Budget

1:10pm

Tue July 31, 2012
The Two-Way

Deal Struck To Avoid Possibility Of Government Shutdown In October

"Senate Majority Leader Harry Reid, D-Nev., announced on Tuesday an agreement to avoid a government shutdown shortly before the November election," The Hill writes. "He said he, Speaker John Boehner, R-Ohio, and President Obama have all agreed to the deal."

Boehner confirmed the news in an email his staff just sent to reporters:

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2:58am

Mon July 30, 2012
Book Reviews

A Portrait Of A Country Awash In 'Red Ink'

Originally published on Fri August 3, 2012 3:15 pm

As the federal debt balloons, reducing it would seem more and more pressing. Yet policymakers remain far apart. Debt, deficit and budget rhetoric is often accompanied by numbers cherry-picked to support a particular political view.

But a new book by Wall Street Journal economics writer David Wessel lays out the numbers that both political parties face.

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11:13pm

Thu July 26, 2012
It's All Politics

Obama Would Pay More — Romney, A Lot More — If Bush-Era Tax Cuts End

Originally published on Fri July 27, 2012 1:42 pm

President George W. Bush signs tax cut legislation on June 7, 2001. The cuts from this and a subsequent bill are set to expire at the end of 2012.
Stephen Jaffe AFP/Getty Images

An occasional series, Fiscal Cliff Notes breaks down the looming "fiscal cliff" of expiring tax cuts and deep automatic spending cuts set to hit around the first of year.


About 80 percent of Americans would see their taxes go up if all the tax cuts signed into law by President George W. Bush were to expire as scheduled at the end of this year. And nearly 100 percent of the highest income earners would have to pay more — including both the Obamas and the Romneys.

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2:11pm

Wed May 30, 2012
The Two-Way

VIDEO: 'Let My People Go:' Illinois State Rep Loses Cool On House Floor

Originally published on Wed May 30, 2012 2:19 pm

Illinois State Rep. Mike Bost.
YouTube

We already know that budgets and austerity measures are controversial, especially when it concerns the pensions of public employees. Wisconsin is solid proof. But if you need another reminder of just how combustive it gets when you mix politics, unions and public employees, just take a look at this video:

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4:16am

Sat May 26, 2012
Around the Nation

Chicago Ward Gives Budgetary Power To The People

Originally published on Sat May 26, 2012 1:53 pm

In Chicago's Rogers Park, Alderman Joe Moore handed the purse strings over to his constituents.
Melissa Beck Groundwork

Chicago's 49th Ward is better known as Rogers Park. It's a neighborhood of middle-class houses and apartment buildings, home to Loyola University. It's known for diversity and an affordable, laid-back kind of cool.

But the 49th has a new claim to fame: In 2009, the ward's alderman, Joe Moore, became the first elected official in the country to hand over the purse strings to his constituents. Three years later, the experiment is still attracting new residents to planning meetings.

Forming Ideas

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