The next time you hear government officials insist they're doing all they can to save federal money or ensure safety, consider this: the U.S. Transportation Department has yet to complete more than 600 action items, some dating back to 2004, that were recommended by its internal watchdog to help protect taxpayers.
Any new carbon tax imposed in exchange for lower income tax rates would hit the poor the most unless lawmakers take additional steps to offset higher costs, according to a new Congressional Budget Office analysis.
In a working paper issued Tuesday, CBO said lower rates alone would tilt relief to the rich, while targeted payments directly to poor households would lower net revenues.
WASHINGTON (AP) — A new government report says the so-called fiscal cliff would send the economy back into recession and cause a spike in the jobless rate to 9.1 percent by next fall.
The Congressional Budget Office analysis says the combination of automatic tax increases and spending cuts would cut the deficit by $503 billion through next September. But that would cause the economy to shrink by 0.5 percent next year.
The report comes as a newly re-elected President Barack Obama and Congress are seeking ways to avert the problems.
In anticipation of the government heading over the fiscal cliff, the federal courts are threatening draconian cuts even though judges recently took a $1 million junket to Hawaii for a judicial conference.
The top Republican on the Senate Judiciary Committee suggests the courts cut back on unnecessary travel before laying off court employees.