The number of people on Social Security Disability Insurance (SSDI) reached a record high this year. But a large number of people are double-dipping from both the disability insurance (DI) and unemployment insurance (UI) programs. A bill introduced last week would put an end to these overpayments, which unnecessarily drain the …
After hitting the debt limit on March 19, the Treasury Department under Secretary Jack Lew is now employing its toolset of “extraordinary measures” to continue deficit spending without legally breaching the debt limit. It will provide about $260 billion in borrowing capacity, which should last beyond at least Labor Day, …
Contrary to claims by cheerful news sources, Social Security’s deficit outlook is not “unchanged” or “no worse.” Social Security’s unfunded obligation rose by $1 trillion according to the latest trustees’ report. U.S. taxpayers now owe $12.3 trillion to pay scheduled benefits—in addition to what Social Security can hope to collect …
In a refreshing break from tradition, the House Appropriations Committee approved a $967 billion discretionary spending plan that would stay within the fiscal year 2014 sequestration spending levels. The measure would protect defense from further cuts and instead deliver the total savings through reductions to domestic discretionary programs. It was …
The Congressional Budget Office’s (CBO) official score of President Obama’s budget shows in numbers a vision for economic decline in America. The President imposes a tax increase totaling $1.1 trillion (and a net increase of about $1 trillion), some components of which would directly hit middle-class and lower-income Americans. On …
At $642 billion, the Congressional Budget Office (CBO) reports, the 2013 deficit will be lower by $200 billion than previously forecast. In February, the CBO projected a deficit of spending over revenue of $845 billion, but a large and temporary boost in revenues is pushing that figure down. Like the …
Reports that the federal government will put a little bit of money toward the massive federal debt for the first time in six years make for an interesting tidbit, but Washington’s spending and debt problem is only getting bigger. The Wall Street Journal reports, “The Treasury Department said that it …
