April 15, 2011 The nonbinding measure calls for dramatically revamping Medicaid and Medicare to pare trillions of dollars over the next decade. But it stands little chance of even reaching a vote in the Senate. Instead, it is likely to serve as an opening salvo in the debate over America's fiscal future and the 2012 election.
April 14, 2011 The bipartisan legislation makes $38 billion in spending cuts to see the government through the rest of the fiscal year. The Senate voted 81-19 on Thursday to support the measure, not long after the House gave its approval, 260-167.
April 14, 2011 President Obama outlined a plan to reduce the government deficit through a mix of spending cuts and tax hikes. His plan will go up against another blueprint put forward last week by Republican Rep. Paul Ryan. Though they both seek $4 trillion in reductions, the plans differ dramatically.
April 13, 2011 In the long run, growth in the federal deficit is all about health care — particularly Medicare, which accounts for the biggest chunk of government health spending.
April 13, 2011 The U.S. Treasury officially hits its credit limit on May 16. If House Republicans prolong the fight over raising the debt ceiling past that date, government officials and Wall Street investors agree that it would cause financial chaos. But among corporate lobbyists, there's been little sense of urgency.