America's Debt Challenge

Obama tax plan would hit the rich

A new analysis finds one-third of households would see a higher tax bill under the president's budget, but the biggest increase by far would hit the top 1%. More

Congress: Here we go again

Congress already had a lot to fight about at the end of this year. Now fiscal experts expect the 2013 budget will be yet another major issue added to the list. More

House budget chief offers $3.5 trillion budget

Ryan plan would kill $55 billion in automatic defense cuts set for 2013 More

House GOP budget chief aims at taxes

House GOP budget chief Paul Ryan will call for cutting taxes and reducing brackets to just two - 10% and 25%. He will also propose killing the Alternative Minimum Tax altogether. More

Health reform coverage cost falls slightly

Congressional Budget Office says government's overall tab for subsidizing health coverage will dip because of revenue from taxes and penalties. More

Health reform's cost under scrutiny

The Congressional Budget Office will offer lawmakers its latest take on the price tag of providing subsidized health coverage to the uninsured and those with low incomes. More

Quiz: What the rich really pay in taxes

Many people think they know what the rich pay in taxes and have strong opinions about it. But the reality isn't always as black and white as they think. More

Washington's $5 trillion interest bill

The federal government will spend more in interest over the next decade than it spends on Medicaid, and close to what it will spend on defense. More

Is it time to raise taxes on capital gains?

One camp wants to lower or eliminate the tax on investment gains, while another wants to tax them like regular income. Here's the case each side makes and some solutions. More

Debt ceiling fight may come sooner than expected

Last summer's increase in the country's borrowing limit was supposed to carry Treasury through early 2013. But now the debt ceiling could be reached by the end of this year, if not sooner. More

The corporate tax 'shell game'

Cutting the top corporate rate and paying for it by closing loopholes. Sounds good. But it's not enough. That may be why Obama's corporate tax reform plan - and others - skirt the really tough questions. More

3 of 4 GOP candidates would add to deficits

Watchdog group estimates that proposals from Gingrich and Santorum could add trillions in debt, while Romney's plan may add very little. By contrast, Paul's plan would stem deficits. More

Obama: Slash corporate tax breaks

Treasury Secretary Geithner unveils Obama proposal to reduce top rate to 28%, says code 'needs to be reformed and modernized.' More

Business tax breaks booted from payroll deal

Congress has left uncertain the fate of bonus depreciation, the research and development credit, and a host of other now expired business tax breaks that companies rely on.  More

Buffett Rule: Not ready for prime time

Obama's proposed 'principle' to ensure the wealthy pay their fair share in taxes is intended for tax reform. But some Senate Democrats want to enact the Buffett Rule as an interim step. That would make for clunky tax policy. More

Obama budget fails to tackle entitlements

Independent deficit hawks give Obama's budget mixed reviews. He tries to move fiscal policy in a more sustainable direction, but his proposals don't go nearly far enough. More

Tax cut talks: What's at stake

The deadline is just two weeks away, and congressional negotiators are rushing to cobble together a deal, while duking it out over how to pay for the measures.  More

Will Congress mess up your paycheck?

Congress may think it has until Feb. 29 to extend the expiring payroll tax cut. But in fact payroll processors will have to start cutting checks for March payroll starting on Feb. 20. More

Obama budget: Tax plans aim at rich

Obama's 2013 budget includes many tax proposals he has offered before. One new addition is the Buffett Rule, but there's still not much detail.  More

Obama: $901 billion deficit in 2013

President's spending plan, to be released Monday, calls for more money for infrastructure, teachers and other Obama priorities. Plan repeats many prior tax and spending proposals. More

Broken budget process hurts Wall Street reform

The SEC and CFTC have been caught in an epic struggle over the implementation of the Dodd-Frank Wall Street reform bill. More

Deficits to decrease - but not for long

Federal deficits are expected to fall over the next few years but then start to climb, the Congressional Budget Office says. More

Obama's tax record

Republicans make the president out to be the tax-hiker-in-chief. Obama portrays himself as a tax cutter for the masses but not the rich. The truth is much more mixed. More

GOP tax plans: What would Buffett pay?

Millionaires and billionaires stand to gain from several of the Republican presidential candidates' tax proposals. More

Key tax deductions left hanging

A slew of tax breaks expired at the end of last year. But Congress may choose to renew them for 2012 - or not. The problem is no one can say for sure. Too bad, taxpayers. More

IRS comes up $385 billion short

There's a lot of revenue owed that doesn't get paid into federal coffers every year, even after audits. It's the kind of fiscal hole lawmakers want to fill but it's easier said than done. More

Obama seeks $1.2 trillion debt ceiling increase

President Obama plans to ask Congress for a $1.2 trillion increase in the debt ceiling, in line with the debt deal announced in July. More

The 2012 tax and spending wars

The 2011 end-of-year brawl over the payroll tax cut in Congress is likely to pale in comparison to the tax and spending fights that will taint the 2012 holiday season. More

What the payroll tax deal will do

After yet another epic struggle, Congress finally approves and the president signs into law a two-month extension of the payroll tax cut, unemployment benefits and the Medicare 'doc fix.' More

Boehner: We have a deal

After yet another epic struggle, it appears the House GOP will get on board with a two-month payroll tax cut extension. More

Countdown to tax hike

Lawmakers still haven't garnered enough support for either a 1-year extension or even a two-month stopgap. Here's what's on the line for your wallet and the economy. More

Payroll tax: Congress on vexing path

Once again, lawmakers are at odds over cuts with time running out. At issue: Payroll taxes, jobless benefits and fees to Medicare doctors. More

Millionaire surtax: The go-to tax

The bitter divide between Democrats and Republicans over taxing the rich is still playing out in the payroll tax cut fight - and will continue to on the campaign trail.  More

Payroll tax cut: Divide over how to pay for it

A deal to extend the payroll tax cut extension before Dec. 31 is expected. But it's still not clear how Democrats and Republicans, with very different ideas of how to pay for the extension, will forge a compromise. More

What about Social Security?

The debate over extending the payroll tax holiday has focused mostly on its economic effects and cost. But less attention has been paid to its potential effects on the Social Security trust fund. More

Bipartisan silliness on payroll tax cut

Senate Democrats and Republicans have managed to agree on at least two ways to help pay for the payroll tax cut. They both involve millionaires and are among the least effective ways to pay for anything. More

What's at stake in payroll tax fight

It's likely, but not guaranteed, that Congress will pass some form of a payroll tax cut for 2012. Here's how lawmakers' ultimate decision could impact your wallet and the economy. More

GOP lays out payroll tax cut plan

GOP plan would extend the cut as is and reduce deficits by an estimated $111 billion by shrinking the federal workforce, freezing pay and asking millionaires to pay higher Medicare premiums. More

Paying for payroll tax cut

Congress faces decisions on a bevy of expiring measures, including the popular payroll tax cut. But it will be hard for lawmakers to agree on how to pay for them. So hard, in fact, they may just decide not to. More

Debt crisis must be solved in the open

Congress and President Obama must not follow the super committee down the path to failure on national debt reduction. They have time to get it right. But they must engage the public because Americans care about the issue. More

Bush tax cuts: The real endgame

Congress often leaves big decisions to the end of the year. But 2012 could be a doozy, when lawmakers are likely leave some of the biggest fiscal decisions they'll ever make to the last 7 weeks of the year. More

Fitch dings U.S. credit outlook

The third of the major credit ratings agencies says it has 'declining confidence' that lawmakers will do what's needed to stabilize the country's fiscal outlook in a timely manner. More

Bush tax cuts: Enough already

The failure of the super committee and the role the Bush tax cuts played in that breakdown points up just how hard tax reform will be. More

Moody's keeps U.S. credit rating in place

Moody's is keeping the United States' Aaa credit rating in place, despite the super committee's failure to reach an agreement on a debt reduction plan. More

Debt committee: No deal

The problems the panel was charged with fixing will remain troublesome for Congress to address, starting in an election year. More

Failure: Red flag for investors

The congressional debt committee's failure likely won't be a disaster for the markets or the economy. But it is a warning signal to both. More

Super committee: What's next

The not-so automatic spending cuts won't kick in until 2013 - giving Congress plenty of time to reverse or amend them. More

Project Compromise: Dorgan and Gregg

Byron Dorgan and Judd Gregg were on opposite sides of the aisle for decades in Congress. But they see eye to eye on what the debt committee should do - even though it's hard. More

Blinder and Hubbard: Right and left agree

Don't listen to the partisan noise. Two leading economists - Democrat Alan Blinder and Republican Glenn Hubbard - sketch out where they found common ground. More

The five-minute debt primer

How big the debt is, how it got that way and what's been done about it so far. More

Why entitlement spending must be reined in

Here is a quick rundown on why the growth in spending on Medicare, Medicaid and, to a lesser degree, Social Security compromises the country's fiscal future. More

Why tax revenue has to go up

Here is a quick rundown on why more revenue has to be a component of any serious debt-reduction plan. More

What Congress has done to fix the economy (Hint: Nothing)

The super committee failed. Lawmakers failed to 'go big' on a debt reduction package. Congress failed to preserve the country's AAA debt rating. The list goes on... More

Cash crunch: Where our money will go

In 2020, unless we make big changes, 92% of the United States' tax revenue could go to just 4 things -- leaving just a sliver to pay for everything else. More

How Washington blew up the budget

Since 2001, lawmakers have cut taxes or increased spending without paying for their decisions. More

Congress begs a crisis to fix the debt

The super committee's failure is just the latest example of Washington's inability to confront the reality of its debt problems. After all, the biggest driver of the debt - health care spending - has been a demographic certainty for decades. More

Debt committee: On the verge of failure

As early as Monday, the congressional debt committee -- absent a miracle -- is likely to issue an admission of failure. More

The super committee escape hatch

If the committee fails, it will go down as one more ill-fated attempt by lawmakers to bridge the cavernous ideological divide between Democrats and Republicans. More

11th-hour cheat sheet

Still no deal. Here's the skinny on what the committee is aiming for, why they can't reach agreement and what happens if there's a deal ... or a lack of one. More

Budget wars: Cut, cut and cut some more

Republicans pushed Congress to slash spending levels for the 2011 and 2012 fiscal years, and now the super committee has an opportunity to make further reductions. More

Market reaction a big unknown

Traders don't suffer from high expectations with respect to the congressional debt committee. But that doesn't mean they're immune from disappointment should the panel fail in its mission. More

CEO: Tax millionaires like me more

Dow Chemical CEO Andrew Liveris is the latest CEO to call for more taxes on the wealthy. More

Debt committee: Decision time

Time's running out on the debt committee to propose a plan to cut deficits. Here's what to expect. More

Deal or no deal - then what?

Time's running out on the debt committee to propose a plan to cut deficits. Here's what to expect. More

Why the United States is not Italy

Both countries' debt levels are too high. And both countries have aging populations. But several factors put the United States in a stronger position to handle its debt problems. More

$600 billion on the line

Barring Congressional action, Medicare doctors' pay will be slashed. Workers' payroll tax cut will end. And millions will lose unemployment benefits. More

First step on tax increases by GOP

Senate Republican on the debt committee offers a proposal that opens the door to tax increases. Will it be enough?  More

GOP and taxes: Mixed message

The debt committee, facing a tight deadline, is getting plenty of advice from Republicans: One letter seemed to open the door to a deal, and another seemed to close it. The only thing that's certain is that very little is certain. More

'Devastating' cuts if super committee fails

Alarm bells are ringing on Capitol Hill as the super committee deadline approaches. More

'Go big' advocates: Don't wimp out

The most passionate proponents of a big, balanced and bipartisan debt-reduction plan tell the congressional debt committee to table partisan and focus instead on the country's interests to prevent a fiscal crisis. More

Why $1.2 trillion isn't enough

Sometimes less is more. But when it comes to deficit reduction, the Congressional debt committee might save themselves a lot of strife by aiming higher than the minimum. More

Debt panel's failure would trigger deep cuts

CBO chief Douglas Elmendorf tells congressional super committee that across-the-board cuts would slash spending from many popular programs. More

What Iraq pullout means to the budget

Ending the war in Iraq is a major step towards putting the United States on a more sustainable fiscal path, says one defense expert. More

Perry's simple tax plan not so simple

Republican candidate Rick Perry proposes a 20% flat tax that would preserve some sacred-cow deductions, make investment returns tax-free and kill the estate tax.  More

What's a flat tax?

Republican candidates Rick Perry and Newt Gingrich will offer flat-tax proposals they say will be vastly better than the current system. Tax experts, however, say a flat tax is not a slam-dunk. More

Pentagon's nightmare: $1 trillion in cuts

Already facing a $350 billion reduction in funding over the next decade, top Pentagon officials are worried that number is about to almost triple. More

Foreign aid not a big budget problem

A common sentiment on the campaign trail, cutting foreign aid is frequently cited as a step toward solving the nation's budget woes.  More

84% would pay more under 9-9-9 plan

Tax Policy Center finds candidate's reform would skew heavily in favor of the wealthiest taxpayers. More

Cain's plan draws a powerful foe

Grover Norquist doesn't like Herman Cain's 9-9-9 tax reform plan -- and is concerned that the plan would open new avenues for taxation.  More

Buffett Rule could hit 25% of very rich

Report by Congressional Research Service says the tax bite for 94,500 millionaires would violate the principle laid out by President Obama to ensure the super-rich pay their share. More

Debt committee could raise risk of U.S. downgrade

There's a lot more riding on the bipartisan debt 'super' committee process than just hitting a deficit reduction target.  More

Buffett made $62,855,038 last year

Billionaire investor Warren Buffett, in letter to lawmaker, reiterates his push for Congress to tax the ultra rich more. More

Millionaire tax would cover cost of jobs bill

Congressional Budget Office says measure to stimulate economy would reduce deficits by $6 billion over decade. More

$1.3 trillion deficit for 2011, CBO says

Deficit was about the same as 2010, though it was smaller as a percentage of the economy. Individual tax receipts rose as many areas of spending fell or moderated compared to a year earlier. More

Sizing up the millionaire tax

The extra tax on millionaires proposed by Senate Democrats to pay for the president's jobs bill is more political red meat than great tax policy. More

How debt committee could fake its way to $1.2 trillion

Budget experts will issue a collective groan if the super committee tries to hit its minimum target of $1.2 trillion in deficit reduction through budget gimmicks or measures so unrealistic that they'll be reversed. More

32 plans to cut the debt. Really.

The bipartisan debt committee has no shortage of proposals to draw on. But finding common ground remains a struggle. More

What if the debt committee fails?

Congress gave itself an incentive to follow through on $1.2 trillion in deficit cuts. But it's not as heavy a hammer on the debt committee as it may first appear. More

Buffett's words twisted on taxes

Does Warren Buffett likes a White House tax proposal that the billionaire investor himself came up with and lent his name to? More

Super committee: Who are these guys?

Almost all men -- they are the 12-member panel of lawmakers charged with finding an additional $1.5 trillion in debt savings over a ten year period.  More

90% of Americans say economy stinks

New poll numbers indicate that Americans are feeling a level of economic hardship commiserate with the official statistics. More

Would tax reform really lead to jobs?

The prevailing thought on Capitol Hill is that tax reform would create economic growth and, therefore, jobs. The truth is no one can really say with certainty.  More

Congress at it again

With needed FEMA funding and a potential government shutdown on the line, lawmakers are once again taking a budget dispute down to the wire. More

Shutdown looms as Congress debates FEMA funding

House and Senate standoff over emergency FEMA funding could result in government shutdown this weekend.  More

Buffett Rule: Not so simple

As a matter of policy, Obama's principle for taxing millionaires is not as straightforward as it sounds.  More

Obama unveils $3 trillion in debt cuts

President's proposal for debt committee relies heavily on revenue from tax hikes on the rich and more than $1 trillion in war savings. More

Obama to lay out debt reduction plan

It's still not clear whether the president will play more to his party base with his debt proposals, or offer a plan that can also generate Republican support.  More

Why debt ceiling spending caps won't stick

Congress brought the country to the edge of default in August in order to force reductions in federal spending. Will they stick to the plan? More

How global trade can rein in health costs

Subsidizing seniors who seek health care abroad could help address ever-rising health costs - one of the biggest issues facing the debt committee. A commentary by Dean Baker and Jagdish Bhagwati. More
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