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