Senate Democrats are poised to continue their impressive streak of budgetary negligence on Wednesday by unanimously rejecting as many as five different budgets, including the one offered by President Obama. Republicans, meanwhile, are hoping that voters will pick up on the disturbing trend.
A string of anti-incumbency elections in Europe this week has many wondering if the “end of austerity” is nigh for the debt-plagued continent.
Sunday, April 29, 2012, is an anniversary unprecedented in the history of American politics, marking three years since the Democratic-led Senate last complied with federal law by passing a budget.
The budget battle raging in Washington, D.C., heated up this week with President Obama’s fierce, partisan attack on the House Republican budget authored by Rep. Paul Ryan (R., Wis.).
President Obama’s fiery, partisan attack on Republicans before a crowd of laughing reporters Tuesday was riddled with misleading statements, contradictions, and elisions.
The U.S. House of Representatives on Thursday is expected approve—for the second straight year—an audacious budget resolution authored by House budget chairman Paul Ryan (R., Wis.). Just like last year’s plan, Ryan’s fiscal year 2013 budget has been challenged and criticized. And once again, Ryan is poised to triumph over his detractors. The House will also consider a number of alternative budget proposals—from Democratic members, as well as from conservative and centrist Republicans. Only Ryan’s plan is expected to pass.
“In all, between 2013 and 2022, deficits would total $6.4 trillion (or 3.2 percent of total GDP projected for that period), $3.5 trillion more than the cumulative deficit in CBO’s baseline,” the nonpartisan office wrote in its analysis of the president’s budget.
President Obama has repeatedly proposed higher taxes as a means to ameliorate the country’s unsustainable budget deficits. Higher tax revenues, he has argued, will help the federal government pay down the national debt.
A top Republican lawmaker is challenging President Obama’s budget director to correct remarks he made during a recent hearing on Capitol Hill.
President Obama’s plan for the Pentagon to cut deployed strategic nuclear warheads by 80 percent is meeting harsh resistance from House Republicans on Capitol Hill who called the plan “dangerous.” In a letter to the president sent Thursday, a group of 35 House members expressed deep concerns about a National Security Council directed plan to reduce strategic warheads to as few as 300 weapons.