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
New York (CNNMoney) – The $85 billion in spending reductions looming over the federal government will cut into the nation's homeland security department and affect how it carries out vital missions, a top Obama administration official warned Wednesday.
"Sequestration would roll back border security, increase wait times at our nation's land ports of entry and airports, affect aviation and maritime safety and security, leave critical infrastructure vulnerable to attacks, hamper disaster response time ... and significantly scale back cyber security infrastructure protections," Homeland Security Secretary Janet Napolitano wrote in a letter to lawmakers.FULL STORY
New York (CNNMoney) – Like suspense, confusion and midnight deals? Draw a big red circle around March.
It's chock full of cliffhanger deadlines and budget proposals that could drive the country's finances for the foreseeable future.FULL STORY
New York (CNNMoney) – House Republicans have put aside the debt ceiling as leverage in their fight for spending cuts. Now their goal is to balance the federal budget in 10 years.
Leading the charge will be Paul Ryan, chairman of the House Budget Committee, who is drafting the GOP's proposed 2014 budget.FULL STORY
New York (CNNMoney) - The House on Wednesday passed the "No Budget, No Pay Act," a Republican bill that would effectively defuse the debt ceiling threat for several months.
The bill would let the Treasury Department borrow new money until mid-May. In exchange, the legislation would require lawmakers in both chambers of Congress to pass a budget resolution or have their pay withheld until they do.FULL STORY
New York (CNNMoney) - The debt ceiling standoff isn't over just yet. But there's a chance it may be soon, at least temporarily.
On Wednesday the House is expected to vote on a Republican bill that would let the Treasury Department borrow new money until mid-May.FULL STORY
New York (CNNMoney) - The Obama administration on Monday turned up the heat on Congress to raise the debt ceiling.
The Treasury Department, hours after President Obama again said he would not negotiate with Congress over the issue, said it will run out of ways to keep the country under the legal borrowing limit sometime between mid-February and early March.FULL STORY
New York (CNNMoney) - The list of sorry ways to address the unthinkable is growing. Call the latest debt ceiling work-around the IOU Plan.
Edward Kleinbard, a tax and legal scholar, has offered up a contingency plan he thinks President Obama could adopt without causing a constitutional crisis if Congress pushes the country to the brink of default: Issue IOUs that can be sold and traded in private markets.FULL STORY