August 25th, 2009
10:18 AM ET
5 years ago

White House: $9 trillion in deficits

NEW YORK (CNNMoney.com) – The White House now expects the 10-year budget deficit to reach $9.05 trillion, roughly $2 trillion more than it estimated earlier in the year, according to a report released Tuesday by the Office of Management and Budget.

Budget office director Peter Orszag pointed to a number of measures put in place to stem the pain of the economic downturn.

"As a result of a deeper-than-expected recession, certain spending programs (such as unemployment insurance and food stamps) are projected to automatically increase and revenues are projected to automatically decline, compared to our previous projection," Orszag said in a statement.

A 10-year deficit of $9 trillion means the debt held by the public - the accumulation of all annual deficits over the decades - would reach 82% of gross domestic product. That's double the 41% recorded in 2008.

The administration's new deficit estimate brings it more in line with an earlier deficit estimate from the Congressional Budget Office, which is Congress' official scorekeeper. The CBO had estimated that the 10-year deficit would reach $9.14 trillion, or 5.2% of gross domestic product.

Later Tuesday morning the CBO also will release its updated budget and economic outlook for fiscal years 2009 to 2019.


Filed under: Deficit • Obama administration
August 25th, 2009
10:18 AM ET
5 years ago

Democrats planning 1,000 health care reform events

A Democratic official says the national party will hold more than 1,000 events over the next two weeks.
A Democratic official says the national party will hold more than 1,000 events over the next two weeks.

WASHINGTON (CNN) - A Democratic official says the national party will hold more than 1,000 events over the next two weeks in its latest attempt to pressure Congress to embrace President Obama's call for health care reform.

Organizing for America, Obama's campaign operation now housed at the Democratic National Committee, is coordinating the "Health Insurance Reform Now: Let's Get it Done" events that are scheduled to kick off on Wednesday. Health Care for America Now, an umbrella organization of unions and other progressive groups, will be involved in helping to get people out to the events.

"We intend to demonstrate in the last two weeks of recess where the majority of American sentiment is on this issue – in favor of health insurance reform," said Brad Woodhouse, a DNC spokesman. Woodhouse predicted that "hundreds and in some cases thousands of local people" will attend and participate in the events.

Senators and congressmen have spent the month of August back home in their states and districts, holding town hall forums and meeting with constituents on the issue of health care reform.


Filed under: Health care
August 25th, 2009
08:59 AM ET
5 years ago

Obama nominates Bernanke to second term

WASHINGTON (CNN) - President Obama officially nominated Ben Bernanke to a second term as head of the Federal Reserve Monday.

"Ben Bernanke has led the Fed through the one of the worst financial crises that this nation and this world have ever faced," Obama said Tuesday in an announcement from his vacation spot in Martha's Vineyard.

"As an expert on the causes of the Great Depression, I’m sure Ben never imagined that he would be part of a team responsible for preventing another. But because of his background, his temperament, his courage, and his creativity, that’s exactly what he has helped to achieve," the president also said.

Text of Obama's full announcement after the jump

FULL POST


Filed under: President Obama
August 25th, 2009
04:48 AM ET
3 years ago

Baldwin: Lieberman's one of a 'few moderate Republicans left'

In a statement provided to CNN, Baldwin took a jab at Lieberman, calling the Democrat-turned-Independent a 'moderate Republican.'
In a statement provided to CNN, Baldwin took a jab at Lieberman, calling the Democrat-turned-Independent a 'moderate Republican.'

WASHINGTON (CNN) – It seems that what could have been one of the greatest political face-offs of 2012 is not meant to be after all.

A day after Connecticut Independent Sen. Joe Lieberman welcomed a possible 2012 challenge from actor Alec Baldwin, a representative for Baldwin tells CNN that "it's great to see the excitement" about the possibility of Baldwin seeking political office but the actor has no plans to run against Lieberman.

In a statement provided to CNN, the actor also took a stab at Lieberman, who has sometimes allied himself with Republicans, particularly on the Iraq war and Middle East policy.

"Part of me would hate to see Lieberman go," Baldwin said in the statement, because there are so few moderate Republicans left in the Senate today."

When asked about the possibility of facing Baldwin in 2012, Lieberman responded with a Dirty Harry-esqe "Make my day" on CNN's State of the Union Sunday.

Related: 'Make my day,' Lieberman says of Baldwin

"I respect Alec Baldwin as an actor and as a comedian," Lieberman also told CNN's John King, "if he wants to run, that's his right."


Filed under: Joe Lieberman • State of the Union
August 25th, 2009
04:42 AM ET
5 years ago

POLITICAL HOT TOPICS: August 25, 2009

ALT TEXT

The CNN Washington Bureau’s morning speed read of the top stories making news from around the country and the world.

WASHINGTON/POLITICAL
For the latest political news: www.CNNPolitics.com.

CNNMoney: Obama to tap Bernanke for 2nd term
President Obama is expected to nominate Ben Bernanke to a second term as head of the Federal Reserve, a senior administration official told CNN Monday night.

CNN: Obama, Democrats urged to find unity on health care reform
With health care negotiations stalled until Congress comes back from August recess, a top Democratic strategist says President Obama and his party need to seize control of the debate.

CNN: Top prosecutor orders probe into interrogations; Obama shifts onus
Attorney General Eric Holder has asked federal prosecutor John Durham to examine whether CIA interrogations of suspected terrorists were illegal, the Justice Department announced Monday.

CNN: SC Republican gov candidate jabs Sanford in announcement
South Carolina's Republican Attorney General Henry McMaster officially announced his intention to run for governor on Monday — and he did so with a not-so-subtle swipe at the state's current scandal-tainted governor, Mark Sanford.

CNN: Congresswoman says some senators 'Neanderthals'
As President Obama begins his vacation in Martha's Vineyard this week, the fiery debate over health care reform continues to rage.

CNN: More troops may be needed to bolster Afghanistan
Adm. Michael Mullen, the highest-ranking man in the U.S. military, said the situation in Afghanistan is getting worse, as fresh indications emerge that President Obama soon could be asked to commit more American troops.

CNN: Baldwin: Lieberman's one of a 'few moderate Republicans left'
It seems that what could have been one of the greatest political face-offs of 2012 is not meant to be after all.

FULL POST


Filed under: Political Hot Topics
newer posts »