April 14, 2011 Congress approved the $38 billion package of spending cuts. Now it goes to the White House for the president's signature.
April 14, 2011 The shutdown showdown was avoided with a last-minute agreement of which it was said it cut $38 billion. But the Congressional Budget Office said the actual net savings will be a fraction of that amount, just $352 million because a lot of the money would have been spent in future years.
President Barack Obama speaks about fiscal policy at George Washington University on April 12, 2011 in Washington, DC.
Mark Wilson/Getty Images
April 13, 2011 President Obama delivered a much-anticipated address on his proposals for cutting the federal government's annual budget deficits and reducing the enormous, $14 trillion federal debt. Read through what he had to say.
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February 16, 2011 Alan Simpson, the former Republican senator, said the real fiscal threats are entitlements and defense spending, which should be cut, not programs for low-income Americans. He singled out a Defense Department health insurance program that costs taxpayers $53 billion annually.
January 26, 2011 In the past year, the nonpartisan Congressional Budget Office's forecast of the 2011 deficit has grown by about $500 billion.
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