WASHINGTON — President Barack Obama’s top economists say the nation is on track to make economic progress over the next two years, but say it would do even better if Congress would enact the additional spending he proposed in his … Continue reading
The Chinese government announced Wednesday that their defense budget will increase by 12.2 percent, nearly 808 billion yuan, for the 2014 fiscal year.
In U.S. dollars, China will be boosting its defense budget from $117 billion to approximately $132 billion, the biggest military increase in the last three years, Reuters reports. The military expansion includes investments in computer software technology and a boost in spending for their navy, one capable of operating in international waters. Continue reading
The A-10 Warthog was designed specifically to fly in low and attack enemy forces, loitering over the battlefield. But top Pentagon officials now say the Warthog’s days are over. The Defense Department plans to eliminate the entire fleet and save $3.5 billion over five years in order to save for newer and more capable aircraft. Kwame Holman reports on the debate. Continue reading
Defense Secretary Chuck Hagel presented a plan to reshape the nation’s military after more than a decade of war. Measures include cutting active-duty rolls, eliminating certain technology and making adjustments to benefits. Gwen Ifill weighs the options and the potential side effects with former National Security officer Gordon Adams and Thomas Donnelly of the American Enterprise Institute. Continue reading
The White House says President Barack Obama’s upcoming budget proposal will not include his past offer to accept lowered cost-of-living increases in Social Security and other benefit programs. Those had been a central component of his long-term debt-reduction strategy.
Officials said Thursday that those potential reductions in spending, included in last year’s Obama budget, had been designed to initiate negotiations with Republicans over how to reduce future deficits and the nation’s debt. But Republicans never accepted Obama’s calls for higher tax revenue to go along with the cuts. Continue reading
House Speaker John Boehner listened to his inner Kenny Rogers Tuesday, abandoning his search for a debt ceiling compromise that could win favor with his members and forcing Democrats to come up with most of the votes needed to pass an extension with no strings attached. Continue reading
The U.S. budget deficit is set to fall to $514 billion this year, down substantially from last year and the lowest level by far since President Barack Obama took office five years ago, a congressional report said Tuesday. Continue reading
India’s Mars Orbiter Mission is a point of great national pride. It will be completed for just over $70 million, a tiny fraction of the cost spent by NASA on similar programs. But is spending any resources on a mission to Mars wise when hundreds of millions of Indians struggle to meet basic needs? Continue reading
Obama signs $1.1 trillion spending bill to keep federal government running through September: http://t.co/jUUVLI8IhK — The Associated Press (@AP) January 17, 2014
In our news wrap Wednesday, the House of Representatives approved a $1.1 trillion budget package. The Senate is also expected to approve the funding bill by the end of the week. Also, unreleased video footage suggests that Army Sgt. Bowe Bergdahl, a U.S. soldier held captive in Afghanistan since 2009, may still be alive. Continue reading