House rejects Bowles-Simpson, Obama budgets

The Bowles-Simpson deficit-reduction plan went down to a crushing defeat in the House late Wednesday night in a vote that damages the one bipartisan proposal that just a few months ago had seemed like a possible solution to the country’s debt woes. The 382-38 defeat, with just 16 Republicans and 22 Democrats voting for it, marks Read more about House rejects Bowles-Simpson, Obama budgets[…]

CBO: Obama budget deepens debt by $3.5 trillion

President Obama’s budget would pile up an additional $3.5 trillion in debt over the next 10 years and shows the government’s trust funds running out of money in 2020, Congress’s official non-partisan scorekeeper said Friday. In 2012 alone Mr. Obama’s budget would leave a $1.3 trillion deficit — $82 billion worse than if none of his policies were Read more about CBO: Obama budget deepens debt by $3.5 trillion[…]