Taxes, Entitlements: Sticking Points In Deficit Debate
President Obama outlined a plan to reduce the government deficit through a mix of spending cuts and tax hikes. His plan will go up against another blueprint put forward last week by Republican Rep. Paul Ryan. Though they both seek $4 trillion in reductions, the plans differ dramatically.
Obama Plan Cuts Health Care, Raises Some Taxes
President Obama introduced a plan on Wednesday to reduce the deficit, but at the same time protects programs including Medicare, Medicaid and Social Security. White House budget director Jack Lew tells Steve Inskeep that Obama's plan has nearly $500 billion in savings in the health programs over the next 12 years.
14 Lenders Ordered To Reimburse Homeowners
Federal banking regulators have issued cease-and-desist orders to 14 of the nation's largest mortgage servicers. As a result, these firms — including Bank of America, JP Morgan Chase and Wells Fargo — will have to change the way they handle foreclosures.
Catching Pirates With A Kind Of Neighborhood Watch
Piracy thrives in largely lawless Somalia. But the self-ruling region of Somaliland is slowly trying to build the rule of law and a sense of civic duty. The result: Ordinary citizens occasionally catch pirates and turn them in.
Barry Bonds Found Guilty Of 1 Count In Steroids Case
Baseball slugger Barry Bonds has been found guilty of obstruction of justice. The jury failed to reach a verdict on three other counts that the home run king lied to a grand jury in 2003 when he specifically denied that he knowingly used steroids and human growth hormone.
Lawmakers Discover What's In Spending Deal
At least one senator is surprised that the deal would repeal a health care law provision that he says costs the government nothing. Another senator is pleased that the proposal drops gray wolves from the endangered list.
Public Employees Feel The Heat In The Sunshine State
As in Wisconsin, Ohio and other states, Florida's public employees and their unions are on the defensive. Gov. Rick Scott's proposed budget cuts thousands of public jobs and requires workers to contribute part of their salaries to their pensions. Plus, the Republican-controlled Legislature is close to adopting a measure that directly targets public employee unions.
Paperwork Backlog Forces Drop In Foreclose Rate
Foreclosure filings declined in the first three months of this year, and they are now at the lowest level in three years. Research firm RealtyTrac said about 680,000 homes received default or repossession notices. About 215,000 homes were actually repossessed. But the drop is due to a backlog of paperwork at the banks and not because of a recovery in the housing market.
New MG6 Rolls Off Production Line
The first MG sports car to be produced in 16 years rolled off a production line in Birmingham, England, Wednesday. In a sign of changing times, the MG6 was designed and engineered in Britain, but assembled from parts most of which were manufactured in China.
Beyond 'Surviving': Defining Economic Security
American families need to earn at least $68,000 a year to achieve basic economic security, a new report says. That's more than three times higher than the national poverty level. Child care can top rent as the biggest household expense.