What ever happened to tax reform?
August 2nd, 2011
03:14 PM ET
3 years ago

What ever happened to tax reform?

NEW YORK (CNNMoney) - Legislators finally agreed on an eleventh-hour plan to raise the debt ceiling on Sunday, but one part of the debate was left out of the final draft - tax reform.

Deficit reduction of up to $2.4 trillion was the centerpiece of the deal to raise the nation's borrowing limit, which passed Congress this week after months of debate. But the deal accomplishes that only through spending cuts, not an increases in tax revenue, as Democrats had pushed for.

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Filed under: CNNMoney.com • Congress • Debt • Deficit
Senate passes debt bill: How they voted
August 2nd, 2011
02:14 PM ET
3 years ago

Senate passes debt bill: How they voted

Washington (CNN) – The Senate on Tuesday passed Senate bill 365, otherwise known as the bill to extend the debt ceiling, 74-26. President Obama has also signed the bill into law.

Here's how they voted:

"Motion to Concur in the House Amendment to S. 365; An act to provide for budget control."

74 AYE
26 NO

See how each senator voted, after the jump:
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Filed under: Congress • Debt • Deficit • Senate
Obama signs debt ceiling bill, ends crisis
August 2nd, 2011
02:05 PM ET
3 years ago

Obama signs debt ceiling bill, ends crisis

Washington (CNN) - President Barack Obama signed a last-minute compromise plan to raise the nation's $14.3 trillion debt ceiling Tuesday afternoon, narrowly averting what could have been an unprecedented default with calamitous economic consequences.

The U.S. Senate passed the plan, which imposes sweeping new spending cuts over the next decade, shortly after noon ET. The bill was approved in a 74-26 vote; 60 votes were required for passage.

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Filed under: Debt • Deficit • President Obama
Obama to visit 9/11 sites
August 2nd, 2011
01:59 PM ET
3 years ago

Obama to visit 9/11 sites

WASHINGTON (CNN) – President Barack Obama will commemorate the September 11, 2001, terrorist attacks in events at the three sites connected with the assaults - in New York City, at the Pentagon and in Shanksville, Pennsylvania, White House Press Secretary Jay Carney announced Tuesday.

"The president and Mrs. Obama will join with the rest of the American people in marking the 10th anniversary of a day that we will never forget," Carney told reporters. "The president will participate in commemorations at each of the three locations where we lost so many loved ones."
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Filed under: 9/11 • President Obama
Debt ceiling cost to taxpayers: $18 million
August 2nd, 2011
01:19 PM ET
3 years ago

Debt ceiling cost to taxpayers: $18 million

(Updated at 2:15 p.m. ET)

NEW YORK (CNNMoney) - The debt ceiling debacle has just cost U.S. taxpayers more than $18 million.

That's the amount of additional interest the government had to pay investors Monday to sell Treasury bills that finance its operations.

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Filed under: Debt
Obama says debt deal is 'an important first step'
August 2nd, 2011
01:13 PM ET
3 years ago

Obama says debt deal is 'an important first step'

Washington (CNN) - President Barack Obama calls the debt ceiling deal passed by Congress "an important first step for ensuring that as a nation we don't live beyond our means."


Filed under: Debt • President Obama
U.S. representative apologizes for 'tar baby' comment
August 2nd, 2011
01:00 PM ET
3 years ago

U.S. representative apologizes for 'tar baby' comment

Washington (CNN) - A member of Congress has apologized after saying that being associated with President Barack Obama would be similar to touching a "tar baby."

Rep. Doug Lamborn, R-Colorado, sent a letter to Obama "apologizing for using a term some find insensitive," he said in a statement Monday.

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Filed under: Doug Lamborn
Senate passes debt ceiling bill
August 2nd, 2011
12:33 PM ET
3 years ago

Senate passes debt ceiling bill

(CNN) - The U.S. Senate passed legislation increasing the debt ceiling Tuesday in a 74-26 vote, sending it to President Barack Obama to be signed into law hours before the federal government would have faced a possible default.


Filed under: Debt • Deficit • Senate
Bork to co-chair Romney justice committee
August 2nd, 2011
12:12 PM ET
3 years ago

Bork to co-chair Romney justice committee

(CNN) - Former acting U.S. Attorney General and conservative judge Robert Bork will co-chair Republican presidential candidate Mitt Romney's justice advisory committee.

The former Massachusetts governor announced his 63-member committee Tuesday, which includes a number of officials and appointees from the administrations of former Presidents Ronald Reagan and George W. Bush.
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Filed under: 2012 • Mitt Romney
Poll: Pennsylvania turns on Obama
August 2nd, 2011
11:44 AM ET
3 years ago

Poll: Pennsylvania turns on Obama

(CNN) - President Barack Obama handily defeated Sen. John McCain in Pennsylvania in 2008, but a new poll offers an early glimpse into the minds of Keystone State voters – and it's not pretty for the President.

Pennsylvania voters disapprove of President Obama by a 54 to 43 percent margin, according to a Quinnipiac University poll released Tuesday. Perhaps more strikingly, 52 percent of Pennsylvanians say the president does not deserve to be re-elected.
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Filed under: 2012 • Pennsylvania • Polls • President Obama
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