Taxes, Spending Cuts | featured news

President Barack Obama, two years into a presidency that increased spending to prime a weak economy, is turning his attention to the nation's crushing debt and trying to counter a Republican anti-deficit plan with a framework of his own that tackles politically sensitive health care programs while also increasing taxes....

A federal shutdown looming Friday would stop processing of paper income tax filings to the IRS – at the height of tax season – and throw into question how cargo will be processed at the nation’s ports of entry and whether new claims for Social Security benefits will be authorized.

President Barack Obama is sending Congress a $3.73 trillion spending blueprint that pledges $1.1 trillion in deficit savings over the next decade through spending cuts and tax increases.

The GOP gubernatorial candidate promises to cut spending and suggests that lower taxes and less regulation will spur business. But experts say the bleak economy is mostly due to the real estate crisis.

The White House and Congressional leaders are weighing options for reducing the federal deficit, including a bipartisan commission that could force tax increases and spending cuts.