So far, forced spending cuts not as bad as advertised
April 1st, 2013
03:10 PM ET
1 year ago

So far, forced spending cuts not as bad as advertised

Washington (CNN) - Forced government spending cuts, known in Washington jargon as sequestration, took effect a month ago amid doomsday predictions of freed criminals, weakened borders and a crippled military.

President Barack Obama and other federal officials warned that the harshest impacts would hit in April, with worker furloughs and program cuts rippling through the economy to stunt growth during a sluggish recovery.

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Filed under: Budget • Fiscal Cliff • President Obama
February 16th, 2013
07:13 PM ET
1 year ago

Video: Bracing for big spending cuts

(CNN) - If Congress doesn't act by the end of the month, major spending cuts are set to trigger. CNN's Emily Schmidt reports how the everyday government services you depend on could be slashed.


Filed under: Budget • Fiscal Cliff
Online ad targets McConnell over fiscal cliff deal
January 9th, 2013
10:43 AM ET
2 years ago

Online ad targets McConnell over fiscal cliff deal

Washington (CNN) - A top political adviser to Senate Minority Leader Mitch McConnell is pushing back against a series of new online ads in McConnell's home state of Kentucky that target the top Senate Republican for helping to negotiate a deal that prevented the U.S. from falling off the fiscal cliff.

The ads, by the conservative advocacy group ForAmerica, ask "Mitch McConnell: Whose side are you on?" and show an image of a sullen McConnell sandwiched between pictures of a grinning Vice President Joe Biden and a smirking President Barack Obama.
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Filed under: Fiscal Cliff • Mitch McConnell
Fiscal cliff deal didn't impress, poll shows
January 7th, 2013
06:13 PM ET
2 years ago

Fiscal cliff deal didn't impress, poll shows

(CNN) - For all the last-minute wrangling to avoid the potentially damaging consequences of the fiscal cliff, Americans aren't impressed with the solution, according to a new poll.

The Pew Research Center poll out Monday showed 38% of adults approved of the scaled-back deal congressional leaders passed as the calendar rolled into 2013 - after the country, technically, had gone over the cliff.
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Filed under: Fiscal Cliff • Polls
Obama, Republicans foreshadow spending duels in Washington
January 5th, 2013
06:00 AM ET
2 years ago

Obama, Republicans foreshadow spending duels in Washington

(CNN) - While Republicans this week have already begun to lace up their fighting gloves for the upcoming battles over debt and spending, President Barack Obama used his weekly address Saturday to draw his own lines.

"One thing I will not compromise over is whether or not Congress should pay the tab for a bill they've already racked up. If Congress refuses to give the United States the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic," Obama said.
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Filed under: Debt • Fiscal Cliff • President Obama
Poll: No winners out of fiscal cliff talks
January 4th, 2013
05:52 PM ET
2 years ago

Poll: No winners out of fiscal cliff talks

(CNN) - A new poll shows neither Republicans nor Democrats in Congress weathered the fiscal cliff showdown well, and Americans' views on the agreement are sharply divided along political lines.

The Gallup survey found only 34% of Americans approved of congressional Democrats' handling of the cliff negotiations. Congressional Republicans scored even lower, with 25% approval. Two thirds - 67% - disapproved of Capitol Hill Republicans' handling of the negotiations and 55% disapproved of how Democrats handled the talks.
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Filed under: Fiscal Cliff
Fiscal cliff deal raises taxes on 77% of Americans
CNNMoney.com breaks down how much you could pay.
January 3rd, 2013
03:08 PM ET
2 years ago

Fiscal cliff deal raises taxes on 77% of Americans

New York (CNNMoney) – More than three in four Americans will pay higher taxes for 2013, thanks to the fiscal cliff deal passed in Congress on New Year's Day.

Over 77% of filers will pay more, according to the Tax Policy Center. The average increase is expected to be $1,257, but that figure belies the wide disparity in impact. Those making less than $10,000 a year will pay $68 more in federal taxes, on average, while those making between $50,000 and $75,000 will see an $822 jump. Wealthy filers with incomes of $1 million or more will see a $170,341 spike, on average.

FULL STORY

Filed under: CNNMoney.com • Fiscal Cliff
Borger: Fiscal cliff was bound to collapse
January 3rd, 2013
11:38 AM ET
2 years ago

Borger: Fiscal cliff was bound to collapse

Editor's note: Gloria Borger is CNN's chief political analyst, appearing regularly on shows such as "AC360˚," "The Situation Room" and "State of the Union."

Washington (CNN) - So I remember thinking, when Congress and President Obama concocted the supercommittee on the deficit - and the fiscal cliff as a last resort if all else failed - that it was a generally boneheaded, albeit necessary, idea.

Conceived in desperation as a way to come up with a deal to raise the debt ceiling (and pay our bills) in the summer of 2011, it seemed like the only way out: a way to agree to do what needed to be done in the short term and to force action in the long term on the bigger picture.

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Filed under: Fiscal Cliff
The power of the (auto) pen
January 3rd, 2013
11:30 AM ET
2 years ago

The power of the (auto) pen

Honolulu, Hawaii (CNN) - If you are a president who desperately wants to salvage your Hawaiian vacation, why stick around Washington to sign a bill when an automatic pen can do it for you?

That’s what happened Wednesday when the long-haggled over bill to avert the fiscal cliff was delivered to the White House for the president’s signature. With Obama 5,000 miles away in Hawaii, aides decided to prepare the president with an electronic version of the document for his review rather than commission a special flight to currier over the document.

FULL STORY

Filed under: Fiscal Cliff • Hawaii • President Obama
January 3rd, 2013
11:11 AM ET
2 years ago

Calls from tea party for 'consequences' of fiscal cliff vote

(CNN) - Prominent tea party voices are calling for action following the fiscal cliff votes this week in Washington.

Amy Kremer, leader of the group Tea Party Express, said Thursday she is "outraged" over the deal, which was struck between Senate Republican Leader Mitch McConnell and Vice President Joe Biden. It allows tax rates on wealthy earners - families earning over $450,000 and individuals earning over $400,000 - to expire while extending the tax breaks passed under President George W. Bush for earners below those thresholds.
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Filed under: Fiscal Cliff • Tea Party • Tea Party Express
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