CNBC's John Harwood talks to Rep. Paul Ryan (R-Wis.) about the immigration debate and the possibilities for a path to citizenship.» Read More
WASHINGTON, June 4- Tea Party and other conservative groups on Tuesday accused the U.S. Internal Revenue Service of trampling on their rights, telling lawmakers in an often emotional hearing that they faced a barrage of paperwork and intrusive questions when they sought tax-exempt status.
WASHINGTON, June 3- Setting up a new fiscal showdown with Congress, the White House issued a veto threat on Monday for any spending bill that attempts to implement "draconian" budget cuts prescribed by Republicans in the House of Representatives.
*Social Security budget outlook largely unchanged. WASHINGTON, May 31- Slower growth in U.S. healthcare costs improved the budget outlook for the Medicare program for the elderly from last year, but the fortunes of the Social Security pension program have not changed despite a better economy, trustees of the programs said on Friday.
In a wide-ranging interview, Rep. Paul Ryan, (R-WI), shares his thoughts on political wrangling on Capitol Hill over the budget deficit and his concern "about the entitlement explosion" and "the bankruptcy of these programs."
*No movement seen in Congress on budget talks. WASHINGTON, May 20- The U.S. government added $306 billion in new debt during a four-month suspension of the federal borrowing limit, the Treasury Department said on Monday, but there was no sign on Capitol Hill of any movement toward a budget compromise.
The chances of a deal between Democratic and Republican lawmakers that would overhaul the U.S. tax system, trim government spending and reform safety net spending programs appear to be fading.
And a spate of scandals, involving the Internal Revenue Service, security for the U.S. mission in Benghazi and the seizure of phone records from the Associated Press news agency, has distracted Congress and the White House. But, he said, "the chances that this Congress does anything useful, which were already low, are even lower."
A Senate immigration bill would cost $6.3 trillion over 50 years to provide benefits for millions now in the U.S. illegally, the Heritage Foundation says in a controversial study.
The Obama administration on Wednesday backed a plan that would temporarily eliminate spending cuts disrupting U.S. air travel, while lawmakers in Washington scrambled to avoid blame.
WASHINGTON/ NEW YORK, April 24- The Obama administration on Wednesday backed a plan that would temporarily eliminate spending cuts disrupting U.S. air travel, while lawmakers in Washington scrambled to avoid blame as the impact of the reductions began being felt across the country.
WASHINGTON, April 24- The White House on Wednesday backed a proposal to temporarily eliminate spending cuts disrupting U.S. air travel, while politicians in Washington scrambled to avoid blame as the effects of the cuts started to be felt around the country.
WASHINGTON, April 24- A key committee of the U.S. House of Representatives approved a measure on Wednesday designed to make it easier for Republicans to again withhold approval of a rise in the government debt ceiling to extract spending cuts from President Barack Obama.
WASHINGTON, April 18- Congress is again joining the fight over U.S. public pensions, as a Republican Representative on Thursday pushed a bill to require state and local funds to give more accurate information on their assets and to bar the federal government from bailing them out during a financial crisis.
NEW YORK, April 17- When Thomas Herndon, a student at the University of Massachusetts Amherst's doctoral program in economics, spotted possible errors made by two eminent Harvard economists in an influential research paper, he called his girlfriend over for a second look.
A study by eminent Harvard economists Carmen Reinhart and Kenneth Rogoff first presented in 2008 said a country's gross domestic product growth begins to slow once its debt-to-GDP ratio reaches at least 90 percent. The research has been cited by officials in the United States, the European Union and elsewhere as justification for tackling deficits.
President Obama submitted a 244-page budget proposal. The Fiscal Times dug through and found five critical—but easily overlooked—takeaways. Here they are.
*Plan would trim Social Security retirement program. WASHINGTON, April 10- President Barack Obama proposed a $3.77 trillion budget on Wednesday that combines controversial cuts to social safety net programs with tax increases on the wealthy in a package the White House hopes will jumpstart deficit-reduction talks.
WASHINGTON, April 10- Just hours after proposing a budget that would replace automatic spending cuts required by law, President Barack Obama on Wednesday set in motion the next $109 billion of the reductions to military and domestic programs for the year starting on Oct. 1.
*Cuts to Social Security retirement program loom. WASHINGTON, April 10- President Barack Obama proposed a $3.77 trillion budget on Wednesday that combines controversial cuts to social safety net programs with tax increases on the wealthy.
President Obama sent Congress a $3.8 trillion spending blueprint on Wednesday that strives to achieve a "grand bargain" to tame runaway deficits, raising taxes on the wealthy and trimming popular benefit programs.