Obama sending Congress long-awaited 2014 budget

Obama sending Congress budget seeking elusive grand bargain on taxes and spending

Associated Press

WASHINGTON (AP) -- President Barack Obama is sending Congress his long-awaited 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.

Obama's spending blueprint for the 2014 budget year would accomplish the deficit cuts through a combination of further tax increases, further reductions in the growth of spending and reductions in the growth of the government's biggest benefit programs, Social Security and Medicare.

But instead of moving Congress nearer a grand bargain, Obama's proposals so far have managed to anger Republicans and Democrats alike.

Obama's Democratic allies have attacked him for pursuing cuts in Social Security and Medicare, while Republicans have rejected the president's efforts to raise taxes further.

Rates

View Comments (5)

Recommended for You

  • Financial reforms will make the next crisis even messier

    There is a time-honoured way of protecting taxpayers from picking up the bill for the failure of a systemically important financial institution. It involves central banks and finance ministries pressing ...

    Financial Times
  • Hyundai 2014 Clearance Don't Pay MSRP of $14,645

    Massive August Hyundai Sale Now! Get Our Lowest Hyundai Price & Save. Check Special Internet Hyundai Prices Right Now. Hurry, Ends Soon.

    AdChoicesCar.comSponsored
  • Pot shops shunned by banks haul in the cash

    Conflicting laws, hazy regulatory guidance leaves legal pot shops flush with money.

    USA TODAY
  • Wealthy Chinese offer rich pickings

    BNY Mellon's impending exit from its Chinese asset management joint venture after seven years marks another Sino-western marriage failure within the financial services sector. At a deeper level, it may ...

    Financial Times
  • Japan firm showcases 'touchable' 3D technology

    Technology that generates touchable 3D imagery was unveiled in Japan Monday, with its developers saying users could pull and push objects that are not really there. "Touching is an important part of human communication but virtual reality has until now been lacking it," its chief executive Natsuo…

    AFP
  • This Number Could Help Predict Your Happiness Later In Life

    According to one financial expert, how happy...

    Business Insider
  • Twenty years on, Schaeuble pleads again for core Europe

    German Finance Minister Wolfgang Schaeuble renewed a call for a core group of European Union countries to move ahead faster with economic and political integration, 20 years after his ground-breaking proposal fell on deaf ears in key partner France. In an article published in the Financial Times on…

    Reuters
  • Samsung pushes ahead with group-wide restructuring

    Samsung Group is to merge its shipbuilding and engineering units in its latest restructuring as the South Korean conglomerate prepares to transfer power to the next generation of its founding family. Group-wide ...

    Financial Times
  • How to Turn $40 Into $10 Million. (Not Overnight)

    1 simple Warren Buffett quote explains the key investing strategy that could create unimaginable long term wealth for you and your family.

    AdChoicesThe Motley FoolSponsored
  • Indian start-up launches shoes that show you the way

    The shoes come with a detachable Bluetooth transceiver that links to a smartphone app to direct the wearer using Google maps, sending a vibrating signal to indicate a left or right turn. They are the brainchild of 30-year-old Krispian Lawrence and Anirudh Sharma, 28, two engineering graduates who…

    AFP
  • Play

    Will Asia’s Currency Rally Continue?

    Global investors keep flooding into Asia and pushing the region’s currencies higher. WSJ’s Jake Lee speaks to Sacha Tihanyi, Senior Currency Strategist at Scotiabank.

    WSJ Live
  • Belka Nudges Banks to Phase Out FX Loans Before Politics

    Poland ’s central bank Governor Marek Belka is “nudging” banks to phase out Swiss franc mortgages before lawmakers decide to force a swap that may cause losses. Foreign currency loans could tempt populist politicians to take a cue from Hungary’s Prime Minister Viktor Orban, who imposed billions of…

    Bloomberg
  • Sony wooing Japanese to PS4 with Dragon Quest

    TOKYO (AP) — Sony is trying to woo Japanese game fans to the PlayStation 4 home console that went on sale in November in the U.S. and Europe, but didn't arrive at stores here until February.

    Associated Press
  • Dollar Near One-Year High Against Euro on U.S. Economy, Ukraine

    The dollar reached the highest level in almost a year against the euro as signs of U.S. A manufacturing index today may add to the case for the European Central Bank to expand stimulus. Australia's dollar remained lower as a report showed manufacturing slowed in China, its biggest trading partner.…

    Bloomberg
  • Play

    Don't Forget the Funds That Didn't Make It

    As liquidated or merged funds fall off the record, fund category returns and fund company literature don't tell the whole story.

    Morningstar
  • Buying a New Car? Get Secret New Car Prices - Free

    In the market for a new car? Don't pay MSRP. Save yourself both time and money. Find a great low price for your new car before you buy.

    AdChoicesCarPriceSecrets.comSponsored
  • IPOs to Debt Deals in Southeast Asia Seen Picking Up by Maybank

    Increasing share and debt sales in Malaysia and Singapore and growing stability in Thailand are set to underpin a pickup in investment banking in Southeast Asia in the rest of the year, according to Malayan Banking Bhd. “We see things improving in the market,” John Chong, chief executive officer of…

    Bloomberg
  • How to build credit if you have a small income

    Building, maintaining a good credit score is one of the best moves you can make for your financial health.

    USA TODAY
  • Board director has no right to conceal condo's mold problem

    Question: Does a board director of Homeowner Association "One" have the right to tell a condo owner in a completely different Homeowner Association "Two" not to let a neighbor into ...

    Los Angeles Times
  • Dubai Mall developer Emaar to list on stock market

    DUBAI, United Arab Emirates (AP) — Emaar Properties, the developer behind one of the world's largest shopping malls and the world's tallest tower, said Sunday it will launch an initial public offering for part of its retail business in Dubai next month.

    Associated Press
  • Tantrums, concubines, hotpot burns and smog: China insurers have it covered

    Similarly, buy cover against your bride becoming pregnant before the honeymoon, your team being knocked out of the soccer World Cup, burning your tongue eating hotpot or if smog ruins your holiday. Quirky, maybe, but China's insurers are turning to ever more creative ways to drum up business in a…

    Reuters
  • Ruble Hits New Record Low Against Dollar as Ukraine Fighting Continues

    The Russian ruble hit a fresh record low against the dollar, burdened by continued fighting in Ukraine over the weekend.

    The Wall Street Journal47 mins ago
  • Amazing Sheds for Less

    Save big on a huge selection of sheds. Find fantastic deals on top products at NexTag. Compare low prices, popular brands and more - fast!

    AdChoicesNextagSponsored
  • Spanish, Italian Bonds Rise as Data Boost Case for ECB Stimulus

    Spanish and Italian government bonds rose as the case for more stimulus from the European Central Bank was boosted by reports showing manufacturing output in the region last month was weaker than economists forecast. Five economists forecast ECB policy makers will cut the refinancing rate by 10…

    Bloomberg