LATimes: Despite shrinking U.S. deficit, House GOP eyes government shutdown

national_debt_clock

A Congressional Budget Office report says the federal deficit has shrunk, but the federal debt is still a problem. The GOP wants to target that and the healthcare law.

By Lisa Mascaro
September 17, 2013, 9:53 p.m.

WASHINGTON — The federal deficit has shrunk to its lowest level since 2008, according to a report released Tuesday, but House Republicans will begin the next budget battle this week with a vote that threatens to shut down the federal government unless President Obama agrees to halt his healthcare law.

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Politico: The price tag: Deal could add nearly $4 trillion to deficit

Money Printing Press

The compromise could add $4 trillion in debt in the next 10 years.
By DAVID ROGERS | 1/1/13 3:03 PM EST

The White House-Senate Republican tax compromise could add almost $4 trillion in debt over the next 10 years, according to Congressional Budget Office estimates, which attribute most of the cost to lost revenues or payments on refundable tax credits.

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VVDailyPress: Congressional candidates weigh in on federal deficit

 

May 06, 2012 6:54 PM
From Staff Reports

As the June 5 primary approaches, the Daily Press asked the 13 candidates running for the newly drawn 8th Congressional District representing the High Desert to weigh in on this question, in 50 words or less: What are your ideas for reducing the federal debt? Where specifically would you cut?

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CNSNews: Fed Now Largest Owner of U.S. Gov’t Debt—Surpassing China

Federal Reserve Chairman Ben Bernanke (AP Photo/Alex Brandon)

By Terence P. Jeffrey
November 16, 2011
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(CNSNews.com) – At the close of business on Tuesday, the debt of the federal government exceeded $15 trillion for the first time–with the largest single owner of the publicly held portion of that debt being the Federal Reserve.

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InlandPolitics: Putting lipstick on a pig…Expect another downgrade

Monday, August 8, 2011 – 10:00 a.m.

Standard and Poor’s downgrade of the sovereign credit rating of the United States was a long time coming.

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LATimes: Debt ceiling deal casts a bleak light on the future

Traders work in the S&P 500 pit on the floor of the CME Group’s Chicago Board of Trade on Monday. Stocks initially rallied on the debt-ceiling deal, then tumbled after a report showed that U.S. manufacturing activity slowed sharply in July, reinforcing other weak economic data. (Tim Boyle/Bloomberg / August 1, 2011)

By Don Lee and Tom Petruno, Los Angeles Times
August 2, 2011

Reporting from Washington and Los Angeles— The last-minute deal on the debt ceiling may prevent a government default, but it does little to avert a perfect storm of economic problems that could push the nation toward a new downturn and more financial pain for millions of Americans.

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LATimes: Debt ceiling deal accomplishes little

NEWS ANALYSIS

For all the drama, the compromise achieves little in the short term and only delays what most see as the country’s key financial decision: whether to raise taxes or reduce Medicare.

By David Lauter, Washington Bureau
August 1, 2011, 7:00 p.m.

Reporting from Washington— High-stakes negotiations force people to reveal what they really care about, and in the 11th-hour deal to stave off a federal financial default, President Obama and congressional Democrats and Republicans each made clear their top priorities.

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WashPost: Why any debt-ceiling deal will squeeze the states

Posted at 08:52 PM ET, 07/30/2011
By Suzy Khimm

No matter how the debt-ceiling fight is resolved in Congress, it’s going to end poorly for the states.

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Bloomberg/Businessweek: Why the Debt Crisis Is Even Worse Than You Think

The National Debt Clock on 44th Street in New York just off Times Square on July 26. (Mark Peterson/Redux)

by Peter Coy
Friday, July 29, 2011

 

If Washington is deadlocked now, how will it deal with the much bigger debt problems that lurk in the decades to come?

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Saturday, April 09, 2011
By Terence P. Jeffrey

(CNSNews.com) – The federal debt increased $54.1 billion in the eight days preceding the deal made by President Barack Obama, Senate Majority Leader Harry Reid (D.-Nev.) and House Speaker John Boehner (R.-Ohio) to cut $38.5 billion in federal spending for the remainder of fiscal year 2011, which runs through September.

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LATimes: Frenzy in Washington grows over nation’s debt

There are signs of bipartisan efforts to tackle deficits, but how will they fare in the partisan heat of the 2012 election cycle?

By Lisa Mascaro, Washington Bureau
March 28, 2011

Reporting from Washington—

Not since Ross Perot unleashed his wonky charts has the nation’s heavy debt load received so much attention.

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YahooFinance (AP): US debt passes $14 trillion, Congress weighs caps

By Tom Raum, Associated Press – January 15, 2011

WASHINGTON – The United States just passed a dubious milestone: Government debt surged to an all-time high, more than $14 trillion.

That means Congress soon will have to lift the legal debt limit to give the nearly maxed-out government an even higher credit limit or dramatically cut spending to stay within the current cap. Either way, a fight is ahead on Capitol Hill, inflamed by the passions of tea party activists and deficit hawks.

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CBSPolitics: National Debt Tops $14 Trillion

January 3, 2011 5:57 PM
Posted by Mark Knoller

The latest posting today of the National Debt shows it has topped $14 trillion for the first time.

The U.S. Treasury website today reported that as of last Friday, the last day of 2010, the National Debt stood at $14,025,215,218,708.52.

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SFChronicle: National debt seen heading for crisis level

Carolyn Lochhead, Chronicle Washington Bureau

Monday, April 5, 2010

(04-05) 04:00 PDT Washington — Health care may have been the last big bang of the Obama presidency.

With ferocious speed, the financial crisis, recession and efforts to combat the recession have swung the U.S. debt from worrisome to ruinous, promising to handcuff the administration.

Lost amid last month’s passage of the new health care law, the Congressional Budget Office issued a report showing that within this decade, President Obama’s own budget sends the U.S. government to a potential tipping point where the debt reaches 90 percent of gross domestic product.

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YahooFinance (AP): Congressional estimates show grim deficit picture

Congressional estimates see grimmer deficit picture than Obama administration

Andrew Taylor, Associated Press Writer
On Friday March 5, 2010, 9:20 pm EST

WASHINGTON (AP) — A new congressional report released Friday says the United States’ long-term fiscal woes are even worse than predicted by President Barack Obama’s grim budget submission last month.

The nonpartisan Congressional Budget Office predicts that Obama’s budget plans would generate deficits over the upcoming decade that would total $9.8 trillion. That’s $1.2 trillion more than predicted by the administration.

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NYTimes: Deficits May Alter U.S. Politics and Global Power

By DAVID E. SANGER
Published: February 1, 2010

WASHINGTON — In a federal budget filled with mind-boggling statistics, two numbers stand out as particularly stunning, for the way they may change American politics and American power.

According to the 2011 budget, the projected deficit in the coming year is nearly 11 percent of the country’s entire economic output.

The first is the projected deficit in the coming year, nearly 11 percent of the country’s entire economic output. That is not unprecedented: During the Civil War, World War I and World War II, the United States ran soaring deficits, but usually with the expectation that they would come back down once peace was restored and war spending abated.

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YahooFinance(AP): CBO: Federal deficit projected at $1.35T

Congressional Budget Office sees 2010 deficit of $1.35 trillion as economy lags

By Andrew Taylor, Associated Press Writer , On Tuesday January 26, 2010, 10:40 am

WASHINGTON (AP) — The latest congressional budget estimates out Tuesday predict a $1.35 trillion deficit for this year as the economy continues to slowly recover from the recession.

The Congressional Budget Office report predicts a sluggish economic recovery and continued high deficits that present twin political problems for President Barack Obama and his Democratic allies.

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