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congressional budget office

White House: Tax hike threat could hurt retailers

WASHINGTON (AP) — White House economists warned Monday that the uncertainty of a potential hike in taxes next year for middle class taxpayers under the looming fiscal cliff could hurt consumer confidence during the crucial holiday shopping season. In a new report that coincides with Congress’ return after the Thanksgiving holiday, the White House says [...]

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Fixing the Fiscal Cliff Will Hasten Entitlement Crisis

The coming fiscal cliff’s mix of tax hikes and spending cuts are projected to seriously hamper economic growth over the next two years, and Congressional leaders would be wise to negotiate fixes for the problems. One of the more popular potential fixes, however, is only going to hasten the coming entitlement crisis by worsening the [...]

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The Way Ahead

For the first time since the early days of our republic (Jefferson-Madison-Monroe), we’ll have three straight two-term presidents. One of the advantages — and challenges — of winning a second term is that there’s no transition period. So in the spirit of bipartisanship, here are three areas policymakers should tackle before the end of the [...]

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Who Cares What the Left Thinks?

By Paul Revere It’s begun. Less than a week after President Obama won re-election, the “smart” people in politics are saying that compromise — meaning higher tax rates and more unaffordable spending — should be the order of the day. These people include House Speaker Boehner, Vice President Biden, and former Clinton staffer Erskine Bowles, [...]

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U.S. Budget Deficit Widens as Fiscal Cliff, Debt Ceiling Loom

iq6PcRyIkKhw[1] The U.S. government’s budget deficitwidened in October, the first month of the new fiscal year, as President Barack Obama and Congress seek an agreement to lower future gaps and avoid the so-called fiscal cliff. The deficit expanded 22 percent to $120 billion from a $98.5 billion shortfall in October 2011, the Treasury Department said today [...]

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