February 10, 2012 |
President Obama will call for new spending on infrastructure, education and manufacturing research, as well as higher taxes on top earners, in a budget proposal aimed at underlining his top economic priorities as he gears up his reelection campaign. Senior administration officials Friday offered a preview of the president's 2013 budget proposal, which is due to be formally unveiled Monday. The blueprint outlined pulls heavily from proposals previously put forward by the president — including his jobs bill, most of which is stalled in Congress, and his deficit reduction plan, which fizzled in the failed congressional "super committee" charged with reducing the deficit.
February 15, 2011 |
President Obama formally unveiled his 2012 budget Monday. The plan now must go through Congress, a route made more perilous by maneuvering for the 2012 presidential race. Here is a primer on a topic that will probably dominate political discussion for months: What did President Obama do? He released his budget for the fiscal year that begins in October and lasts until the end of September 2012. The budget calls for $3.7 trillion in spending, with a deficit of $1.1 trillion.
December 3, 2010 |
President Obama's deficit reduction commission fell a few votes shy of the number needed to send its proposal to Capitol Hill for action, but still received enough bipartisan support to raise hopes that political leaders are girding to tackle the nation's gargantuan debt. The commission's final report, with the cinematic title, "The Moment of Truth," won the backing of 11 out of 18 members ? three short of the supermajority required under the executive order that Obama signed in February when he created the panel.
December 1, 2010 |
The bipartisan debt commission issued its final report Wednesday, warning that without the sacrifices it calls for, a fiscal "reckoning will be sure and the devastation severe. " Based on an initial blueprint offered Nov. 10 by the panel's co-chairmen, former Republican Sen. Alan Simpson and former Clinton administration chief of staff Erskine Bowles, the budget blueprint outlines steps that, when taken together, would slash the federal deficit by $828 billion by 2015. "Even after the economy recovers, federal spending is projected to increase faster than revenues, so the government will have to continue borrowing to spend," the report states.
November 4, 2010 |
Retailers posted a mild uptick in sales in October as consumers took a break from back-to-school splurging in advance of the holiday season. Major chain stores reported a 1.6% sales increase in October compared with the same period a year earlier, in line with analyst expectations, according to Thomson Reuters' tally of 28 retailers released Thursday. In a sign that cost-conscious shoppers are continuing to shop frugally, discount chains made a strong showing, posting a 3.8% year-over-year increase.
May 7, 2010 |
It's all about Sunday. Flowers in bright shades of pink, purple and orange are on hand, and designers are busy crafting dramatic new bouquets and arrangements at Mark's Garden in Sherman Oaks as the big day inches closer. In Beverly Hills, Lawry's the Prime Rib restaurant has doubled its normal contingent of waiters, hosts and other staff, anticipating 1,500 diners and a three-hour wait for those without reservations. Boxes of candy are piled high at Godiva chocolate stores. As Mother's Day approaches, jewelers, florists, restaurateurs, card shops, bookstores and merchants of all kinds throughout Southern California are geared up for an onslaught of customers.