Inside these posts: Federal deficit

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U.S. deficit panel urges Obama to work on plan

The co-chairs of the U.S. deficit commission urged President Barack Obama Thursday to launch negotiations with Congress early next year on a serious fiscal responsibility plan.

Co-Chairs Erskine Bowles and Alan Simpson said they believed a bipartisan agreement aimed at reducing America’s massive debt should be reached before any long-term increase in the U.S. debt limit is approved. Get the full story »

Durbin joins growing support for deficit plan

Defying expectations, a bipartisan majority of President Barack Obama’s deficit commission has rallied behind the panel’s controversial deficit-slashing proposals.

A key Obama ally, liberal Democratic Sen. Dick Durbin of Illinois, endorsed the plan Thursday night, joining two of the Senate’s most conservative Republicans. Get the full story »

Deficit reduction plan gets 2nd ‘no’ vote

U.S. Rep. Paul Ryan said Thursday he will vote against a presidential commission plan to reduce the U.S. deficit, saying it does too little to tackle health care costs and relies too much on tax increases. Get the full story »

Deficit panel recalibrates, seeks more support

Debt Commission co-chairmen Erskine Bowles, right, and former Wyoming Sen. Alan Simpson at a news conference on Capitol Hill on Tuesday. (AP Photo/Alex Brandon)

A presidential commission trying to balance the budget on Wednesday softened a proposed tax overhaul to win broader support for its bold plan to slash the $1.3 trillion federal deficit.

The plan faced an uphill struggle to win sufficient backing to trigger a congressional vote. Even if that happens, analysts predict Congress won’t take substantive steps to reduce the deficit this year.

Changes made to the plan included dropping a proposal to kill the popular mortgage interest tax deduction, as had been recommended on November 10. The revised version proposed a limited, 12 percent mortgage interest tax credit. Get the full story »

Obama to announce pay freeze for federal workers

President Barack Obama will announce a two-year pay freeze for federal employees that the White House says is necessary to put the country on sound fiscal footing.

Debt commission to change draft to broaden support

The chairmen of the White House’s debt-reduction commission are making last-minute changes to their provocative early draft in an effort to broaden support before a crucial Wednesday vote, people familiar with the matter said.

The co-chairmen, Democrat Erskine Bowles and former Republican Sen. Alan Simpson, need 14 of the 18 members to support their proposal in order to issue a formal recommendation, which could then be voted on by Congress before the end of the year. Get the full story »