You are browsing the archive for federal debt.

LETTER: Get involved, save our country’s future

March 30, 2012 in The Daily Republic

In February we set a record for the largest budget deficit in our history. We spent $229 billion more than we brought in. Continue Reading

FACT CHECK: Are wealthy taxed less than secretaries?

September 20, 2011 in Grand Forks Herald

President Barack Obama makes it sound as if there are millionaires all over America paying taxes at lower rates than their secretaries. There may be individual millionaires who pay taxes at rates lower than middle-income workers – Warren Buffett (pictured) recently said that’s the case for him – but, on average, the data tell a different story. Continue Reading

Obama, on proposed $1.5 trillion in new taxes on rich, big corporations: ‘We can’t just cut our way out of this hole’

September 19, 2011 in Grand Forks Herald

In a blunt rejoinder to congressional Republicans, President Barack Obama called for $1.5 trillion in new taxes today, part of a total 10-year deficit reduction package totaling more than $3 trillion. He vowed to veto any deficit reduction package that cuts benefits to Medicare recipients but does not raise taxes on the wealthy and big corporations. Continue Reading

Obama on new debt plan: ‘We can’t just cut our way out of this hole’

September 19, 2011 in Grand Forks Herald

In a blunt rejoinder to congressional Republicans, President Barack Obama called for $1.5 trillion in new taxes today, part of a total 10-year deficit reduction package totaling more than $3 trillion. He vowed to veto any deficit reduction package that cuts benefits to Medicare recipients but does not raise taxes on the wealthy and big corporations. Continue Reading

Obama’s debt-reduction proposal to include $1.5 trillion in new tax revenue

September 19, 2011 in Grand Forks Herald

President Barack Obama will propose $1.5 trillion in new taxes as part of a plan to identify more than $3 trillion in long-term deficit reduction and slow the nation’s escalating national debt.
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Obama prepares to offer own debt reduction package

September 18, 2011 in Grand Forks Herald

Administration officials see the task of attending to deficits as necessary but not necessarily urgent, compared with the need to revive the economy and increase employment. The White House also sees this as the time to draw sharp contrasts with congressional Republicans, whose public approval ratings are lower than the president’s. Continue Reading

Pelosi names final members to debt supercommittee

August 11, 2011 in Grand Forks Herald

Even as leaders finished naming the bipartisan panel’s members, it remained uncertain that the committee will ultimately agree on a savings plan. Continue Reading

GOP shows flexibility, Obama aims for higher cuts

July 6, 2011 in Grand Forks Herald

Republicans showed new signs of flexibility to break a budget impasse Wednesday, but the White House raised the ante pushing for more deficit reduction and taking a pugnacious tone casting the GOP as defenders of corporate tax giveaways. Continue Reading

House rejects debt limit increase without cuts

May 31, 2011 in Grand Forks Herald

House Republicans have engineered the defeat of their own proposed $2.4 trillion increase in the debt limit, a political gambit designed to reinforce a demand for spending cuts to accompany any future increase in government borrowing. Continue Reading

U.S. hits ceiling on federal borrowing; congressional fight begins

May 16, 2011 in Grand Forks Herald

The United States reached its $14.3 trillion limit on federal borrowing Monday, leaving Congress 11 weeks to raise the threshold or risk a financial panic or another recession. Read the article, which includes a question-and-answer segment that explains the federal debt limit. Continue Reading