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October 15, 2014 As tax revenues increased and spending cuts took effect, the deficit dropped to 2.8 percent of GDP — in dollar terms, the lowest level since 2008.
Copies of President Obama's proposed budget for fiscal 2015, after they were delivered to the Senate Budget Committee on Tuesday.
J. Scott Applewhite/AP
March 4, 2014 The president's blueprint is not expected to have a much of an impact on Capitol Hill, where lawmakers already have a two-year deal on spending.
April 26, 2013 The Senate passed the legislation on Thursday. President Obama will sign it, the White House says. This means the FAA will be able to shift funds so that the number of air traffic controllers on duty no longer needs to be reduced in order to satisfy sequestration.
Rep. Paul Ryan, R-Wis., when he was campaigning as the 2012 Republican vice presidential nominee.
Michael Sears /MCT /Landov
March 12, 2013 While "opponents will shout austerity," the Republican lawmaker says his plan would still let federal spending grow. It just wouldn't grow as quickly as now projected, he says, and would come into balance if the economy continues to expand and boosts federal revenue.
The U.S. Capitol, as seen from the nearby Russell Senate Office Building.
Jonathan Ernst /Reuters /Landov
February 26, 2013 As Friday's deadline approaches, we're pointing to stories that should help everyone get ready. Today's choices: "Sequester, never heard of it;" "when will the cuts be felt;" and "is Obama telling the truth?"
December 15, 2011 The political wrangling continues in Washington as Republicans and Democrats try to get their priorities enacted even as several key deadlines fast approach.
At the White House Monday, President Obama expressed his disappointment in the supercommittee's failure.
November 22, 2011 The failure to agree on a way to trim budget deficits will give both major parties plenty of ammunition for next year's campaigns.
November 21, 2011 The likely collapse of the so-called supercommittee's efforts to put together a deficit-reduction deal and continued concern about the debt crisis in Europe are pushing stocks down on Wall Street.
House Speaker John Boehner (R-Ohio) and other Republican leaders on Tuesday in the Capitol.
J. Scott Applewhite/AP
November 16, 2011 But with one week go to before the so-called supercommittee is supposed to announce a deficit-reduction plan, it's still far from certain that the lawmakers will reach that goal.
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Rep. Paul Ryan (R-WI) at NPR headquarters in May.
September 22, 2011 The House Budget Committee chairman airs his doubts about President Obama's jobs plan.
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July 26, 2011 It would have been interesting to see who the 25 percent of lawmakers were who didn't vote for any of the policies the Post focused on. Even Rep. Ron Paul, the Texas Republican presidential candidate didn't make the cut; he voted for the Bush tax cuts.
July 21, 2011 With the president praising their plan, and with critics from both sides of the political aisle taking shots at it, the "Gang of Six" is this week at the center of the deficit-reduction talks in Washington.
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July 21, 2011 With the clock ticking, negotiations continue. But reviews are mixed on the "Gang of Six" plan that many have been hoping would break the deadlock.
July 19, 2011 Though the legislation is said to have "little chance in the Senate," the Republican-controlled House today is expected to easily approve the "Cut, Cap and Balance" plan.
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July 14, 2011 The president is scheduled to take questions at 11 a.m. ET. The main topic: The ongoing deficit-reduction talks. It will be the president's second back-and-forth with reporters this week.
July 1, 2011 While Aug. 2 is said to be the day after which the government won't be able to pay its bills anymore, officials say they need a couple weeks to turn a deal into legislation.
May 11, 2011 Sen. Daniel Patrick Moynihan, gave us one of American politics's killer lines: "Everyone is entitled to his own opinion but not his own facts." It's in that spirit that Bloomberg News reports that some of Speaker Boehner's big economic policy speech falls into "his own facts" category.
April 13, 2011 President Obama is getting conflicting advice on deficit-reduction, with conservatives telling him to focus on cutting entitlements while liberals advise him to raise taxes on upper income taxpayers. Indications are Obama will do both.
April 12, 2011 Now that details are out, it looks like there was considerable creative accounting used by congressional budget negotiators to get to their $38 billion total of cuts. For instance, they included $12 billion of cuts already in earlier spending pacts.
April 11, 2011 President Obama has been criticized for not leading with a major proposal to cut federal spending, letting Republicans go first. But now he is able to present his own proposal as a response to the most controversial aspects of the GOP plan, the cuts to entitlements and no tax increases for the rich.
March 15, 2011 The spending bill contained $6 billion in cuts, including earmarks and unused census money.
March 14, 2011 As the federal government approaches another shutdown, there's disagreement among House GOP freshman on whether they should hold out for all their spending cuts or compromise with Democrats.
February 24, 2011 Senate Democrats are developing a package of budget cuts for the current 2011 fiscal year. It's an acknowledgement that the current political climate requires cuts and the need to have a counteroffer to the House GOP's deep package of cuts.
February 16, 2011 Obama's claim that his budget wouldn't add to the national debt by mid-decade was ruled false by PolitiFact. The president relied on a really technical concept for support but it doesn't pass the common sense or smell test.
December 10, 2010 Polls show Americans don't want popular entitlement programs cut or taxes raised to fight deficits. It suggest leaders will need to persuade Americans of the need for sacrifice if they hope to make the kinds of cuts needed.
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