More than $1 trillion in federal revenue is lost every year because of tax credits, deductions, exemptions and exclusions. Here's a look at the 10 most expensive tax breaks.
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With no resolution in sight, the Pentagon is preparing for the reality that 9.4% budget cuts will kick in March 1, starting by laying off up to 46,000 temporary workers.
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The sequestration would be damaging to the Pentagon. But that shouldn't stop Congress from paring the budget. If done in a smart way, defense cuts would not hurt our national security.
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Throughout his New Deal, FDR emphasized income taxes on the very rich. But with World War II and its enormous funding demands, he pushed to raise taxes on a much broader swath of workers. Income tax was changed forever.
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A bill by House Republicans would prevent the risk of a U.S. default for a few months. Obama doesn't love it, but won't stand in the way of it becoming law.
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Raising the Medicare eligibility age will likely keep older workers on the job longer. That could mean trouble for younger workers looking to climb the career ladder.
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As someone who plays professionally, I know a poker game when I see one -- and the current debt ceiling and budget standoff is the biggest game going.
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Bond investors, seniors and military troops would be guaranteed payment in full and on time under a GOP proposal to prioritize payments if Congress doesn't raise the debt ceiling soon.
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One Medicare reform plan that's getting a lot of attention is raising the Medicare eligibility age to 67. But some experts say that would raise health care costs overall.
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The standoff over the debt ceiling threatens to stiff a lot of people owed money by the federal government. Among them: more than 55 million Social Security recipients.
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Charles Evans, president of the Federal Reserve Bank of Chicago, says that a long-term resolution of the debt ceiling crisis is critical to encourage long-term investments in the economy.
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Treasury Department says it will run out of ways to keep the country under the legal borrowing limit sometime between mid-February and early March.
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One way to avoid default is for Treasury to pay bondholders first and then issue IOUs to everyone else the government owes money, suggests one scholar.
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If Congress passes the fiscal cliff deal at hand, lawmakers will face three more budget deadlines over the next three months. Get ready for the debt ceiling, the sequester part II and the continuing resolution.
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Extending Bush-era tax cuts and patching the AMT would mute some of the biggest fiscal drag. But Senate deal does not address debt ceiling or tax reform and sets a new deadline for sequester.
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Sequestration with its massive cutback could kick off a wave of furloughs of tens of thousands of employees. But agencies are keeping mum as to when they might start giving notice.
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U.S. debt will reach its legal borrowing limit on Monday, giving Congress about two months before it must raise the debt ceiling or risk causing the government to default on its bills and financial obligations.
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Congress has about two months before it must act to raise the legal cap on borrowing, but lawmakers are showing few signs they are ready to deal with the debt ceiling soon or cleanly.
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Government borrowing will hit the debt ceiling on Monday, Geithner says in letter to Congress. Treasury will soon start using 'extraordinary measures' to keep borrowing under the cap.
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