Search Results for: sequestration

Obama Meets With Business Leaders as Fiscal Cliff Talks Start

President Barack Obama spoke with senior business leaders last weekend to discuss the upcoming fiscal cliff of tax increases and spending cuts, Reuters reports. Obama met with Boeing‘s Jim McNerney, JPMorgan Chase‘s Jamie Dimon, Warren Buffett, Apple‘s Tim Cook and Costco‘s Craig Jelinek. A White House official told reporter Mark Felsenthal …

Read More »

CBO Predicts 9.1% Unemployment In Event of Full Fiscal Cliff

The Congressional Budget Office has released its projections of both short-term and long-term effects of the U.S. going off the fiscal cliff in January, Fierce Government reports. Along with Bush-era tax cuts expiring and spending cuts under sequestration, Geoff Whiting writes the fiscal cliff also includes the end of the …

Read More »

Sen. Corker Confident in Lawmakers Reaching Fiscal Cliff Compromise

Sen. Bob Corker (R-Tenn.) expressed optimism in an interview with Fox News Sunday that lawmakers can reach a deficit reduction agreement and avoid the fiscal cliff. According to The Hill newspaper’s account of the interview, Corker said such a deal would prevent the higher tax rates and spending cuts under …

Read More »

Treasury: US to Reach Debt Limit Before Year Ends

The U.S. Treasury is $235 billion short of the $16.4 trillion borrowing limit and could reach that ceiling before the year ends, Reuters reports. Using emergency measures would avert a default and keep the government running through early 2013, according to Rachelle Younglai’s story. The Treasury said the government has …

Read More »

Panetta Backs Hampton Roads to Continue Key Role in US Defense

The Hampton Roads region will continue to play an integral role in the U.S. defense strategy even as the Defense Department will see budget cutbacks over the next decade, Defense Secretary Leon Panetta said Friday. The Virginian-Pilot reports Panetta made the remarks before regional business and military leaders at the …

Read More »

Reuters: Lawmakers Floating $55B Sequester Replacement Option

A targeted $55 billion cut instead of the $109 billion slated to be cut from the federal budget under sequestration is an idea circulating around Congress, Capitol Hill aides told Reuters. According to Richard Cowan‘s report, one aide had referred to a stop-gap revenue measure until Congress has time to …

Read More »