Barack Obama, Spending Cuts | featured news

US President Barack Obama will ask government agencies on Wednesday to find cost savings by cutting back in areas ranging from travel and vehicles to purchases of promotional coffee mugs and gadgets.

A rising number of Democrats are asking President Obama to take executive action and raise the $14.3 trillion debt ceiling on his own, but Obama ...

In a televised address to the nation on July 25, 2011, to discuss the pending deadline on the debt ceiling, President Barack Obama made his pitch for a "balanced" approach to reducing the deficit -- one that includes spending cuts as well as revenue increases from tax increases for wealthier Americans. With the debt ceiling issue caught in a political deadlock over how to reduce the deficit, Obama noted that raising the debt ceiling has been a relatively routine exercise for decades. "Understand –- raising the debt ceiling does not allow Congress to spend more money," Obama said.

Scolded by President Barack Obama, Congress scrambled on Saturday to produce a deficit plan within 48 hours that keeps the United States from a catastrophic debt default now days away.

House of Representatives Speaker John Boehner broke off talks with President Barack Obama on Friday and said he will begin negotiations with Senate leaders aimed at meeting an August 2 deadline to avert an unprecedented U.S. debt default.

The Senate on Friday voted along party lines against the proposal to cut spending and raise the debt limit. President Obama pressed for compromise during a town hall meeting.

President Barack Obama offered strong praise Tuesday for a deficit reduction plan put together by a bipartisan group of senators, calling the measure's mix of tax hikes and spending reforms "broadly consistent" with his own approach to the current debt ceiling crisis.

Americans tell CBS News they're unimpressed with how Obama and Democrats are handling talks, but GOP fares worst.

President Obama said Friday Congress has a "unique opportunity to do something big" and stabilize the U.S. economy for decades by cutting deficits ...

Budget talks between President Barack Obama and his GOP rivals are at a frustrating standstill, leading a top Republican to launch a long-shot proposal to give Obama sweeping new powers to muscle through an increase in the government's debt limit without the approval of a bitterly divided Congress.