Content Tagged As spending_cuts

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  • Automatic cuts will have to wait until midnight

    March 1, 2013 7:53 AM

    WASHINGTON - The White House says automatic spending reductions set to kick in will be put off until as close to midnight Friday as possible. Congress passed the law in January. It says that "on March 1, 2013, the president shall order a sequestration for fiscal year 2013."... more »
  • Obama tries to unify Senate Democrats

    February 6, 2013 7:24 AM

    WASHINGTON - President Barack Obama is working to sell Senate Democrats on his strategy for tackling immigration, gun control and a host of fiscal dilemmas. The president meets with senators Wednesday at a closed-door retreat in Annapolis, Md. Obama's prospects for enacting his ambitious second-term agenda depend partly on Senate... more »
  • Obama: Debt limit increase can't be tied to spending cuts

    January 14, 2013 12:50 PM

    WASHINGTON - President Barack Obama is demanding that Congress quickly raise the nation's $16.4 trillion debt limit, telling reporters, "we are not a deadbeat nation." At a White House news conference less than a week before he takes the oath of office for a second term, Obama warned that if... more »
  • House will vote on Senate-passed 'cliff' bill

    January 1, 2013 8:17 PM

    WASHINGTON - Republicans are dropping their demands for additional spending cuts and will hold a House vote on whether to give final congressional approval to the Senate-approved compromise averting "fiscal cliff" tax increases and spending cuts. The House vote was expected Tuesday evening. A decision by the Republican-run House to... more »
  • Bill to avert fiscal cliff heads to House

    January 1, 2013 8:38 AM

    WASHINGTON - Now in the spotlight, House Republicans plan a closed-door meeting today to decide their next move after the Senate overwhelmingly approved compromise legislation avoiding a fiscal cliff of across-the-board tax increases and sweeping spending cuts to the Pentagon and other government agencies. The Senate endorsed the legislation early... more »
  • Progress seen in last-minute 'fiscal cliff' talks

    December 31, 2012 8:45 AM

    WASHINGTON - Democrats and Republicans say signs of progress are emerging in urgent negotiations to avert the looming 'fiscal cliff' ahead of a midnight deadline. A person familiar with the negotiations says Democrats have offered to extend tax cuts for families making up to $450,000 a year and individuals... more »
  • Still no movement on fiscal cliff

    December 27, 2012 8:02 AM

    WASHINGTON - President Barack Obama will be back in Washington this morning, after a brief holiday vacation in Hawaii. The president and lawmakers are running out of time to work out an agreement to stave off the across-the-board tax increases and budget cuts that are set to take effect next... more »
  • Boehner on averting fiscal cliff: 'God only knows'

    December 21, 2012 9:33 AM

    WASHINGTON - House Speaker John Boehner says he's still open to talks with President Barack Obama on avoiding the double economic hit of automatic tax hikes and spending cuts but he needs Obama to compromise more. Boehner spoke to reporters Friday morning, hours after his rank-and-file Republicans handed him... more »
  • House GOP press Obama for balanced fiscal deal

    December 12, 2012 9:54 AM

    WASHINGTON - House Republican leaders are pressing President Barack Obama to come up with plan they can accept for spending cuts and tax revenue to avoid the so-called "fiscal cliff" of automatic tax hikes and budget reductions. Speaker John Boehner tells reporters at a Capitol Hill news conference that... more »
  • White House asks agencies to plan for fiscal cliff

    December 5, 2012 4:06 PM

    WASHINGTON - The White House budget office has asked federal agencies to calculate more than $100 billion in spending cuts that would go into effect in January if Congress and the Obama administration fail to reach agreement to avert the looming fiscal cliff. White House press secretary Jay Carney said... more »
  • 'Fiscal cliff' offers hint at more defense cuts

    December 5, 2012 7:51 AM

    WASHINGTON - House Republicans' "fiscal cliff" counteroffer to President Barack Obama hints at billions of dollars in military cuts on top of the nearly $500 billion that the White House and Congress backed last year, and even the fiercest defense hawks acknowledge that the Pentagon faces another financial hit. ... more »
  • Buffett says fiscal cliff won't trigger recession

    November 14, 2012 3:28 PM

    OMAHA, Neb. - Investor Warren Buffett says there won't be a recession if Congress can't resolve the so-called fiscal cliff before the automatic tax increases and spending cuts take effect in January. Buffett told CNN on Wednesday that the U.S. economy is very resilient, and it won't collapse if lawmakers... more »
  • Obama: US can't afford across-the-board tax hike

    November 14, 2012 12:58 PM

    WASHINGTON - President Barack Obama says the economy cannot afford a tax increase on all Americans and is calling on congressional Republicans to support an extension of existing tax rates for households earning $250,000 or less. Obama says he is confident that he and Congress can reach an agreement that... more »
  • Congress faces agenda of unfinished business

    November 12, 2012 2:36 PM

    WASHINGTON - Congress returns Tuesday to a crowded agenda of unfinished business overshadowed by the urgent need for President Barack Obama and lawmakers to avert the economic double hit of tax increases and automatic spending cuts. One week after the elections, Republicans and Democrats face a daunting task in a... more »
  • Romney decries impending defense spending cuts

    September 27, 2012 3:17 PM

    SPRINGFIELD, Va. - Mitt Romney is calling the across-the-board defense spending cuts scheduled to take effect in January "a gun-to-your-head kind of approach." He says the deal President Barack Obama made with Congress "was a strange proposal in the first place," and he says "it's even stranger that we're seeing... more »
  • 13 defense executives bemoan uncertainty of cuts

    September 10, 2012 1:12 PM

    WASHINGTON - Thirteen defense executives are complaining that the threat of automatic, across-the-board cuts to military spending is creating uncertainty that's already affected their industry. Seven senators released copies of the executives' letters on Monday. The six Republicans and independent Joe Lieberman are trying to ratchet up the political pressure... more »
  • Federal deficit tops $1T for third straight year

    August 10, 2011 1:16 PM

    WASHINGTON - The nation's budget deficit has topped $1 trillion for a third straight year, adding pressure on Congress and the White House to make more progress on a long-term plan to shrink the growing imbalance. The Treasury Department says the deficit through July totals $1.1 trillion. Three... more »
  • House passes $6T spending cut plan

    April 15, 2011 1:36 PM

    WASHINGTON - The House has passed a Republican budget blueprint proposing to fundamentally overhaul Medicare for future beneficiaries while combating out-of-control budget deficits. It would impose sharp spending cuts on social safety net programs like food stamps and Medicaid. The GOP proposal passed 235-193, with every Democrat voting... more »

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