New York (CNNMoney) – Erskine Bowles and Alan Simpson proposed a new framework Tuesday to cut the country's debt by $2.4 trillion over the next decade.
Bowles and Simpson were the co-chairmen of President Obama's bipartisan fiscal commission in 2010, and their recommendations came to serve as a yardstick for other debt-reduction proposals.FULL STORY
Washington (CNNMoney) – Federal workers could start facing furloughs as early as April, according to federal agencies trying to prepare for the worst.
Unless Congress steps in, some $85 billion in massive spending reductions will hit the federal government, doling out furloughs to much of the nation's 2.1 million federal workforce, experts say.FULL STORY
(CNN) - Republican Sen. John Barrasso said Sunday the country should be prepared for the sequester and its massive spending cuts to kick in next month, despite Democrats' proposal last week to avert it.
"Let me be very clear - and I'd say this to the president as I say it to you - these spending cuts are going to go through on March 1," the senator from Wyoming said on CNN's "State of the Union."
Washington (CNN) - On a typical Monday morning, lines of travelers heading toward the security checkpoint at Washington's Reagan National Airport snake past a sign that reads: "Not much longer. 25 min. approximately from this point."
But wait times could lengthen if millions of dollars in mandated spending cuts force the Transportation Security Administration to trim the number of agents that screen passengers and cargo for bombs, guns and other prohibited items.FULL STORY
Washington (CNN) – Senate Democrats proposed a $110 billion measure on Thursday to put off mandatory across-the-board spending cuts set to take effect on March 1.
The package made public by Senate Democratic leaders calls for replacing the so-called sequester cuts with a combination of increased tax revenue from millionaires, ending agriculture subsidies and reducing defense spending after the war in Afghanistan ends.FULL STORY
Washington (CNN) – In his final press briefing as defense secretary, Leon Panetta expressed concern over how the world will view the United States if it fails to avert steep budget cuts due to take effect in two weeks.
"What they (other countries) worry about is what I worry about, which is whether or not we can govern and whether or not we can face the tough decisions that have to be made and resolve those," Panetta said on Wednesday about the budget uncertainty.
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Washington (CNN) – In personal and biting terms, House Speaker John Boehner argued that President Obama's failure to find agreement with Republicans is a result of his lack of
"courage" and "guts" to do what it takes.
"To do the kind of heavy lifting that needs to be done, I don't think he's got the guts to go do it," Boehner told a group of television reporters and anchors in a breakfast ahead of the president's State of the Union address.
Watch CNN's comprehensive coverage of President Barack Obama's State of the Union address starting Tuesday night at 7 p.m. ET on CNN TV and follow online at CNN.com or via CNN's apps for iPhone, iPad and Android. Follow our real-time State of the Union live blog at cnn.com/conversation.
Washington (CNN) – House Republicans are calling out the president for missing Monday's deadline to submit his budget to Congress, and they plan on holding a vote Tuesday to draw attention to the lapse.
By law the president is required to deliver his budget for the upcoming fiscal year to Capitol Hill the first Monday in February. This year marks the fourth time in five years this administration's submission will be late.
(CNN) – Senate Majority Leader Harry Reid called for more revenue Sunday as a solution for the nation's budgetary problems.
The Senate's top Democrat pointed to measures that Republicans previously supported, such as closing tax loopholes and eliminating oil subsidies, as potential options.
(CNN) – Outgoing Defense Secretary Leon Panetta said Sunday his "biggest concern" right now is the uncertainty over budget issues on Capitol Hill.
"If the sequester is allowed to go into effect, I think it could seriously impact on the readiness in the United States," he said on CNN's "State of the Union." "And that's a serious issue."