Fiscal year 2012 concluded with a $1.1 trillion deficit, according to the Congressional Budget Office’s monthly budget review released today. It marks the fourth year of trillion-dollar-plus deficits. Anyone can see that these massive, continued deficits are hardly sustainable. Despite claims that tax hikes are the solution to reduce the …
During the first presidential debate, President Obama reiterated a policy proposal that barely holds water. His proposal to use so-called war savings from the troop drawdowns in Iraq and Afghanistan to pay for more domestic spending is nothing short of a budget gimmick. It would also justify continued federal spending …
Members of Congress left plenty of unfinished business as they hustled out of town last weekend, but they did manage to boost spending through another half-baked legislative measure. The fiscal year (FY) 2013 Continuing Resolution (CR), H.J. Res.117, now on the way to the President’s desk, funds the federal government …
In a recent “60 Minutes” interview, host Steve Kroft primed President Obama with this statement: “Most Americans think we’re spending too much money.” To which Obama uttered a contemplative “Mm-hm.” An understatement, indeed. The nonpartisan Congressional Budget Office estimates that federal spending will reach $3.56 trillion, or about 23 percent …
The federal budget is reaching benchmarks of astronomical proportions. Hold your applause, though; the budget trends are increasingly headed in the wrong direction. Yesterday, the Congressional Budget Office (CBO) reported that the deficit for fiscal year 2012 has surpassed the $1 trillion mark, and it anticipates the Treasury Department will …
Outdated forecast data containing rosy economic assumptions and signaling potential cost overruns plagues the planned $6.9 billion XpressWest high-speed rail project connecting Victorville, CA, to Las Vegas, NV, according to a new Reason Foundation report. If it fails, the seriously flawed plan could put taxpayers on the hook for billions. …
When does the U.S. Department of Agriculture (USDA) say you should eat meat? It depends on the day. On July 23, the agency’s interoffice newsletter, Greening Headquarters Update, encouraged employees to participate in the “Meatless Monday” initiative that was supposed to help the environment. Three weeks later, on August 13, …
It is becoming hard to keep the billions of dollars in missed payments and recorded losses by the U.S. Postal Service (USPS) straight. Today, tack another multibillion-dollar chunk of change onto the list: The USPS reported a third-quarter net loss of $5.2 billion, bringing year-to-date losses to $11.6 billion. But …
