New York (CNNMoney) - A key senator said Tuesday he would try to revive the so-called Bowles-Simpson plan as a starting point in negotiations over a long-term debt-reduction plan.
Democrat Kent Conrad, the Senate Budget Committee chairman, announced he would present the plan as his opening bid at the committee's budget mark-up on Wednesday.FULL STORY
(CNN) – A proposal to implement the Buffett Rule was blocked in the Senate on Monday, but proponents of the millionaire tax vowed to keep the issue alive in the months ahead.
Republicans, as expected, garnered enough support to reject Democrats' attempt to bring up the proposal for debate. The Democrats fell nine votes short.FULL STORY
New York (CNNMoney) - What can the public - and his rivals - expect to learn when Mitt Romney releases his 2010 tax return on Tuesday?
Interest is high, largely because of Romney's vast wealth: He leads the Republican field, and President Obama, by a mile in that category.FULL STORY
NEW YORK (CNNMoney) - The debt ceiling deal President Barack Obama enacted Tuesday cuts deficits and lets the country avert default. But it is getting very muted applause from serious fiscal experts - the ones who actually understand the federal budget.
"No one should pretend that they have solved anything other than an artificial political crisis," said Bob Bixby, executive director of the Concord Coalition, a nonpartisan deficit watchdog group.FULL STORY
NEW YORK (CNNMoney) – First the House debt ceiling bill came up short. Now it's the Senate bill.
The Congressional Budget Office on Wednesday said the proposal by Senate Majority Leader Harry Reid, which would raise the debt cap by $2.7 trillion, would reduce deficits by $2.2 trillion.FULL STORY
New York (CNNMoney) – Want to avoid raising the county's debt ceiling? It could be harder than anyone thinks.
The country would need to cut spending or raise taxes by as much as $738 billion over just 6 months, according to a report from the Congressional Research Service. That's how much it would otherwise need to borrow to pay all its bills for the rest of the year.FULL STORY