House Defies Obama, Blocks Two-Month Payroll Tax Cut Extension

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Article By Richard Rubin, Bloomberg The U.S. House of Representatives rejected a two-month extension of an expiring payroll tax cut, escalating a clash with the Senate and President Barack Obama that may result in smaller paychecks for workers in January. In a 229-193 vote, the House requested formal negotiations on a payroll tax cut extension [...]

‘Congress Least Productive Since Great Depression’

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Article By Laura Litvan, Bloomberg Congress is ending what may be its least productive year on record after government shutdown threats, the collapse of debt-reduction talks and little action to fix the worst U.S. economy since the Great Depression. Just 62 bills were signed into law through November this year, meaning that 2011 may fall short of [...]

Census Bureau: 1 in 2 Americans are Poor or Low-Income

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Article By Hope Yen, Associated Press Squeezed by rising living costs, a record number of Americans — nearly 1 in 2 — have fallen into poverty or are scraping by on earnings that classify them as low income. The latest census data depict a middle class that’s shrinking as unemployment stays high and the government’s safety net [...]

The Drum Beats Louder As Debt Ceiling Draws Closer

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From my partner, DCTripwire: Thursday, the President announced a plan to reduce the deficit by $4 Trillion over 12 years–a large increase over the $1.1 Trillion the Administration called for in the FY12 budget released in February. A summary of the President’s proposal: By comparison, the “Ryan Plan” released by House Budget Committee Chairman Paul [...]