House Republicans on Friday were expected to fire another broadside in the debate over deficits, voting on a spending blueprint that calls for dramatically revamping Medicaid and Medicare to pare trillions of dollars over the next decade.The GOP's budget framework for the next fiscal year, beginning
The budget plans put forward by President Obama and House Budget Chairman Paul Ryan (R-WI) both set a goal of about $4 trillion in deficit reduction, but Ryan would get his in 10 years — two years sooner than the president.The biggest differences between the two plans are their treatment of taxes, a
The deal congressional leaders struck last Friday funding the federal government for 24 weeks and cutting $38 billion in spending is being voted on Thursday in the House and possibly the Senate.While the measure does chop spending, a few other things in it that have little to do with spending also g
The U.S. Treasury will officially hit its credit limit around May 16 for the 10th time in 10 years. 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."
President Obama, under increasing pressure to address the nation's burgeoning debt, on Wednesday laid out a sweeping vision to cut government deficits by more than $4 trillion in 12 years through tax increases and spending cuts phased in over time.In a speech at George Washington University in the n