Games Politicians Play: More Tax Cuts as U.S. Faces Large Deficits
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President Bush has scored early victories in the budget battle even as some of his specific plans to cut spending have been criticized.
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Congressional Democrats and the Treasury Department disagree over the amount of unpaid taxes that could be collected.
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On Thursday, the U.S. Treasury secretary will drive home the point that American corporate tax rates are higher and more complex than in most industrialized countries.
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A falling U.S. budget deficit  brought some solace on Friday to Republicans beset by a  Washington sex scandal, violence in Iraq and possible political  setbacks in the November congressional elections.
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Republican presidential rivals backed a blend of tax and spending cuts Thursday night to head off an election-year recession they generally agreed is avoidable. "We should reduce taxes on middle-income Americans immediately," former Massachusetts Gov. Mitt Romney said in a debate in the run-up to presidential primaries in Michigan and South Carolina, two states where unemployment exceeds the national average.
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At their national convention, Republicans were short on specifics on how to pay for an economic agenda in a second Bush administration. One reason is that President Bush could end up having to back a tax increase, just as his father did.
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The budget deficit for the current budget year will jump to about $250 billion, the Congressional Budget Office estimated Wednesday, citing the weakening economy
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US Treasury Secretary John Snow on Wednesday expressed his concerns about the huge US federal deficit but also said that an improving economy already is beginning to reduce the red ink.
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President Bush says his economic policies, including billions of dollars in tax cuts, are helping to create new jobs. But not the millions he promised. Democratic challenger John Kerry says 10 million new jobs would be added in his first term. Don't bet on that either.
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WASHINGTON - With lopsided margins in both houses, Congress gave President Bush his fourth tax cut in four years, extending three popular middle-class tax breaks and reviving some expired business tax incentives just six weeks before the election.    Many Democrats complained during the debate Thursday that majority Republicans who control Congress should have offset the lost revenue to keep the nation's soaring deficits from getting worse...
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The U.S. budget deficit totaled about $250 billion in fiscal 2006, down from the previous year's $318 billion, according to preliminary estimates released by the Congressional Budget Office on Friday.
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Next month, the White House and its congressional allies will be taking victory laps when the deficit for fiscal 2006 is announced. The stated deficit for the year, which ends Sept. 30, will be $260 billion or so. That will be down $58 billion from 2005 and a whopping $77 billion below what the...
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WASHINGTON : Congress approved a 146-billion-dollar tax cut endorsed by both President George W. Bush and his rival John Kerry but criticized as a budget buster by some economists.
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With federal deficits already running amok, it is unclear how President Bush will pay for his second-term agenda, a potentially multitrillion-dollar smorgasbord that includes overhauling Social Security and revamping the tax system.
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A multibillion-dollar gap between what public companies book as expenses for their executives' stock options and what they report to the Internal Revenue Service under two sets of rules is costing the Treasury billions of dollars in taxes, a senator seeking to end the discrepancy said yesterday.
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American public companies are betting billions on tax breaks that may not work out.
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Trimming bulging deficits that threaten the US economy should be a priority for a second-term Bush administration, analysts say, but a commitment to a tax-cutting agenda may thwart the effort.