Scott Horsley

The Federal Deficit Is Actually Shrinking

Scott Horsley — Thu, 02 May 2013 10:41:17 +0000

During the housing bust, taxpayers were forced to bail out mortgage giants Fannie Mae and Freddie Mac. But thanks to the real estate recovery, Fannie Mae could end up paying tens of billions of dollars back to the Treasury this summer.

That's just one of the factors behind a better bottom line for the federal government.

Obama, Republicans Agree On Tax Loopholes, But Little Else

Scott Horsley — Sat, 13 Apr 2013 10:46:43 +0000

President Obama's newly released tax return shows his effective income tax rate was 18.4 percent last year. He'll likely pay a somewhat higher rate in 2013, and that tax bill would be even bigger if Congress were to adopt the recommendations in the president's own budget, unveiled this week.

The president signed his tax return last Monday, just one week before the deadline, and he's in good company.

President Obama To Nominate New EPA, Budget And Energy Heads

Scott Horsley — Mon, 04 Mar 2013 11:43:15 +0000

President Obama plans to announce three Cabinet-level nominations Monday, including a new administrator for the Environmental Protection Agency, who could be on the hot seat in the looming battle over global warming.

Gina McCarthy, currently an assistant administrator in the wing of the EPA that regulates air pollution, is the president's pick to head the EPA.

Obama will also tap the director of MIT's Energy Initiative, Ernest Moniz, as his new energy secretary, and the president of the Walmart Foundation, Sylvia Mathews Burwell, to head the Office of Management and Budget.

The nominatio

What's The Sequester? And How Did We Get Here?

Scott Horsley — Mon, 25 Feb 2013 16:33:19 +0000

They've been everywhere this week: dire warnings about threats posed by across-the-board federal spending cuts.

Unless Congress acts, the cuts are due to take effect a week from Friday. The administration is trying to drive home the ways that could affect you.

For example, Transportation Secretary Ray LaHood warned Friday that air traffic controllers will have to take unpaid days off beginning in April.

Defense Cuts May No Longer Be Political Sacred Cow

Scott Horsley — Thu, 21 Feb 2013 14:49:42 +0000

Defense Secretary Leon Panetta has warned that the automatic spending cuts due to hit the Pentagon and other branches of government next week will damage U.S. national security.

In a letter to Congress, he said those cuts would put the military on a path toward a "hollow force." But the warnings don't appear to be moving the needle with lawmakers or the American public.

The automatic spending cuts don't officially take effect until March 1, but they are already being felt.

In Hometown Visit, Obama Advocates 'Common Sense' Approach To Guns

Scott Horsley — Sat, 16 Feb 2013 13:01:37 +0000

"It's good to be home," President Obama said to a crowd, including uniformed high school students, at Chicago's Hyde Park Academy on Friday.

The school is in the same neighborhood where the Obamas raised their children, but the topic of the president's visit was raising Chicago's children — and the nation's.

Pick A Number: Let's Play 'Cap Those Deductions'

Scott Horsley — Mon, 03 Dec 2012 12:39:15 +0000

Treasury Secretary Timothy Geithner says it's up to congressional Republicans to take the next step in budget talks to avoid the pending automatic spending cuts and tax increases at the end of the year.

Appearing on the Sunday talk shows, Geithner said there's "no path to an agreement" until Republicans are willing to accept higher tax rates on the rich.

The GOP argues that if tax revenues must go up, it would be better to leave rates alone and inste

After Election, Winner Will Face Economic Hurdles

Scott Horsley — Mon, 29 Oct 2012 16:01:02 +0000

Later this week we'll get another snapshot of the U.S. job market: the last unemployment report before next week's presidential election.

Forecasters expect another sign of slow but steady job growth. Whoever is in the Oval Office next year will have to cope with a sluggish U.S. economy and confront some urgent policy decisions.

One thing to keep in mind about the economy by the next Inauguration Day: It will be nowhere near the disaster of four years ago. Back then, employers were laying off hundreds of thousands of workers a month. Banks were in danger of collapse.