The Internal Revenue Service would face a “devastating” loss of $4 billion in revenue collected each year if proposed cuts of up to $600 million are made from the agency’s budget, Colleen Kelley, president of the National Treasury Employees Union warned Wednesday.
While the cuts might mean savings on the front end, they would result in far less money available for every federal agency the public depends on for services, she said, including responsible for the health and safety of the public. Keep reading →
There are a lot of ideas on how to address the looming crisis of trillion dollar annual deficits and a $14 trillion national debt. Congress has ideas and so does the President. All of the ideas involve choosing winners and losers, who will be taxed or receive tax breaks. Given the deep political and economic divisions in the country right now, a starting point for progress is voluntary measures.
There are people, even in this terrible economy, who would volunteer their income to help solve the fiscal crisis. Warren Buffett and former President Clinton are not alone in wanting to be asked to do more. Under a couple of conditions, many people with far less resources than Buffett or Clinton would invest in the future of the country. Keep reading →
For those of you who want to read it the old fashioned way, here’s President Obama’s full speech:
Good morning, everybody. Please have a seat. A week ago today, I sent Congress the American Jobs Act. It’s a plan that will lead to new jobs for teachers, for construction workers, for veterans, and for the unemployed. It will cut taxes for every small business owner and virtually every working man and woman in America. And the proposals in this jobs bill are the kinds that have been supported by Democrats and Republicans in the past. So there shouldn’t be any reason for Congress to drag its feet. They should pass it right away. I’m ready to sign a bill. I’ve got the pens all ready. Keep reading →
Alan Blinder, an economics professor at Princeton University, was a member of the Council of Economic Advisers under President Bill Clinton. Glenn Hubbard, dean of Columbia University’s Graduate School of Business, chaired the Council of Economic Advisers under President George W. Bush.
The smart money in Washington is betting that the Joint Select Committee on Deficit Reduction — the so-called super committee — will fail because the two parties cannot find common ground. What a shame, because the common ground is there for the taking. Keep reading →
President Barack Obama urged Congress Thursday night to pass a proposed $447 billion plan “right away” that would extend and expand the payroll tax cut to workers for another year and, for the first time, giving employers a break in their payroll taxes.
The American Jobs Act proposal includes more than $250 billion in tax incentives for small businesses and employers, according to administration estimates, in an effort to bring down the 9.1 percent unemployment rate, and “give a jolt” to a stalled economy. Keep reading →
President Obama raises the curtain Thursday night on a $400 billion plan to jump start the nation’s economy. It’s called the American Job Act. But will it work?
It would pour thousands of jobs into the marketplace and bring down the 9.1 percent unemployment rate, for sure. But there is one big bump in the road: It has to be approved by Congress. Keep reading →