Barack Obama, Debt | featured news

Days after one high-stakes standoff over finances was resolved, the two sides are getting ready for another as Congress prepares to address the nation’s borrowing limit.

The Republican Party has a Web ad spotlighting the fact that the debt has grown more under President Obama in less than one term than it did under President George W. Bush in two terms. Since taking office on Jan. 20, 2009, the debt under Obama has increased by $4.93 trillion, according to Treasury Department figures.

President Barack Obama, in a populist step designed to appeal to voters, will propose a "Buffett Tax" on people making more than $1 million a year as part of his deficit recommendations to Congress on Monday.

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

Heavily indebted states could get immediate relief from the Obama administration under a plan to temporarily suspend interest payments they owe the federal government for borrowing money to cover the soaring cost of unemployment benefits.

Determined to have a deficit commission with or without Congress' backing, President Barack Obama plans to announce on Thursday that he is establishing a panel similar to – although weaker than – the one lawmakers rejected.