Tagged: Budget Debate

The White House provided its first assessment of what would happen if Congress fails to act and allows about $100 billion worth of automatic budget cuts to take effect on Jan. 2.

In its estimation (pdf), the White House's Office Of Management and Budget says this so-called "sequestration" would have a "devastating impact" on government programs including defense.

Political conventions, even ones that have been delayed a day by a tropical storm, are all about getting a party's message out to the nation.

Minutes ago in the Tampa Convention Center, Senate Minority Leader Mitch McConnell of Kentucky used a sit-down with USA Today and Gannett correspondents to restate one key argument Republicans have been making and will continue to make through Election Day:

There are growing warnings on Capitol Hill that the nation could be rolling toward an end-of-the-year fiscal train wreck.

"The looming tax hike will be absolutely devastating," Senate Minority Leader Mitch McConnell, R-Ky., said.

"You can call this a fiscal cliff. You can call it 'Taxmageddon' as others have done. Whatever you call it, it will be a disaster for the middle class," Sen. Orrin Hatch, R-Utah, added.

And Sen. Ben Nelson, D-Neb., said: "It's a tsunami; there's no question about it, and it's coming."