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Federal Deficit

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NATIONAL
December 2, 2010 | Michael A. Memoli
A proposed final report by President Obama's deficit commission warned Wednesday of a fiscal "reckoning" unless major sacrifices are made, but may fail to spur lawmakers to action without support from many msembers of the bipartisan panel in an upcoming vote. The report, ominously titled "The Moment of Truth," immediately drew the support of half of the 14 members needed to move it to Congress for consideration. Only one member ? Rep. Jan Schakowsky (D-Ill.) ? said she would vote against it, while most others said they needed additional time to decide.
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NEWS
February 4, 2014 | By Lisa Mascaro
WASHINGTON -- The federal deficit is likely to continue its slide -- to a lower-than-expected $514 billion for 2014, the nonpartisan Congressional Budget Office reported Tuesday. Down from last year's $680 billion, the current deficit projection would mark the lowest level since President Obama took office. However, the nation's sluggish economy still poses long-term budget challenges for Congress. Thanks to budget slashing and improved tax revenues, the years of record-high red ink, which ran at $1 trillion annually during the recession, appear to have receded for the foreseeable future.
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OPINION
April 6, 2011
Rep. Paul Ryan, the Wisconsin Republican who chairs the House Budget Committee, has proposed the most ambitious tax-and-spending plan that Capitol Hill has seen in years. His budget proposal for fiscal 2012 doesn't merely seek to pare the enormous federal deficit and bring the national debt under control, which it would do much more aggressively than the plan President Obama offered in February. It also tries to give much of the federal government a Republican makeover. That makes it more effective as a political document than as a road map to a fiscally sustainable future.
NATIONAL
January 27, 2014 | By David Lauter
WASHINGTON -- For the first time since President Obama took office, reducing the federal deficit has slipped as a priority for most Americans, particularly his fellow Democrats, according to a new in-depth study of public attitudes. That shift corresponds with the president's view. In his State of the Union speech Tuesday night, aides say Obama is likely to point to the rapid shrinking of the deficit, particularly over the last year, and suggest that other agenda items, such as improving education and investing in scientific research and the nation's roads and bridges, should take a higher priority.
NEWS
September 17, 2013 | By Lisa Mascaro
WASHINGTON - The federal deficit has shrunk to its lowest level since 2008, when President Obama won election at the start of the Great Recession, and is on track to decline even more thanks to an improving economy, higher taxes on the wealthy and reduced federal spending, the nonpartisan Congressional Budget Office said Tuesday. But even with declining deficits, the nation's debt keeps piling up, leaving lawmakers with no easy choices to fix the poor long-term fiscal outlook.
CALIFORNIA | LOCAL
November 1, 1995
Selective memories: Why can't members of Congress remember that the cause of our country's huge budget deficit is the result of the 1981 federal tax cut? JEAN F. COHEN Los Angeles
BUSINESS
April 6, 2012 | By Tiffany Hsu
The federal government ran up a budget deficit of nearly $780 billion in the first half of the fiscal year amid more spending on TARP, Social Security, Medicare and more, according to the Congressional Budget Office. But the shortfall is actually $53 billion less than it was in the same period last year. From Oct. 1, 2011, through March 30, 2012, the government pulled in $29 billion more in corporate income taxes -- a 53% increase -- due to businesses making higher payments and getting smaller refunds.
BUSINESS
June 19, 2013 | By Adolfo Flores
A Senate bill meant to offer a pathway to citizenship for the estimated 11 million people in the U.S. who entered illegally or stayed on expired visas could trim the deficit by about $175 billion over the next 10 years, according to a federal report. The report from the Congressional Budget Office and Joint Committee on Taxation also found federal budget deficits would decrease by about $700 billion from 2024 to 2033. “However, the net impact of the bill on federal deficits would depend on future actions by lawmakers, who could choose to appropriate more or less than the amounts estimated by CBO,” the report said.
NEWS
February 5, 2013 | By Lisa Mascaro
WASHINGTON -- The federal deficit will drop to less than $1 trillion for the first time in five years, but massive spending cuts that have improved the budget outlook are also slowing the economy, according to a report released Tuesday by the Congressional Budget office. The nonpartisan arbiter of federal budgets said the combination of new tax revenue from the "fiscal cliff" deal as well as looming cuts that kick in March 1 will push the deficit down to $845 billion for fiscal 2013.
NATIONAL
May 14, 2013 | By David Lauter, Washington Bureau
WASHINGTON - The federal deficit is shrinking more quickly than expected, and the government's long-term debt has largely stabilized for the next decade, the Congressional Budget Office said Tuesday in a report that could strengthen the Obama administration's hand in the budget battles with congressional Republicans. The budget office continues to say the federal government faces a long-range budget problem - mostly caused by the costs of an aging population - but its new forecast pushes the crunch point for that problem off into a considerably more distant future: well after the 2020 presidential election.
NATIONAL
December 4, 2013 | By Christi Parsons
WASHINGTON - President Obama on Wednesday declared an end to the war on budget deficits and pledged instead to fight the "deficit of opportunity" for the poor and middle class. In a lengthy speech on his economic priorities, Obama said the federal deficit was under control and no longer presented a serious threat to the economy. "When it comes to our budget, we should not be stuck in a stale debate from two years ago or three years ago," Obama said at a nonprofit social services center in a poor neighborhood in the capital.
BUSINESS
December 2, 2013 | By Michael Hiltzik
Opponents of the Affordable Care Act never stop producing new tricks to undermine the reform's effectiveness. But leave it to California Republicans to reach for the bottom. Their goal appears to be to discredit the act by highlighting its costs and penalties rather than its potential benefits.  The device chosen by the Assembly's GOP caucus is a website at the address  coveringcaliforniahealthcareca.com . If that sounds suspiciously like coveredca.com , which is the real website for the California insurance exchange, it may not be a coincidence.
NATIONAL
September 17, 2013 | By Lisa Mascaro
WASHINGTON - The federal deficit has shrunk to its lowest level since 2008, according to a report released Tuesday, but House Republicans will begin the next budget battle this week with a vote that threatens to shut down the federal government unless President Obama agrees to halt his healthcare law. The deficit has dropped from its peak at the start of the Great Recession and is on track to decline even more thanks to an improving economy, higher...
NEWS
June 20, 2013 | By Sandra Hernandez
Opponents of immigration reform must be having a tough week. First, the Congressional Budget Office released a report Tuesday that found that a bipartisan Senate bill that proposes legal status for  immigrants who are illegally in the country, along with tougher enforcement, would help the U.S. economy.   The highly anticipated CBO report directly challenges one of the favorite claims made by some immigration hawks, including Rep. Steve King (R-Iowa), who argue that any bill that favors a path to legal status for the millions of immigrants illegally in the country would cost a fortune and hurt American workers.
BUSINESS
June 19, 2013 | By Adolfo Flores
A Senate bill meant to offer a pathway to citizenship for the estimated 11 million people in the U.S. who entered illegally or stayed on expired visas could trim the deficit by about $175 billion over the next 10 years, according to a federal report. The report from the Congressional Budget Office and Joint Committee on Taxation also found federal budget deficits would decrease by about $700 billion from 2024 to 2033. “However, the net impact of the bill on federal deficits would depend on future actions by lawmakers, who could choose to appropriate more or less than the amounts estimated by CBO,” the report said.
BUSINESS
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.
NATIONAL
May 14, 2013 | By David Lauter, Washington Bureau
WASHINGTON - The federal deficit is shrinking more quickly than expected, and the government's long-term debt has largely stabilized for the next decade, the Congressional Budget Office said Tuesday in a report that could strengthen the Obama administration's hand in the budget battles with congressional Republicans. The budget office continues to say the federal government faces a long-range budget problem - mostly caused by the costs of an aging population - but its new forecast pushes the crunch point for that problem off into a considerably more distant future: well after the 2020 presidential election.
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