Democrats Propose to Extend, Expand Payroll Tax Cut; Republicans Scoff
Senate Democrats on Monday urged Congress to extend the tax cuts now in place for employers and employees, but Republicans countered that the tax holiday should end because it isn’t stimulating the economy.
Senate Approves Deal on Spending, Averts Shutdown
Ending weeks of political brinkmanship, Congress finessed a dispute over disaster aid Monday night and advanced legislation to avoid a partial government shutdown only days away.
Obama Unveils Deficit Plan, Using ‘Buffett Rule’ for Tax on Wealthy
President Barack Obama on Monday announced a plan to reduce the deficit by more than $3 trillion over the next 10 years, with $1.5 billion coming from new taxes on the wealthy.
Deficit Reduction Committee Gets to Work
Congress’ solution to the debt limit crisis and rising deficits is fully operational, but many are left wondering whether the bipartisan Joint Select Committee on Deficit Reduction is capable of fulfilling its mandate.
With Pelosi Picks, Deficit Panel Now Complete
Bringing the number to 12, House Democratic Leader Nancy Pelosi announced Thursday her picks for the Joint Select Committee on Deficit Reduction.
Nine Are Named to Crucial Deficit Panel
Senate Majority Leader Harry Reid was the first of the four congressional leaders to make his three selections for the Joint Select Committee on Deficit Reduction, with Speaker John Boehner and Sen. Mitch McConnell following Wednesday, and Rep. Nancy Pelosi yet to make her picks.
Boehner Debt Bill Passes House; Obama Urges Bipartisan Deal
President Barack Obama on Friday urged a bipartisan deal on raising the debt ceiling, saying that the House plan, which later passed Friday night then quickly tabled by the Senate, was the uncompromising view of a single faction and “has no chance of becoming law.”
Debt Talks Collapse on Taxes
Led by House Speaker John Boehner, Republicans say they won't allow for any tax increases to offset spending in the $4 trillion "grand bargain" proposed by President Obama.
New Year Will Likely Include New Tax Scheme
At press time in mid-December, all odds were in favor of both the House and Senate passing the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
Obama Tax Cut Bill Clears Key Senate Vote
The Senate passed, 83-15, in a procedural vote on Monday President Obama's compromise tax bill, which extends the Bush-era tax rates for two years and extends unemployment benefits for 13 months. The final vote on the bill in the Senate is expected on Dec. 14.