Deficit Reduction, Tax Cuts For The Rich | featured news

A long-running war between Democrats and Republicans over Bush-era tax cuts doomed the debt supercommittee's chances of reaching a deal. Efforts to overhaul the tax code may await the same fate as both parties gear up to make taxes a central issue in 2012 elections....

President Barack Obama pressed his case on Saturday for achieving deficit reduction, in part by ending tax breaks and singling out hedge fund managers, oil companies and billionaires to take the hit.

Vice President Joe Biden said Saturday the Obama administration wouldn't let middle class Americans "carry the whole burden" to break a deadlock over the national debt limit, warning that the Republican approach would only benefit ...