AP – Congressional Republicans on Wednesday vowed to block the Obama administration from sharply cutting the U.S. nuclear force, calling potential reductions of as much as 80 percent in the number of deployed weapons “reckless lunacy.”
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GOP pushes back against any further cuts in nukes
(AP)
Reuters – President Barack Obama called on Monday for new spending to boost growth and higher taxes on the rich, laying out an election-year vision for America in a budget that drew heavy fire from Republicans for failing to curb huge deficits.
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Obama election-year budget aims to spur hiring
(Reuters)
AP – Sen. Ben Nelson of Nebraska said Tuesday he will retire rather than seek a third term next year, dealing a significant setback to Democratic efforts to maintain control of the chamber.
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Sen. Ben Nelson retiring, dealing blow to Dems
(AP)
AP – A long-running war between Democrats and Republicans over Bush-era tax cuts doomed the debt supercommittee’s chances of reaching a deal. Efforts to overhaul the tax code may await the same fate as both parties gear up to make taxes a central issue in 2012 elections.
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Bush tax cut debate dooms deal to cut deficit
(AP)
AP – If the deficit-cutting supercommittee fails, Congress will face a crummy choice. Lawmakers can allow payroll tax cuts and jobless aid for millions to expire or they extend them and increase the nation’s $15 trillion debt by at least $160 billion.
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Deficit deal failure would pose crummy choice
(AP)
AP – Just as the U.S. economy is making progress despite Europe’s turmoil, here come two new threats.
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Deep spending cuts pose a new threat to US economy
(AP)
AP – Digging in for a bruising struggle, Republicans on Congress’ powerful deficit-fighting “supercommittee” targeted Social Security and government health care spending Tuesday while Democrats pressed for higher tax revenue as part of any deal to reduce red ink by at least $1.2 trillion over the next decade.
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Same goal, opposing plans for debt ‘super’ panel
(AP)
Reuters – President Barack Obama began an uphill battle on Friday for support for a $447 billion jobs plan he hopes will rescue a faltering economy and his own re-election prospects.
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Obama tries to sell jobs plan, end gridlock
(Reuters)
AP – A military fighting three wars is staring down budget cuts of up to $850 billion over a decade, some of the deepest reductions since the end of the Cold War. Yet under the compromise struck by President Barack Obama and congressional leaders to avert the nation’s first-ever financial default, the near-term impact on the troops, aircraft, ships and weapons may be far less onerous than Republicans and Democrats fear.
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Defense facing cuts up to $850 billion over decade (AP)
AP – The terms “billions” and “trillions” are tossed around in the nation’s debt ceiling debate. Probably no number, however, is more important than 217.
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Boehner seeks magic 217 in debt-ceiling showdown (AP)