In his first budget, President Obama apparently plans to keep his campaign promise to let the Bush tax cuts expire for Americans making over $250,000 a year. And just as during the election, Republican leaders are falsely claiming that Obama's proposal constitutes a tax hike on small business owners. This time, it is Senate Majority […]

As the New York Times detailed this week, the Obama administration will end George W. Bush's fuzzy math when it comes to the federal budget and budget deficit. But by accurately reflecting the true costs of the wars in Iraq and Afghanistan, Medicare reimbursements, disaster responses and the AMT, the Obama White House is now […]

News that the Justice Department has filed a lawsuit against Swiss banking giant UBS is just the latest chapter in the curious case of Phil Gramm. Just one day after UBS agreed to pay a $780 million criminal fine and admitted to conspiring to defraud the IRS, the DOJ demanded access to 52,000 accounts as […]

The blogosphere reacted with a sense of amusement Wednesday to news that former Federal Reserve Chairman and free market stalwart Alan Greenspan was urging the nationalization of American banks. While Paul Krugman laughed that "Comrade Greenspan" had called for the government to "seize the economy's commanding heights," Atrios snickered "I guess he's capable of being […]

In the wake of Congressional Republicans' unified rejection of President Obama's just signed $787 billion economic recovery program, the AP's Liz Sidoti wrote Tuesday that "GOP tries to restore image of fiscal discipline." Sadly, that image is now as ever a myth. Far from the deficit hawks of Republican legend, the modern Republican party from […]

In the months since their bitter contest last fall, Barack Obama time and again reached his hand out to former rival John McCain, only to get slapped in the face for his troubles. Within days of Obama's pre-inauguration dinner honoring the Arizona Senator, McCain decried the President's supposed lack of bipartisanship on the $787 billion […]

They're baaaaack! As I detailed previously, the lockstep Republican obstructionism which greeted President Obama's stimulus plan in Congress was almost a perfect replay of the GOP's treatment of Bill Clinton's economic program in 1993. Then as now, Newt Gingrich and Bill Kristol helped mobilize a minority Republican Party afraid not that a new Democratic president […]

As predicted, House and Senate Republicans on Friday maintained their unified front in turning their backs on President Obama's economic recovery package. As it turns out, Obama wasn't the first Democrat to learn the hard way that bipartisanship is a one-way street for the GOP when it comes to the economy. In 1993, Bill Clinton's […]

The Senate's passage Tuesday of the economic recovery package followed a now-familiar 30 year pattern. The Democratic President Barack Obama, like Bill Clinton before him in 1993, faced a monolithic wall of GOP opposition to his economic program. But Republicans Ronald Reagan in 1981 and George W. Bush 20 years later enjoyed substantial Democratic support […]

As the American auto industry teetered on the brink of collapse in December, Vice President Dick Cheney beseeched his GOP allies in Congress to back an aid package, warning, "If we don't do this, we will be known as the party of Herbert Hoover forever." Now as they seek to obstruct President Obama's recovery program […]