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Approach to Debt Widens Rift Among G.O.P. Senators

Republicans are locked in a dispute over future budget negotiations, splitting along generational and ideological lines on the party’s approach to dealing with the federal debt.

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Congress Ready to Start Work on Budget

The work holds little promise of resolving the federal debt or partisan divide, but it will look more like regular business and less like a crisis.

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Sovereign wealth fund chief calls on government to respect law

<!– google_ad_section_start –> “When we talk about governing the nation based on law, government departments must first govern themselves based on law,” Lou, chairman of the China Investment Corp, told a forum held by the China Centre for International Economic Exchanges. <!– google_ad_section_end –>

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It’s time to fix Fannie Mae and Freddie Mac

I know that Congress and the Obama administration have their hands full with the debt ceiling, the threat of budget “sequester” and the related battle over how much to raise taxes and cut entitlement spending. Even so, I have to ask: Are they ever going to get around to fixing Fannie Mae and Freddie Mac?

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The real deficit argument

Read more from E.J. Dionne’s archive, follow him on Twitter or subscribe to his updates on Facebook.

Should our politicians dedicate themselves to solving the problems we face now? Or should they spend their time constructing largely theoretical deficit solutions for years far in the future to satisfy certain ideological and aesthetic urges?

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If we can’t kill farm subsidies, what can we kill?

Read more from Robert Samuelson’s archive.

Symbolic of the debate we’re not having about government’s size and role — the essence of the deficit problem — is the future of farm subsidies. Running $10 billion to $15 billion annually, they don’t do much good. For starters, they haven’t saved small farms. Since the 1930s, when subsidies began, the number of farms is down 70 percent. Nor do farmers need subsidies to stay profitable. Farmers’ income for 2011 and 2012 ($135 billion and $133 billion, respectively) were the highest and second-highest ever and would have been without subsidies.

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Our clown-around Congress

Read more from Eugene Robinson’s archive, follow him on Twitter or subscribe to his updates on Facebook. You can also join him Tuesdays at 1 p.m. for a live Q&A.

To say that Congress looked like a clown show this week is an insult to self-respecting clowns.

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US urged to tackle budget deficit

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US politicians are urged to do more to sort out the country’s ballooning budget deficit by the two largest credit rating agencies, Moody’s and Standard & Poor’s.

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World stocks jump as US staves off ‘fiscal cliff’

<!– google_ad_section_start –> BANGKOK (AP) — World markets registered relief Wednesday over the U.S. congressional vote to stop hundreds of billions of dollars in automatic tax increases and spending cuts that risked plunging the world’s biggest economy into recession. Benchmarks in Australia and Hong Kong boomeranged on the first trading day of the year, just before Congress passed an emergency measure to avert much of the impact of tax-and-spending changes that were so steep they were dubbed the “fiscal cliff.” Asian markets had slipped on Monday, fearing that negotiations over the measure might collapse. <!– google_ad_section_end –>

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Asia stocks jump as US staves off ‘fiscal cliff’

<!– google_ad_section_start –> BANGKOK (AP) — Stock markets in Asia registered relief Wednesday over the U.S. congressional vote to stop hundreds of billions of dollars in automatic tax increases and spending cuts that risked plunging the world’s biggest economy into recession. <!– google_ad_section_end –>

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Late in the Game, Biden Re-emerges as a Player

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Vice President Joseph R. Biden Jr.’s entry once again seems to have been critical in cutting through deadlock.

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Rep. Hoyer: Debt ceiling fight ‘like taking your child hostage’

At a press conference on Thursday, House Democratic Whip Rep. Steny Hoyer (D-MD) compared Republicans to a hostage taker who threatened to shoot his own child. The Democratic congressman was responding to a question about raising the federal debt ceiling, which Republicans plan to use as leverage…

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U.S. Will Hit Debt Limit on Monday, Geithner Warns

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After reaching its $16.4 trillion debt ceiling on Dec. 31, Treasury Secretary Timothy F. Geithner said, the government will have to take “extraordinary measures” to pay its bills.

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Obama Proposes Scaled-Back Fiscal Deal

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The president urged Congress to try again after Christmas to head off automatic spending cuts and tax increases, saying a stopgap approach is “an achievable goal.”

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Obama Threatens to Veto Boehner’s Fiscal ‘Plan B’

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The president wants an extension of unemployment benefits and tax breaks for the working poor.

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