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Falling U.S. deficit renews ‘austerity or growth?’ debate
Austerity or growth? Europe’s struggling economies have faced the question without fully answering it in recent years, but the United States is on track to do both. Projections unveiled this week by the Congressional Budget Office indicate the US deficit will shrink more than 40 percent during fiscal 2013, returning…
Defense contractor CEOs complain cuts will have a ‘chilling effect’
The threat of massive cuts to the US military next year is already having a “chilling effect,” with devastating impacts looming for the defense industry, chief executives warned US lawmakers Wednesday. A $1 trillion slash in military and domestic spending, known as a sequester and written into last year’s Budget…
Report: Americans paid 17 percent less taxes in 2009
A report by the nonpartisan Congressional Budget Office says that Americans paid the lowest tax rates in 30 years during President Obama’s first year in office, according to the Washington Post. In 2009, households paid an average tax rate of 17.4 percent, down nearly two full percentage points from 2007…
National debt due to double, says Congressional Budget Office
US debt is on track to double the size of the entire economy in the next 25 years, the non-partisan Congressional Budget Office reported Tuesday in its grim view of America’s fiscal future. The CBO said that under present policy, in which current tax rates are upheld and lawmakers do…
U.S. faces 2013 recession after ‘fiscal cliff’: CBO
WASHINGTON — The United States faces a likely recession next year if Congress fails to stop scheduled spending cuts and tax hikes in January, congressional budget analysts warned Tuesday. The nonpartisan Congressional Budget Office said that if currently mandated fiscal conditions are implemented — what some observers call a “fiscal…
Gingrich labels Congressional Budget Office a ‘reactionary socialist institution’
Republican presidential candidate and former House Speaker Newt Gingrich used an unusual oxymoron to blast the Congressional Budget Office (CBO) in New Hampshire on Monday. Gingrich previously said if president he would abolish the CBO, a federal agency that provides independent economic data to Congress, because it found that health…
GOP Sen. claims equal rights are just too expensive
Why shouldn’t same sex couples have equal rights? According to Sen. John Cornyn (R-TX), it’s because equality is just too expensive. “Repealing the Defense of Marriage Act (DOMA) would actually result in an expansion of federal benefits and spending at a time when we know that federal spending is way…
Study: Top 1 percent in U.S. saw incomes rise 275 percent in just 28 years
The top 1 percent of earners in the United States saw their average household incomes grow a whopping 279 percent from 1979 to 2007, according to a Congressional Budget Office (CBO) study (PDF) published this week. For the lowest earners, what the CBO described as the poorest fifth of America,…
Obama administration pulls part of healthcare law
WASHINGTON (Reuters) – The Obama administration is pulling the plug on a long-term, home-care program included in the 2010 healthcare reform law that Republicans have derided as a budget trick. U.S. health officials said on Friday that after 19 months of analysis, they could not come up with a model…
White House threatens to veto intelligence bill
President Barack Obama’s administration threatened to veto the renewal of the Intelligence Authorization Act for the fiscal year of 2012, unless changes are made to protect diplomatic communications and ensure a speedy confirmation of the director of the National Security Agency. The bill, H.R.1892, is estimated by the Congressional Budget…
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