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Billions meant for struggling homeowners may pay down deficit instead
With housing prices dropping sharply, and foreclosure filings against more than 1 million properties in the first half of this year, the Obama administration is scrambling for ways to help homeowners. One place they won’t be looking: an estimated $30 billion from the bailout that was slated to help homeowners…
Sanders: Strengthen Social Security by taxing large incomes
A forthcoming bill to be proposed by Sen. Bernie Sanders (I-VT), the only Democratic Socialist in the U.S. Senate, would make incomes above $250,000-a-year subject to the payroll tax, a move he says will make the nation’s most beloved social safety net program, Social Security, significantly stronger. The current payroll…
CBO: Budget deal cuts U.S. deficit in half over next decade
WASHINGTON (Reuters) – A sweeping U.S. budget deal has brightened the country’s fiscal outlook but unemployment will remain high over the near term, nonpartisan congressional forecasters said on Wednesday. The report by the Congressional Budget Office is likely to add fuel to the debate over jobs and the economy that…
Social Security’s disability fund will go broke in 5 years
New congressional estimates show that the account that Social Security disability checks are drawn from will be insolvent by 2017 without intervention, the Associated Press reported. Applications for assistance from the already financially strained program are up 50 percent over the last decade, and cash is dwindling as demand far…
Separating fact from fiction on U.S. economic myths
by Michael Grabell, ProPublica With the recent Iowa straw poll and President Obama’s bus tour, Americans are hearing a cacophony of arguments about the wobbly economy. The federal stimulus package passed in 2009 was either a deficit-busting failure full of wasteful projects or an unparalleled rescue that would have been…
‘Historic’ budget cuts bill actually increased 2011 spending by $3 billion: CBO
WASHINGTON – The fiscal 2011 funding bill roundly hailed for its “historic” spending cuts actually raised government spending by more than $3 billion, according to a new report. The nonpartisan Congressional Budget Office concluded Monday evening, “Total discretionary outlays in 2011 will be $3.2 billion higher as a result of…
House approves bipartisan funding resolution for 2011
WASHINGTON – The House of Representatives approved the fiscal 2011 bipartisan deal Thursday by a vote of 260-167. The Senate is poised to pass the measure Thursday and fund the government through September. As GOP leaders feared, Democratic support was necessary to push the measure over the top as 59…
Will conservatives run away from Boehner’s 2011 gov’t funding deal?
WASHINGTON – House Speaker John Boehner (R-OH) scrambled Thursday to hold together his coalition before a vote on the 2011 government funding bill, as conservatives balked at the revelation that the bipartisan deal would reduce this year’s deficit by $352 million, rather than the $38 billion that leaders advertised. After…
CBO: Budget deal cuts 2011 deficit by $352 million, not $38 billion promised
‘Budget cuts’ may even amount to $3.3 billion increase WASHINGTON – The budget deal struck last Friday to avert a government shutdown cuts the fiscal 2011 deficit by just $352 million, not the $38 billion touted by both parties, according to the Congressional Budget Office. A CBO analysis found Wednesday…
Will Obama support cuts to Medicare and Medicaid?
WASHINGTON – Now that Congress has agreed on how to fund the government for fiscal 2011, attention turns to addressing America’s long-term budget. Republicans last week released a proposal that drastically reshapes the role of the federal government, in part by cutting deep into Medicare and Medicaid. Appearing Sunday on…
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