Washington (CNN) - With Congress and the White House still at odds on raising America’s debt ceiling, Republicans used their weekly address to illustrate the dire risks of missing next week’s deadline for reaching a deal.
“The consequences of missing this deadline could be severe, precisely because Washington borrows so much money – more than 40 cents out of every dollar it spends,” Republican Sen. Jon Kyl of Arizona said.
Washington (CNN) – Nearly half of all Americans think they'll have to feel some personal pain in order to cut the country's massive budget deficit, according to a new national poll.
“If we keep spending too much, borrowing too much, and taxing too much – if we keep doing the same things, we’re going to get the same dismal results," Djou says. "It’s time to change direction. It’s time to listen [to the American public]."
(Read Djou's full remarks after the jump)
New York (CNNMoney.com) – How to get the federal budget back on the right track? Here are just two ideas from the co-chair of the president's bipartisan debt commission: Rein in tax breaks. Set hard caps on federal revenue and spending.
Erskine Bowles, co-chairman of the panel and White House chief of staff under former President Clinton, has twice in recent weeks mused in public about what he'd like to see in a debt-reduction plan.
The commission has much work left, and Bowles only gets one vote. But if the commission can't agree on its own set of official recommendations, he is likely to play an influential role in shaping the advice given to President Obama.
Washington (CNN) - The Obama administration wants to boost the staggering U.S. economy by boosting exports and offering small-business tax credits, but the prospects for additional stimulus spending are weak, the president's top political adviser conceded Sunday.
"Everybody agrees we have to do more," David Axelrod told CNN's "State of the Union." He said the administration has boosted the economy with its first stimulus package, which it pushed through Congress shortly after taking office in 2009, and Obama has pledged to double U.S. exports in five years, but, "We
have to accelerate that."
But with members of Congress expressing increasing concern about the budget deficit, which already tops $1 trillion for a budget year that ends in September, Axelrod admitted there's "not a great desire" for additional government spending.
NEW YORK (CNNMoney.com) - Lawmakers come back to work Monday facing a tough decision: Whether it's more important to spend money to keep the economic recovery going or to watch their pennies.
One camp, made up mostly of Democrats, is arguing that Congress must spend to help cash-strapped states and people who are hurting from the downturn.
The other side - mainly Republicans but also a few fiscally conservative Democrats - says that adding to the nation's deficit poses an even bigger economic problem. They don't mind helping the unemployed and the states, as long as the measures are paid for.
Lawmakers don't have much time to argue. They'll be in session for a month before leaving for the extended August recess. And when they return after Labor Day, they'll be wrapped up in the November elections and likely will get little done.
There are three pressing issues that lawmakers will wrestle with in July.
Washington (CNN) – It may be no surprise, but a new poll indicates that Tea Party supporters and those opposed to the movement don't see eye to eye on some of the top issues facing the nation.
According to a USA Today/Gallup survey released Monday, 61 percent of self-described Tea Party movement supporters say that the federal government's debt is an extremely serious threat to the country, with only 29 percent of self-described Tea Party opponents saying that the debt is an extremely serious threat.
Forty-nine percent of Tea Party supporters say the size and power of the federal government is an extremely serious threat, with only 12 percent of Tea Party opponents agreeing.
Washington (CNN) - Sen. Saxby Chambliss says the U.S. debt is "one of the most dangerous threats confronting America."
The Georgia Republican made his comment in this week's Republican address, and come on the same day that, in the presidential radio and internet address, President Obama criticized Senate Republicans for their attempts to delay the extension of unemployment benefits and tax credits to people and small businesses hurt by the recession.
Republican leaders objected to the measure because it would have added to the national debt. They offered alternative bills that would have paid for unemployment benefits with unused stimulus funds.
While never referring explicitly to the legislative battle over unemployment benefits, Chambliss hammers home the GOP perspective.
Racine, Wisconsin (CNN) - President Barack Obama acknowledged Wednesday that the federal deficit is a significant concern, but he also criticized Republicans for obstructing what he called commonsense legislation and siding with big business.
In a campaign-style speech and in answering questions from a crowd of about 1,400 people in economically hard-hit Racine, Wisconsin, Obama depicted Republican opponents as obstructionists to necessary progress for continuing recovery from what the president called "the great recession" that started under the previous GOP administration.
"We already tried the other side's ideas," Obama said, adding that the choice now facing the nation is to "return to the failed economic policies of the past" or to keep working to build a stronger future.