What are the largest tax expenditures? Tax expenditures make up a substantial part of the federal budget.
Wonkbook: Tax spending vs. government spending. The reason the White House didn’t embrace Simpson-Bowles. President Obama speaks with former Republican Senate Whip Alan Simpson (R) as he walks out of the Oval office to deliver remarks in the Rose Garden.
(YU+RI GRIPAS - REUTERS) Perhaps the most common Washington criticism of the White House is that they didn’t embrace the Simpson-Bowles plan. That was, in the eyes of many pundits, the moment when President Obama revealed himself as a typical liberal rather than a postpartisan reformer. The Real Reason Obama Wouldn't Embrace Simpson-Bowles. Obama to businesses: Bring jobs home. White House Offers Plan to Lure Jobs to America. Yes, we’re creating jobs, but how’s the pay? Update: The December job numbers released this morning continued the same trend described in yesterday’s column.
Of the 200,000 new jobs created last month, 78,000 – or nearly 40 percent — were in transportation, warehousing and retail, sectors known for low pay and seasonal hiring. In a far more positive sign, manufacturing gained 23,000 workers in December after four months of little change. A vast expansion of that trend would benefit the middle class tremendously. WASHINGTON — Between now and November, middle class Americans are going to hear an enormous amount of bragging about job creation. Mitt Romney will tout his role in the creation of Staples, The Sports Authority and Domino’s, three firms that he says created 100,000 jobs. The central question for middle class Americans, however, is: What quality of job is being created? In a rare moment of bipartisan agreement, Republicans and Democrats both recognize the problem. Obama Administration Says Corporations May be Held Liable Under Alien Tort Statute. Record GM profit rekindles bailout debate - Feb. 16. GM posted record profits for 2011, just two years after the federal bailout.
NEW YORK (CNNMoney) -- The debate over the 2009 federal bailout of the U.S. auto industry heated up this week, as General Motors reported a record profit. It's the first year the three major U.S. automakers are all profitable at the same time since 2004. And they continue to show more signs of a remarkable comeback. That this has been an amazing comeback is indisputable. But the good news has reignited the fierce debate about whether or not the automakers -- which were reduced to begging Congress for a bailout in December of 2008 -- really needed to be saved by the government. "I just gotta say "I told you so" to all the naysayers like Mitt and those Republican southern senators who tried to kill of the domestic auto industry," crowed Virg Bernero, the Democratic mayor of Lansing, Mich., in a tweet and Facebook posting Thursday morning. 12 Scary Debt Facts for 2012. As President Obama unveiled the 2013 fiscal year budget, the nation's financial situation came back into sharp focus.
Experts say partisan gridlock in Washington means the budget will probably go nowhere. Considering this is an election year, however, expect politicians to harp on facts, figures and terms that most Americans weren't taught in high school. To help out, it's time to dredge up lots of scary facts to make you pay attention. Before we get going, a quick primer on the number TRILLION: $1 trillion = $1,000 billion or $1,000,000,000,000 (that's 12 zeros)How hard is it to spend a trillion dollars? OK, let's get started! Soaking the Poor, State by State. Column: Doing the math on Obama’s deficits.
(Graph: Todd Lindeman/Ezra Klein; data: Center on Budget and Policy Priorities) The campaign trail can be a lonely place, so Mitt Romney frequently invites friends to accompany him.
New Jersey Gov. Chris Christie is an occasional companion. So is Virginia Gov. Bob McDonnell. But more often, Romney brings a large clock. Did Obama really make government bigger? - Jan. 25. Did President Obama increase the size of the federal government?
NEW YORK (CNNMoney) -- President Obama = big government. Friday Facts: Middle-Class Tax Cuts. Obama's 30% millionaire tax - Jan. 26. President Obama further defined the 'Buffett rule' during his State of the Union address.
In attendance: Debbie Bosanek, secretary to billionaire investor Warrren Buffett. NEW YORK (CNNMoney) -- President Obama this week defined what he believes should be the minimum "fair share" for millionaires and billionaires to pay in taxes. His answer: At least 30% of their income. Senate OKs short-term extension of payroll tax cut. WASHINGTON (AP) — Senators racing for the exits after a year of bitter battles passed legislation Saturday that would extend a Social Security payroll tax cut and jobless benefits for just two months, setting the stage for the next fight until February.
While a partial victory for President Barack Obama's year-end jobs agenda, the measure awaiting House approval next week contains a provision demanded by Republicans to pressure the White House into approving construction of a Canada-to-Texas oil pipeline that promises thousands of jobs. Democratic and GOP leaders option for the short-term extension after failing to agree on big enough spending cuts to pay for a full-year renewal of the payroll tax cut. The 2 percentage point tax cut affects 160 million taxpayers.
The weekly jobless payments average about $300 for millions of people who have been out of work for six months or more. The measure was approved by an 89-10 vote during a Saturday session. View gallery. Obama's tax record - Jan. 30. President Obama last week promised lower taxes for most Americans and certain industries, while proposing tax hikes for the rich and some businesses.
