Obama's push to implement taxes on upper income Americans.

Clinton comes out in support of Republican tax reform

In the wake of President Obama's $447 billion jobs bill and ahead of the White House proposal to increase taxes on the nation's high-income earners, former President Bill Clinton came out in support of Republican tax positions on NBC's 'Meet The Press.'

Toronto budget team asking residents what to cut from city budget

Toronto - As the city of Toronto faces a $774 million budget deficit in 2012, the city's budget team is asking Torontonians what they would cut from the budget. Residents have until June 17 to submit online input.

With debt debates swirling, one group dispels some key myths Special

As congressional lawmakers begin to square off on the national debt and the challenges facing the nation on spending cuts, one non-profit organization is elevating the matter with an aggressive advertising campaign.

Big yachts tax break sails through Texas House committee

Austin - Big yachts in the state of Texas are one step closer at being able to compete with Florida on the issue of lower taxes, even as the Lone Star state continues struggling with a budget deficit by some estimates as high as $27 billion.

Tea Party director details movement's heart and 2012 sustenance Special

The Tea Party movement inspired political discourse and activism heading into the November 2010 mid-term elections and continues to be an influence heading into the 2012 elections. Benjamin Grivno, director and founder of Tea Party Heart explains why.

Gary Johnson seeking to move from 'obscurity to prominence' in NH

Former two-term New Mexico Governor Gary Johnson recently announced his White House Republican candidacy and is seeking to evolve from 'obscurity to prominence' during his visit in New Hampshire.

Obama admonishes Texas reporter for interrupting him in interview

In a televised report carried on local affiliate WFAA News 8, President Obama faced tough questioning over his appeal in Texas and at the end of the interview told the reporter not to interrupt him again in any future interviews.

Congressman Ryan: Obama 'unwilling to lead' nation from crisis

In his closing statements before the House voted in support of his Path to Prosperity budget, Republican Congressman Paul Ryan described a predictable and unfolding financial disaster and a president 'unwilling to lead' America away from it.

Ryan: Obama 'dramatically inaccurate' on debt reduction plan

In what is shaping up to be a difficult chapter in American partisan politics, Congressman Paul Ryan, architect of the Republican debt reduction plan, gave low marks to President Obama's speech on possible alternatives.

Biden compares GOP economic strategy to blaming rape victims

Speaking at a fundraiser in Philadelphia on Friday, US Vice President Joe Biden compared Republican approaches on economic reform to blaming rape victims for wearing provocative skirts.

NPR lays out its case for no cuts in federal funding

Washington - In a keynote speech at the National Press Club on Monday, NPR's president and CEO called government funding of public radio a "critical cornerstone," noting proposed government cuts to public broadcasting could have serious effects for many listeners.

Texas gov. to suspend arts and history programs to balance budget

Austin - Texas governor Rick Perry delivered his State of the State speech this week and among the highlights he spoke of was the need to suspend the State Historical Commission and the Commission on the Arts in addressing the state’s $27 billion budget deficit.

Study: Americans can fix budget better than Congress

Ordinary Americans would be able to fix the national budget as well or better than members of Congress, according to new research. When officials in government say they can’t fix the deficit, some might say just bring in the average Joe to help out.

Tea Party causes GOP split on defense budget cuts

Washington - Newly elected Tea Party members are giving traditional Republicans a scare in suggesting the bloated US defense budget should go under review for budget cuts, but Howard McKeon, Armed Services Committee Chairman plans to “educate” them.

Op-Ed: How to balance the budget in the age of exploding underwear

Find out how to balance the budget in an age when we're spending $750 billion a year fighting a war with an enemy that hides in caves and is trying to build a better underwear bomb.

US budget deficit hits record $1.4 trillion, higher than 2008

After closing the 2009 fiscal year, the United States federal government hit a record milestone by holding a budget deficit of $1.4 trillion, which is actually $162 billion smaller than what the White House projected.

U.K. Government to Raise Billions of Pounds Through Asset Sale

Gordon Brown, Prime Minister of the U.K, will deliver a speech on Monday in which he will announce plans to raise an initial amount of £3 billion ($4.8 billion) through the sale of government assets.

Federal budget deficit tops $1 trillion

With three months remaining in the fiscal year, the federal budget deficit has passed $1 trillion, sparking a new round of fears about high interest rates and inflation.

The U.S. Budget Deficit tops $1 trillion for first time ever

For the first time, the U.S. government's budget deficit has topped $1 trillion. According to the Department of Treasury, June's deficit was $94.3 billion, raising the total to almost $1.1 trillion.

Health care bill tops $1 trillion, CBO calls budget unsustainable

Senate sources say the health care bill in committee could cost more than $1 trillion over 10 years. Meanwhile, the Congressional Budget Office says health care spending puts the budget on an unsustainable path.
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