Political Capital
Graduating students listen as President Barack Obama delivers the commencement address at Morehouse College on May 19, 2013 in Atlanta, Georgia.

Photograph by Mandel Ngan/AFP via Getty Images

Graduating students listen as President Barack Obama delivers the commencement address at Morehouse College on May 19, 2013 in Atlanta, Georgia.

Student Spending’s First Drop Since 1977

By Oliver Staley Public spending per student on U.S. education fell in fiscal 2011, the first annual decline since at least 1977, as tax revenue dried up. The U.S. spent an average $10,560 per student in public schools in 2011,...

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The National Debt Clock and an estimate of the Untied States' national debt, as well as an estimate of each family's share of that amount, on Dec. 31, 2012, in New York City.

Photograph by Justin Lane/EPA/Corbis

The National Debt Clock and an estimate of the Untied States' national debt, as well as an estimate of each family's share of that amount, on Dec. 31, 2012, in New York City.

Bloomberg by the Numbers: $16.699 Trillion

That’s the U.S. debt ceiling as of Monday, according to the Treasury Department. It’s the first number the Treasury has released since President Barack Obama signed a suspension of the limit in early February, Bloomberg’s Ian Katz and Kasia Klimasinska report....

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Senator Rand Paul, a Republican from Kentucky, questions a witness during a Senate Permanent Subcommittee on Investigations hearing in Washington, D.C., on May 21, 2013. Apple Inc. Chief Executive Officer Tim Cook defended his company's use of offshore tax shelters before U.S. senators who castigated the most-valuable technology company for avoiding $9 billion and more in payments.

Photograph by Pete Marovich/Bloomberg

Senator Rand Paul, a Republican from Kentucky, questions a witness during a Senate Permanent Subcommittee on Investigations hearing in Washington, D.C., on May 21, 2013. Apple Inc. Chief Executive Officer Tim Cook defended his company's use of offshore tax shelters before U.S. senators who castigated the most-valuable technology company for avoiding $9 billion and more in payments.

Paul Echoes White House in Opposition to Arming Syrians

A small corner of hell may be freezing over. Sen. Rand Paul, the Kentucky Republican and fierce Obama administration critic, today opposed a bill to provide arms to Syrian rebels with an argument that could have come straight from the...

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Acting IRS Commissioner Steven Miller, left, and former IRS Commissioner Douglas Shulman confer during a break in testimony before the Senate Finance Committee May 21, 2013 in Washington, DC.

Photograph by Win McNamee/Getty Images

Acting IRS Commissioner Steven Miller, left, and former IRS Commissioner Douglas Shulman confer during a break in testimony before the Senate Finance Committee May 21, 2013 in Washington, DC.

Watchdog Group Files Second Lawsuit Against IRS

Citizens for Responsibility and Ethics in Washington has again sued the Internal Revenue Service over its regulation of nonprofits incorporated under Section 501(c)(4) of the tax code. The watchdog group is asking the U.S. District Court to direct the IRS to draft...

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IRS protesters on May 21, 2013 in West Palm Beach, Florida. Tea Party activists organized the protest against the Internal Revenue Service saying they improperly targeted conservative groups seeking tax-exempt status.

Photograph by Joe Raedle/Getty Images

IRS protesters on May 21, 2013 in West Palm Beach, Florida. Tea Party activists organized the protest against the Internal Revenue Service saying they improperly targeted conservative groups seeking tax-exempt status.

IRS Was Wrong to Target Tea Party Groups, ABC-Post Poll Shows

Almost three-fourths of Americans think it was “inappropriate” for the Internal Revenue Service to target Tea Party groups for extra scrutiny, according to an ABC News/Washington Post poll out today. A majority of respondents said the government was harassing those organizations. The survey of 1,001...

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A customer using a credit card at a gas station in Miami, Florida.

Photograph by Joe Raedle/Getty Images

A customer using a credit card at a gas station in Miami, Florida.

Deflation Scare Put on Temporary Hold

Concern over disinflation and deflation will probably be put on hold in coming months as commodity prices stabilize, according to economists at Jefferies & Co. in New York. They also contend it will be too soon for Americans to let...

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Supporters for passage of a new agriculture law rally near the Capitol in Washington, D.C., on Sept. 12, 2012.

Photograph by Rich Clement/Bloomberg

Supporters for passage of a new agriculture law rally near the Capitol in Washington, D.C., on Sept. 12, 2012.

Reid: Farm Bill Can Be Finished This Week

From Bloomberg Government’s CongressTracker Though it’s only Tuesday, Senate Majority Leader Harry Reid can see the end of the week from here. During today’s session-opening floor remarks, Reid said that the chairwoman of the Agriculture, Nutrition and Forestry Committee, Michigan...

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Senator Max Baucus, a Democrat from Montana, right, greets Douglas Shulman, commissioner of the U.S. Internal Revenue Service, prior to a hearing about tax policies relating to Ponzi schemes before the Senate Finance Committee on Capitol Hill in Washington, D.C., on March 17, 2009.

Photograph by David Brody/Bloomberg

Senator Max Baucus, a Democrat from Montana, right, greets Douglas Shulman, commissioner of the U.S. Internal Revenue Service, prior to a hearing about tax policies relating to Ponzi schemes before the Senate Finance Committee on Capitol Hill in Washington, D.C., on March 17, 2009.

Baucus: Senate Will Get to Bottom of IRS Case

Senator Max Baucus, chairman of the U.S. Senate Finance Committee, said a formal investigation by his panel will get to the bottom of who at the Internal Revenue Service selectively screened groups applying for tax-exempt status based in part on...

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Sheldon Adelson, chairman and chief executive officer of Las Vegas Sands Corp. and chairman of Sands China Ltd., in Macau, China.

Photograph by Daniel J. Groshong/Bloomberg

Sheldon Adelson, chairman and chief executive officer of Las Vegas Sands Corp. and chairman of Sands China Ltd., in Macau, China.

Adelson and Boehner Help House Republicans Raise $5.1 Million

A political donation of $32,400 may seem like couch change for Sheldon Adelson, the casino executive with a $27.9 billion net worth who gave tens of millions of dollars to Republicans during the 2012 election. Yet $32,400 is the maximum...

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