Senate Budget Committee chairman Kent Conrad (D-N.D.) indicated late Monday he was prepared to hold a markup on a budget proposal Wednesday afternoon. But at a press conference in the Capitol on Tuesday, Conrad said tomorrow would only be “the beginning of a markup” and that a vote on the budget likely won't happen until after the November election.Read more
The bipartisan Medicare reform plan proposed by Republican House member Paul Ryan and Oregon senator Ron Wyden is dead. At least, that's the perception Democratic Senate majority leader Harry Reid may be trying to create.
When asked multiple times by reporters about the Wyden-Ryan proposal and how it related to the budget Ryan released today, Reid simply pointed out that Wyden, a liberal Democrat, was against the GOP budget.Read more
The International Monetary Fund (IMF) warned today that the United States is on dangerous economic ground if it does not reduce its budget deficit soon:
SAO PAULO (Reuters) - The International Monetary Fund cut its forecast for U.S. economic growth on Friday and warned Washington and debt-ridden European countries that they are "playing with fire" unless they take immediate steps to reduce their budget deficits....Read more
After much fanfare about a coming bipartisan budget agreement in the Senate, it looks as though rumors that the so-called Gang of Six had fallen apart may be true. Bloomberg reports:
A bipartisan “Gang of Six” senators is unlikely to reach agreement on a proposal to reduce the government’s long-term budget deficits, Senator Tom Coburn said today.Read more
Where is the Senate Democrats' actual budget plan for 2012? Kent Conrad (D-N.D.), chairman of the Senate Budget Committee, presented a proposal to his caucus in a closed-door meeting Tuesday, telling reporters afterward that the plan will seek to reduce the deficit by $4 trillion, with $2 trillion in spendings cuts and another $2 trillion in tax hikes. But Conrad hasn't released any specifics regarding what cuts he would make or which taxes he would increase.Read more
After several months of bipartisan gangs, presidential commissions and summits, and rhetoric from leadership, the Senate has still not passed a budget resolution. And even more meetings at the White House about budget deficits this week mean the delay continues. Finally, though, there seems to be some progress: Senate Democrats finally have a budget proposal that most of the caucus seems to be satisfied with.Read more
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