Senate Minority Leader Mitch McConnell, R-Ky., prepares to announce a debt ceiling deal in July 2011. That deal laid the foundation for the across-the-board spending cuts set to take effect on New Year's Day, 2013.
November 22, 2012 References to the fiscal cliff, set for Jan. 1, have become ubiquitous in Washington. But many may have forgotten just how and when the looming tax increases and spending cuts were first devised.
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July 25, 2012 There will be votes today on Democratic and Republican plans regarding the Bush tax cuts. But neither will mean much since the House isn't likely to agree to anything the Democratic-controlled Senate does.
July 11, 2012 President Barack Obama's proposal to let the Bush tax cuts expire for wealthier Americans could add significantly to federal coffers.
President Obama meets with Jason and Ali McLaughlin and their son, Cooper, while visiting their home in Cedar Rapids, Iowa.
July 10, 2012 President Obama is in Iowa pushing his plan to extend tax cuts to the middle class — but not the wealthiest Americans. Mitt Romney is in Colorado accusing Obama of outsourcing jobs. Both states are up for grabs this November.
July 9, 2012 Democrats opposed the Bush tax cuts in the early 2000s. But now President Obama is calling for a second extension of the cuts for some Americans, and Republicans are lining up in opposition. So whose tax cut is it anyway?
President Obama and House Speaker John Boehner, R-Ohio, at the White House in July 2011.
July 9, 2012 The White House and Republicans have been at odds over what to do before the tax cuts expire at the end of this year. Today, the president is staking out his latest position.
May 29, 2012 The Bush-era tax cuts expire at the end of the year, along with the payroll tax break; the nation's borrowing authority bumps against its limit; and huge mandatory spending cuts — half targeting defense — are set to kick in. All this could trigger another recession, but Congress is unlikely to do much about it until after November's election.
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Former President George W. Bush appeared at a Bush Center Freedom Collection event on March 28 in Dallas.
April 11, 2012 Former President George W. Bush wrestled with one drawback of retaining a political legacy Tuesday, acknowledging that his name could be a drag on preserving tax cuts for the wealthy.
December 17, 2010 In signing the tax-cut extension into law, Obama failed to keep a key campaign vow. So did the GOP. But both won important fiscal victories. Obama got an economic stimulus when it was said he couldn't. And Republicans forced Obama to break a key vow.
December 14, 2010 The leader of the House Democrats' revolt against the tax-cut pact said the fight is over. Though liberals know they can'y stop the deal, they at least hope to be allwoed to vote for the package in pieces to record where they disagree.
December 9, 2010 House Democrats want a higher estate-tax and want the payroll tax holiday to be offset with money from elsewhere. They also want no extension for the top two income brackets.
December 9, 2010 House Democrats have been furious at Obama for what they say is a capitulation to Republicans. Obama and other officials have warned that if the fiscal package is approved, the economy could go back into recession.
A screen shot of Mastercard.com.
December 9, 2010 Wikileaks hackers disrupt shopping; Senate to debate tax agreement; AIG to repay government debt; Aretha Franklin
December 8, 2010 The White House issued news releases from Democratic leaders who support the Obama-GOP tax pact. It was meant to blunt criticism by numerous Hill Democrats and the liberal grass roots.
December 8, 2010 A Gallup Poll shows large support for Obama's tax cut stance while a Bloomberg poll doesn't. The Gallup survey also shows only 38 percent of conservative Republicans back extending jobless benefits, a sign that maybe Obama got the best deal he could.
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