Congress has created a special super committee to devise a way to cut at least $1.2 trillion from US spending in coming years. Its real name is the Joint Select Committee on Deficit Reduction, and its deadline is Nov. 23. If a majority of the bipartisan, bicameral committee approves the plan, it goes to the House and Senate for a vote, and they must act by Dec. 23. If the plan is voted down, automatic spending cuts are slated to occur. Here are the 12 lawmakers serving on the super committee.
08/11/2011 09:23 pm
Amid worries that the economy may be tipping toward a second recession, both Republicans and Democrats say creating jobs is their top priority. But the two parties are far apart on their approaches. Democrats favor targeted stimulus – investments in infrastructure, clean energy, and education – while hiking taxes on corporations and the rich to fund this jobs spending. Republicans aim to curb government regulation and cut taxes to give businesses and individuals more incentive to invest. Here are the Republicans' top five priorities.
08/11/2011 10:06 am
Washington’s self-imposed deadline to do something credible on the debt crisis before the Asian financial markets opened on Sunday passed in silence. "There could be extreme turmoil in markets," says one expert.
07/24/2011 09:17 pm
In Pictures Who's who in the US debt crisis
Stocks surged Tuesday, with the Dow gaining 202 points. Stocks on the S&P had their best day in four months.
07/19/2011 05:37 pm
'Cut, cap, and balance' legislation, which lays out a GOP plan to eliminate the US budget deficit, is set for a House vote late Tuesday. A symbolic move, the vote is nonetheless vital to Republicans. Here's why.
07/19/2011 03:52 pm
On Monday, President Obama and Vice President Joe Biden will hold meetings with Sens. Harry Reid and Mitch McConnell to discuss the status of the debt talks.
06/24/2011 03:47 pm
As an Aug. 2 deadline for raising the debt ceiling nears, Congress is getting serious about where to find major spending cuts. Republicans have vowed not to support a potential $2.4 trillion increase to the debt ceiling unless they get an equal amount of budget savings to offset the increase. Finding $2.4 trillion in spending cuts is not easy, but Congress's search is beginning to show some signs of promise. In particular, three programs long protected by big, bipartisan majorities in the past now appear vulnerable.
06/17/2011 09:29 pm
One of the few potential points of bipartisan compromise in the budget stalemate is reining in tax breaks. A Senate vote Tuesday could reveal whether GOP senators are on board.
06/14/2011 12:23 pm
Reeling from the reaction to Rep. Paul Ryan's proposal to reform Medicare, an influential group of House Republicans offers an alternative plan to lock in spending and rein in the federal debt.
06/06/2011 09:27 pm