Federal Reserve Chairman Ben Bernanke said Friday that factors which have kept the economy from accelerating appear to be abating, and he predicted stronger growth in 2014.
The president of Americans for Tax Reform, Norquist said that although some more spending cuts could have been added to the Tuesday deal, Democrats looking for increases in spending were successfully rebuffed in the budget plan.
Senate Republicans and Democrats gridlocked Tuesday over competing proposals to ease the impact of across-the-board spending cuts blamed for furloughs of air traffic controllers and flight delays for millions of travelers.
President Barack Obama on Wednesday is sending Congress his 2014 budget, an effort to achieve an elusive “grand bargain” to tame runaway deficits that have soared above $1 trillion for each of the past four years.
Automatic spending cuts could force some of the nation’s busiest airports to close runways, causing widespread flight delays and cancellations, the union representing air traffic controllers said Wednesday.
With Congress back from a weeklong recess, House Speaker John Boehner showed little willingness to move off his long-held position that the sequester be offset through targeted spending cuts, not the package of cuts and tax increases Obama supports.
Reviving his populist re-election message, President Barack Obama will press a politically-divided Congress to approve more tax increases and fewer spending cuts during a State of the Union address focused on stabilizing the middle class and repairing the still-wobbly economy.
President Barack Obama said Tuesday avoiding an economic plunge over the “fiscal cliff” comes down to Republicans’ realizing that tax rates must go up on wealthiest Americans. “We’re not going to be able to get a deal without it,” he said.
President Barack Obama plans to make a public case this week for his strategy for dealing with the looming fiscal cliff, traveling to the Philadelphia suburbs Friday as he pressures Republicans to allow tax increases on the wealthy while extending tax cuts for families earning $250,000 or less.