May 9: In 2010, the average mortgage deduction among homeowners claiming it on their federal tax returns was $10,640. But the average deduction claimed in each state varied widely. More
Deficits are set to fall for several years, thanks to an improving economy and policies that will boost revenue and cut spending. But those policies won't do much to help long-term shortfalls.
Seniors should pay more to access national parks under, said one lawmaker during a House hearing on forced budget cuts on Tuesday.
President's $3.77 trillion proposal would cut deficits by another $1.8 trillion over a decade.
The president is expected to propose $1.8 trillion in deficit reduction. If adopted, that would bring total debt reduction during his tenure to $4.3 trillion -- a big cut but maybe not big enough.
To date, President Obama has raised tax rates on the rich, extended a few of his new tax breaks for the middle class, and kept their income tax rates down. Here's what the president will push for now.
It's controversial, but chained CPI, a different way to measure inflation, could help President Obama and Republicans cut a debt-reduction deal this summer.
Americans may not be seeing the effects of furloughs yet as many federal agencies have either delayed or are reviewing them. But courts are already facing them, and many more are coming soon.
The meat and poultry industries played a key role saving more than 9,000 federal food inspectors from furloughs as a part of bill that heads to President Obama today.
Take the quiz: Uncle Sam isn't the only one collecting tax money. State and local governments also get their slice.
Lawmakers, eager to avoid a government shutdown, will likely pass yet another temporary funding bill. But such band-aid measures undermine federal agencies' efficiency and effectiveness, according to a new report.
Democrats say their proposals would cut deficits by $1.85 trillion over a decade through a mix of spending cuts and tax increases.
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