Under the proposal, Medicare spending, Social Security, the Pentagon's budget, and earmarks would be curtailed in a plan that cuts $3 in spending for every $1 in tax increases.
The co-chairs of Obama's deficit-reduction panel issued a proposal to reduce the national debt by $4 trillion in 10 years. But the budget cuts and tax increases promise to anger just about everyone.
Bush’s memoir details the decisions that shaped his life and presidency – but fails to open a window into his thinking.
Fareed Zakaria told Anderson Cooper: Americans 'are asking for magic because you can’t have the size of government they seem to want with the level of taxes they want. We’ve pretended otherwise for a generation and the result is nearly $14 trillion in debt.'
To avoid gridlock, he will need to master a new political reality – and win a battle of public perception.
The problem for Republicans after Tuesday’s election is that Americans are opposed to Big Government, but only at a high level of abstraction. Translating that general sentiment into specific program cuts that are popular, or even tolerated, is the hard part.
Sharron Angle, a tea party favorite, couldn't ride the Republican wave that swept across the nation. Democrat Sen. Harry Reid survived for a fifth term. Angle hints her political ambitions may not be over.
The Nevada Senate race was tight and angry up to Election Day, with some polls showing tea party favorite Sharron Angle ahead. But Senate majority leader Harry Reid held on.