The US House is to vote Tuesday on a bill that would raise the nation’s debt ceiling. But Republicans will oppose it in block, and many Democrats may cast 'no' ballots as well.
Talks broke down on key fronts this week as an impasse appeared on cutting spending and raising taxes. That leaves bipartisan leadership talks, chaired by Vice President Biden, as the main venue for a deal that could pass both the House and Senate.
Usually natural allies, the tea party and the business lobby are at odds over if and how to raise the national debt limit.
House Speaker John Boehner calls for trillions in spending cuts as a condition of raising the national debt limit. Is that bar so high that Congress will do short-term fixes – and wait for voters to speak in Election 2012?
The budget plans will give both Democrats and Republicans a sense of where the votes are and a road map for going forward.
President Obama's proposed $3.7 trillion dollar federal government budget works some economic magic, from disappearing programs to mystery funding sources. Here’s a look at five key head-scratchers in the 2012 budget:
Reports suggest that President Obama's federal budget, to be released next week, will propose cutting in half the budget for the Low Income Home Energy Assistance Program. It's one of many popular programs on the chopping block.
House Republican leadership wants to rein in the federal budget by $32 billion from current spending levels. But some of the rank-and-file want $100 billion in cuts – or more.
The words of Republican and Democratic leadership on Capitol Hill suggest Congress is headed for a government shutdown over budget issues. But several bipartisan groups of rank-and-file senators are seeking to find a solution.
Extending the Bush tax cuts will prevent as much as $300 billion a year from going into federal coffers, continuing the current federal deficits.