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Federal Budget

April 22, 1998
The federal budget, ostensibly balanced with yet-to-be-collected tobacco dollars, gives new meaning to the phrase "smoke and mirrors." ROY ROUDINE Los Alamitos
March 26, 2014 | By Michael D. Sorkin
Murray Weidenbaum taught students at Washington University in St. Louis and presidents in the White House that government should get out of the way and let people and businesses work as hard as they can to achieve as much as they can. He preached deregulation, and his syndicated newspaper columns caught the eye of Ronald Reagan, who in 1980 was running for president. Reagan took Weidenbaum to the White House as his top economic advisor. At first, the administration used tax cuts to fight high unemployment and inflation.
March 17, 2013 | By Hugo Martin
The automatic federal budget cuts brought about the by so-called sequestration are already inflicting some pain on the hotel industry. Federal agencies responded to the cuts by slashing nonessential travel by federal employees, which represent at least 30% of business for some hotels. This month, the 67th annual National Defense Transportation Assn. Forum & Expo -- which was to be held in September in San Antonio -- was called off because of the budget cuts. The association is a nonprofit, educational group focusing on transportation issues for the military.
December 16, 2013 | By Jon Healey
When leaders of the House and Senate budget committees announced a deal that would set spending limits through September 2015, some hoped it signaled a lengthy respite from the fiscal battling and brinkmanship that led to October's partial government shutdown. Umm, no. The Budget Control Act of 2013 that Rep. Paul D. Ryan (R-Wis.) and Sen. Patty Murray (D-Wash.) negotiated did not include an increase in the statutory debt ceiling, despite the fact that the spending limits in the proposal assume hundreds of billions of dollars in additional borrowing.
February 15, 2013 | By Jim Puzzanghera
WASHINGTON -- Former Federal Reserve Chairman Alan Greenspan said the stock market reaction to the large federal budget cuts slated for March 1 will determine how much they affect economic growth. The $85 billion in cuts this fiscal year, part of a nearly $1.2-trillion spending reduction over the next decade, will have a negative effect, he told CNBC on Friday. And he believes the White House and Congress will not come together to prevent them. "I think the odds of it occurring are very high," Greenspan said of the cuts, known as sequestration.
February 14, 2013 | By Anthony York
President Obama and congressional leaders are engaged in high-stakes negotiations over billions in federal budget cuts that could have a dramatic impact on California's economy. But Gov. Jerry Brown refused to say whether or not he supports the reductions, urging lawmakers instead to be wary of the effect decisions in Washington can have on the state's economy.   Billions in cuts to defense, healthcare and other programs are set to go into effect on March 1 unless Republicans and Democrats in Washington can come up with a replacement deal.
December 15, 2013 | Lisa Mascaro and Maria L. La Ganga
That Congress could soon pass a budget agreement after months of relentless partisan showdowns is thanks in large part to a mom in tennis shoes. Sen. Patty Murray presented herself in that ordinary way when she first ran as a Democrat to represent Washington state, and skeptics questioned her political savvy -- and footwear. In the two decades since that long-shot campaign, the petite, no-nonsense lawmaker has quietly ascended to the top levels of Senate power. As chairwoman of the Budget Committee, Murray negotiated a breakthrough $85-billion accord in one-on-one talks with Rep. Paul D. Ryan, the former GOP vice presidential contender from Wisconsin who is known for his austere approach to the federal budget.
December 11, 2013 | Lisa Mascaro
Congressional budget negotiators reached a hard-fought deal Tuesday aimed at avoiding another government shutdown, agreeing on a plan that would restore some money to programs hit by impending across-the-board cuts but trim spending on federal retirees and raise fees on airline travel. Final passage of the $85-billion package, however, remains uncertain because of rising opposition from tea party lawmakers and influential conservative groups. A House vote, expected this week, will once again test the ability of Speaker John A. Boehner (R-Ohio)
October 28, 2013 | By Bernie Sanders
A budget panel composed of Democratic, Republican and independent members of the Senate and House is working on ways to avoid another government shutdown like the nightmare we all were just forced to endure. As a member of that committee, I realize that our $17-trillion national debt and $700-billion deficit are serious problems that must be addressed. But I also realize that real unemployment remains close to 14%, that tens of millions of Americans with jobs are paid horrendously low wages, that more Americans are now living in poverty than ever before, that wealth and income inequality in the U.S. is greater than in any other major country and that the gap between the very rich and everyone else is growing wider.
October 16, 2013 | By Tiffany Hsu
Add another potential casualty of Washington's gridlock: the holiday shopping season. The congressional stalemate that brought about a partial government shutdown has rattled Americans already spooked by years of economic weakness. And the uncertainty could stretch into 2014, with debate continuing over the federal budget and debt limit. The shaky consumer confidence is pummeling sales forecasts for the holiday season, a crucial period that can account for up to 40% of a retailer's annual revenue.
October 12, 2013 | By Michael A. Memoli and Brian Bennett
WASHINGTON - Efforts to reopen the government and avert a default on the nation's debt rested in the hands of the Senate's top leaders after talks between House Republicans and the White House broke down Saturday. Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) sat down to negotiate for the first time since the 12-day-old government shutdown began, but there were no indications they had made significant progress. Still, Senate leaders made plans for a rare Sunday session in case they reach a deal, while the House adjourned for the weekend after a brief and at times chaotic session.
September 26, 2013 | By Lisa Mascaro and Michael A. Memoli
WASHINGTON - Options for keeping the federal government open narrowed Thursday as some of the most conservative Republicans in the House rebuffed proposals from Speaker John A. Boehner, who had aimed to break a stalemate over the federal budget. The opposition from conservatives to any measures that fall short of their goals of cutting federal spending or dismantling President Obama's healthcare law left the Ohio Republican with little room to maneuver as a Monday night deadline approached for providing money to keep federal agencies running.
August 3, 2013 | By Lisa Mascaro
WASHINGTON - Even by the standards of a Congress that has earned a reputation for dysfunction, this past week - the last before a long summer recess - set a mark for futility. Republican leaders in the House had hoped to pass a bill providing money for several major government agencies. Instead, they halted the vote after a GOP campaign to reduce spending levels hit an unexpected roadblock: Rank-and-file Republicans refused to approve cuts in programs that home-state governors and mayors rely on to fix roads, streets and bridges.
June 11, 2013 | Michael Hiltzik
The U.S. economy is improving, yet Congress seems still to be in the grip of the delirium that shrinking the deficit in the near term is still a matter of paramount urgency. That's what's prevented lawmakers from dealing with their real task, which is to jolt the miserable jobs recovery into a higher gear and lift the budget sequester, one of the outstanding examples of mass insanity the country has ever seen. Consider the sequester as exhibit A. That's the package of mandated budget cuts enacted as part of the deal to raise the debt limit in 2011.
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