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Photo by Tim Boyles/Getty Images
Photo by Tim Boyles/Getty Images
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Federal Government To Add Another 1.1 Trillion To The National Debt In Just 2012 Alone

WASHINGTON (AP) — Congress' nonpartisan budget analysts are projecting a $1.1 trillion federal deficit for 2012, the fourth straight year the government's shortfall will exceed $1 trillion.

The Congressional Budget Office also says it expects the economy to continue recovering at only a modest rate the rest of this year, growing at a modest annual rate of 2

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Category: Politics Tags:
Chip Somodevilla, Getty Images
Chip Somodevilla, Getty Images
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President Obama Reveals $3 Trillion Plan to Cut the Deficit [VIDEO]

In a speech given from the White House Rose Garden on Monday, President Obama proposed a $3 trillion plan to cut the deficit, with half of that amount covered by increased taxes on the wealthy and another $800 million financed by letting the Bush-era tax cuts expire.

“If we are going to make spending cuts… then it is only right we ask everyone to pay their fair share … We can’t afford these special lower rates for the wealthy. We can’t afford them when we are running these big deficits,” he said.

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Category: News, Politics Tags: , ,
Joe Raedle, Getty Images
Joe Raedle, Getty Images
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President Obama to Issue New Proposals on Job Creation, Debt Reduction

Faced with stagnant unemployment rates, a lowered credit rating and the threat of a double dip recession, President Barack Obama plans to give a major speech about job creation and debt reduction in September.

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Category: News, Politics Tags: , ,
Dow Loses 678 Points, Closing Below 8,600
Photo by Mario Tama/Getty Images
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United States Credit Rating Downgraded – National Debt Spiraling Out Of Control

The debt has reached a breaking point and the United States is losing it's credit rating with the rest of the world. If they can not reach an agreement on spending cuts and budget, it could be real trouble for the United States as well as the citizens.

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