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Tag Archives: deficit reduction

Senate Passes Budget Plan in 52-46 Vote

The Senate has passed a fiscal year 2016 budget that increases military funding and seeks a 10-year deficit reduction of $5.1 trillion without any tax increases, USA Today reported Friday. Susan Davis writes senators adopted the Republican-authored spending plan in a 52-46 vote that concluded around 3 a.m. Friday. During …

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Mark Warner: Fiscal Deal Can Reform Tax Rates Lower

In an interview with Federal News Radio, Sen. Mark Warner (D-Va.) said he thinks a deal to avert the fiscal cliff could start with tax rates higher then reform them lower. Warner told the station the more immediate goal is to not get in the way of negotiations between President …

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Six Senators Want CBO to Evaluate Proposals for Avoiding Sequestration

A bipartisan group of senators has sent a letter to Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.), saying Congress and the president should not wait until January to come up with a resolution avoiding sequestration cuts. Carl Levin (D-Mich.), John McCain (R-Ariz.), Jeanne Shaheen (D-N.H.), …

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Report: Sequestration Cuts Not Included in Pentagon Budget Draft

The Defense Department has submitted a draft budget plan to President Obama that includes the $450 billion in cuts required from the debt ceiling compromise, according to Bloomberg. It does not include the additional $600 billion cuts by sequestration that are mandated by the supercommittee’s failure to reach an agreement …

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Supercommittee Fail: What They’re Saying

Reaction has poured in from the business and political communities regarding the congressional supercommittee‘s announcement Monday that it has failed to produce a deficit reduction proposal. Reaction from the business world primarily focused on the possibility of $600 million in additional defense cuts. “There is a mistaken notion floating around …

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Report: Supercommittee Set to Announce Failure

High hopes that the congressional supercommittee charged with proposing a deficit reduction solution appear to be dashed as Republican and Democratic leaders of the panel are set to announce failure, according to a report from Reuters on Monday. The supercommittee was charged with proposing at least $1.5 trillion in savings …

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Sen. Warner Proposes Fallback Option if Supercommittee Fails

All will not be lost if negotiations go nowhere and the deficit reduction supercommittee fails to reach an agreement, according to Sen. Mark Warner (D-Va.). During an appearance on CNN’s “State of the Union” program Sunday, Warner expressed hope that the supercommittee succeeds in delivering a proposal before Thanksgiving. However, …

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Report: Panetta Expects Weapons Programs to Face Cuts

Defense Secretary Leon Panetta told lawmakers during a classified briefing he expects around half of the $450 billion in cuts to defense spending over the next 10 years to come from weapons programs, according to a report from Reuters. House Armed Services Committee Chairman Buck McKeon (R-Calif.) told reporters Panetta expressed …

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House Panel Told Defense Cuts Put 880K ‘Main St.’ Jobs At Risk

One million U.S. jobs could be lost if the congressional supercommittee fails to agree on a deficit reduction proposal and automatic defense budget cuts are imposed, according to the Aerospace Industries Association, a major trade group representing many defense contracting firms. The figure comes from an economic impact analysis prepared …

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