The national debt has now increased more during President Obama’s three years and two months in office than it did during 8 years of the George W. Bush presidency, CBS News reports. “If Mr. Obama wins re-election, and his budget projections prove accurate, the National Debt will top $20 trillion in 2016, the final year of his second term. That would mean the Debt increased by 87 percent, or $9.34 trillion, during his two terms.”
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National Debt Soars
Rep. Paul Ryan (R-WI) will unveil the latest version of the House GOP budget this morning. The Wall Street Journal notes House Republicans think they have “a potent campaign issue” by introducing a budget that “cuts tax rates and provides for two individual brackets of 10% and 25%.” However, The Fix points out the proposal “might win him kudos from the conservative policy class, but it elicits only groans from GOP political professionals.”
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Is the Ryan Budget Bad Politics?
Must-read piece in the Washington Post : “Last summer’s effort at a “grand bargain” on the debt, described by White House officials as the most consequential of Obama’s presidency, illuminated pitfalls in the road he had taken and directed him down a partisan path now defining the reelection campaign.”
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Behind the Failed Debt Talks
Andrew Sullivan : “Most Americans, and the vast majority of Republicans, don’t realize that taxes have decreased under Obama.”
Originally posted here:
Obama’s Imaginary Tax Increase
“A small, bipartisan group of lawmakers in both the House and Senate are secretly drafting deficit grand bargain legislation that cuts entitlements and raises new revenue,” The Hill reports. “Sources said that the task of actually writing the bills is well underway, but core participants in the regular meetings do not yet know when the bills can be unveiled… The talks are so sensitive that some members involved do not yet want to be identified.”
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Lawmakers Secretly Working on "Grand Bargain"