Senate Minority Leader Mitch McConnell, R-Ky., prepares to announce a debt ceiling deal in July 2011. That deal laid the foundation for the across-the-board spending cuts set to take effect on New Year's Day, 2013.
New Year's Day typically inspires hope and new beginnings. But this next one may be cause for trepidation. Tax cuts for all income levels expire on Jan. 1, 2013, and most federal programs will face a 10 percent haircut — because Congress failed to agree on a deficit-reduction plan.
Originally published on Tue November 20, 2012 5:00 pm
Two weeks after Election Day, the results are almost final. It appears the U.S. House of Representatives will be filled with 234 Republicans and 201 Democrats, though the outcome is not yet official in two states.
Former New Hampshire Sen. Warren Rudman has died. His name will always be linked to a 1980s-era effort to tame the federal budget deficit and to a pre-Sept. 11 warning about the nation's security. And he will be remembered as a "moderate" Republican who could work across party lines.