This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Correction: Budget Battle story

"I think they're misleading their followers," the Republican speaker said of the groups, whom he pointedly also blamed for last fall's politically damaging partial government shutdown. "I think they're pushing our members in places where they don't want to be. And frankly, I just think that they've lost all credibility" by opposing legislation before the details are known."

He mentioned no organizations by name, although it appeared he was referring to Heritage Action and Club for Growth, both of which have sought to push the House further to the right than the Republican leadership has been willing to go.

Rep. Paul Ryan, R-Wis., a chief GOP architect of the deal, made the conservatives' case for support. The measure "reduces the deficit by $23 billion. It does not raise taxes and it cuts spending in a smarter way," said the Budget Committee's chairman, whose handiwork could well be challenged in the 2016 Republican presidential primaries.

The second-ranking Democrat, Rep. Steny Hoyer of Maryland, was the only senior party leader to oppose the measure.

The agreement, negotiated by Ryan and Democratic Sen. Patty Murray of Washington a¿¿ and endorsed by the White House a¿¿ would set overall spending levels for the current budget year and the one that begins on Oct. 1, 2014. That straightforward action would probably eliminate the possibility of another government shutdown and reduce the opportunity for the periodic brinkmanship of the kind that has flourished in the current three-year era of divided government.

The measure would erase $63 billion in across-the-board cuts set for January and early 2015 on domestic and defense programs, leaving about $140 billion in reductions in place. On the other side of the budget ledger, it projects savings totaling $85 billion over the coming decade, enough to show a deficit reduction of about $23 billion over the 10-year period.

2 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs