Economy

President Barack Obama says America does not need a balanced budget amendment to the Constitution, and he once again blamed much of the fiscal problem on Bush-era tax cuts. “We don’t need a constitutional amendment to do our jobs,” Obama told reporters at his Friday news conference. “The Constitution already tells us to do our jobs -- and to make sure that the government is living within its…

David Frum is bashing conservative Republicans again – this time for playing hardball with President Obama and using the debt ceiling deadline as blackmail to get what they want. Frum writes in a CNN.com op-ed that the GOP demand for "total surrender" by the president on the debt ceiling debate gives him "horrible flashbacks" to the party's staunch opposition to the health care bill – which…

In the midst of staggering illogic surrounding our debt ceiling, ratings agency Moody's just raised the bar. On Monday, it announced that the United States could increase its creditworthiness by - wait for it - eliminating the debt ceiling altogether:

In an unbylined update of the latest developments in the budget-tax-spending-debt ceiling discussions in Washington this morning, the Associated Press committed several blunders in attempting to explain what's going on and how we got to where we are. First and foremost was its list identifying "contributors" to the $8.5 trillion growth in the national debt since 2001. Here's the AP's you-can'…

Cokie Roberts got quite a lesson Sunday on why compromise can be a dirty word in politics. When she asked Congressman Raul Labrador (R-Idaho) why compromise isn't a "message that you hear," the Tea Partier responded, "Why is it that compromise always means increasing taxes today and doing cuts in ten years from now?" (video follows with transcript and commentary):

Per Reuters blogger James Pethokoukis, Goldman Sachs, demonstrating Democratic-friendly timing similar to that seen at the New York Times a month or so ago, published an extraordinarily gloomy economic forecast last night. Here are some of the details he quotes: "Following another week of weak economic data, we have cut our estimates for real GDP growth in the second and third quarter of…

Charles Krauthammer on Friday marvelously demonstrated just how in the pockets of Barack Obama America's news media are. After claiming on PBS's "Inside Washington" that we now have a "completely compliant, pliant, supine press accepting every leak out of the White House," he silenced the entire panel by asking them to name one specific cut to entitlements the President has proposed (video…

Kicking off the NBC4 11 o'clock news last night, veteran Washington, D.C. anchor Jim Vance touted an exclusive interview he had earlier that day with President Barack Obama. Vance then aired an excerpt of the interview, comprised of two softball questions. Afterwards, he informed viewers they could find the full interview at the station's website, nbcwashington.com. Unfortunately, the rest…

I've been trying to resist taking satisfaction in David Cay Johnston's utter humiliation on his first assignment at Reuters. Y'know, there but for the grace of God, etc. I do wish him well, though I question whether the feeling is mutual. More important, I hope he recognizes the need to go into journalistic rehab. My guess is that he doesn't. The former New York Times journalist/reporter (…

Can anyone in Midway, Georgia take money for or even borrow food without risking arrest? If you're in Midway, you'd better not let your neighbors reimburse you for any homemade food you cook or grow, or you might get busted for not having "a business license, peddler’s permit, and food permit to set up shop, even on residential property." Heck, you may have to worry about even giving your…

"You know, in Journalism 101, if you're going to ask a question of someone like the president, what you do is, you take, respectfully, you take the opposition's best argument and you play devil's advocate," NewsBusters publisher Brent Bozell argued on the July 14 edition of "Hannity." But instead of taking that approach -- which, Bozell noted, the famous liberal reporter Sam Donaldson took…

The 2010 elections, which changed the balance of power in the House, were driven by popular opposition to government spending, debt and the threat of tax increases. Yet even with the federal debt limit already breached and only days left to prevent a national default, the media continue to ignore the public's wishes. The theme of network reports on the debt ceiling battle is that some…

House Minority Leader Nancy Pelosi (D-Calif.) said that President Barack Obama has shown a “level of patience” in debt limit negotiations with congressional leaders that does not compare to the biblical figure Job, known as the “Man of Patience.”  

It has been widely reported that President Barack Obama walked out of Wednesday night's debt limit meeting, but MSNBC's Martin Bashir on Thursday was in complete denial that the Democratic president, who's merely "exasperated by Republicans playing this dangerous game," would conduct himself in such a way. During his daily "Clear the Air" segment, Bashir offered mounds of incredulity but not…