Pauls Valley, OK, Pauls Valley Democrat

Nation / World News

May 4, 2011

Group of 6 senators hones plan to cut US deficits

Washington, D.C. — A bipartisan group of six senators is closing in on what could represent the best chance for tackling a deficit crisis that has forced the government to borrow more than 40 cents of every dollar it spends.

Their plan, still a work in progress, would reduce borrowing by up to $4 trillion over the next decade by putting the two parties' sacred cows on the chopping block. Republicans would have to agree to higher taxes while Democrats would have to accept cuts in popular benefit programs such as Medicare, Medicaid and maybe even Social Security.

There is urgency to their work.

Most Republicans and some Democrats in Congress have said they will not vote to increase the government's ability to borrow without some action addressing the nation's long-term debt. The government is expected to reach its borrowing limit of $14.3 trillion by mid-May. Treasury Secretary Timothy Geithner says steps are being taken to delay until July what would be an unprecedented default on the debt.

Geithner and a growing number of business leaders say a U.S. default would plunge the U.S., and perhaps the world, into a second economic crisis.

Despite opposition from top leaders in both parties, the Senate's Gang of Six is banking on support from many of the 64 senators who wrote President Barack Obama in March urging him to support a comprehensive deficit reduction effort.

"There's a huge appetite for a starting point that's bipartisan," said Sen. Mark Warner, D-Va., one of the six senators, three from each party. "I think the conventional wisdom that says, 'We can punt all of this until after the next presidential election.' I think there's a growing consensus we may not have that long."

The group includes four members of Obama's deficit commission, and its recommendations are expected to closely track the commission's plan for $3 in spending cuts for every $1 in tax revenue increases over the coming decade.

Text Only
Nation / World News
  • 03-05 Henryville 4 wb.jpg SLIDESHOW: Aftermath of Indiana tornado Residents in Henryville, Ind., surveyed the damage Saturday after a deadly EF-4 tornado touched down Friday evening, ripping apart homes, schools and businesses.

    March 5, 2012

  • image_preview.jpeg Group honors troop remains dumped in landfill

    Maybe it's because they live just a few miles from a stone memorial to Confederate Gen. Stonewall Jackson's severed left arm. But when a group of residents from Virginia's Northern Neck heard that the cremated body parts of American troops had been dumped unceremoniously in a local landfill, they knew what to do: Mark the place - rotting garbage and all - as sacred ground.

    September 25, 2012 1 Photo

  • US unemployment aid applications stay at 370,000

    The number of people seeking U.S. unemployment benefits was unchanged last week, suggesting modest but steady gains in the job market.

    May 17, 2012

  • No Child Left Behind: 10 states fleeing education law

    President Barack Obama on Thursday declared that 10 states are free from the No Child Left Behind law, allowing them to scrap some of the most rigorous and unpopular mandates in American education. In exchange, the states are promising higher standards and more creative ways to measure what students are learning.

    February 9, 2012

  • volkswagon.jpg Best Super Bowl ad? Vote for your favorite

    Naked M&Ms, an out-of-shape dog on a mission and Clint Eastwood delivering a passionate speech about American adversity -- these are among the favorite commercials that aired during Sunday's Super Bowl.

    February 6, 2012 1 Photo

  • flour-mess.jpg Viral video: Kids cover living room in flour

    There's no question toddlers are capable of making some serious messes, and the latest viral video making the rounds on YouTube claims to show an award-winning mess made by two boys and a bag of flour.

    November 23, 2011 1 Photo

  • smoking.jpg States with most, fewest smokers revealed

    Which states have the highest smoking rates, and which have the lowest? New data released Thursday about smoking rates coincides with the American Cancer Society's Great American Smokeout.

    November 19, 2011 1 Photo

  • OSU-crash.jpg Slideshow: Other tragic plane crashes in sports history The sports world has lost several athletes and even whole teams to air tragedies such as the one that took the lives of the Oklahoma State University women's basketball coach and his assistant on Thursday night.

    November 19, 2011

  • Pipeline Protest.jpg US delays massive oil pipeline from Canada

    The Obama administration said Thursday it is delaying approval of a massive oil pipeline until it can study new potential routes that avoid environmentally sensitive areas of Nebraska, an action that likely puts off a decision until after the 2012 election.

    November 10, 2011 1 Photo

  • Libya confirms Gadhafi has been killed

    Libyan Prime Minister Mahmoud Jibril says Moammar Gadhafi has been killed.

    "We have been waiting for this moment for a long time. Moammar Gadhafi has been killed," Jibril told a news conference in the capital Tripoli.

    During nearly 42 years in power in Libya, Moammar Gadhafi was one of the world's most eccentric dictators, so mercurial that he was both condemned and courted by the West, while he brutally warped his country with his idiosyncratic vision of autocratic rule until he was finally toppled by his own people.

    October 20, 2011

Business Marquee

e-Edition
  • How You Want It When You Want It Today's Pauls Valley Democrat

    Now you can view and download the Democrat right to your desktop on the day the paper is published. Click here to get more information on the Democrat's e-Edition.

     

    CLICK HERE TO ACCESS THE E-EDITION SITE

     

    ATTENTION CURRENT DEMOCRAT SUBSCRIBERS TO START an e-EDITION

    e-mail request to sjohnson@pvdemocrat.com

    April 20, 2011 1 Photo 1 Link

AP Video
Stocks
Facebook