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  • The Debt Ceiling Returns as National Debt Reaches $17.3 Trillion

    The U.S. national debt has reached nearly $17.3 trillion. When the Treasury’s blank-check borrowing authority expired at midnight last night, the U.S. officially hit its debt limit. What most people failed to realize is that the U.S. government has operated since October with no debt limit in place. >>> Check … More

    Pension Smoothing on UI Bill Is an Accounting Trick That Could Lead to Taxpayer Bailout

    The Senate is trying to use an accounting trick to claim deficit-reduction from a bill to extend federal long-term unemployment benefits. Far from that, the proposal to “smooth” pension contributions would merely shift tax revenue from the future into the present while destabilizing pensions even further and increasing the risks … More

    New CBO Report: $514 Billion Deficit in 2014, Surging to Trillions by 2022

    The nation’s fiscal situation is much worse today than when President Obama first took office. Public debt borrowed in credit markets stands at 73.6 percent of gross domestic product (GDP), a level last seen after World War II. And yet, the news and many lawmakers will tout a very different … More

    Q&A: What Is This “myRA” Retirement Account Obama Announced?

    In his State of the Union address, President Obama announced a new type of retirement savings account he wanted the Treasury to create. He signed the executive order today. We asked Romina Boccia, Heritage’s Grover M. Hermann Fellow in Federal Budgetary Affairs, what this is all about. — Amy Payne … More

    What to Expect from the Trillion-Dollar Omnibus

    Lawmakers in charge of funding the government with taxpayer dollars are getting closer every day to finishing their work on the trillion-dollar-plus fiscal year 2014 omnibus spending bill. If the spending bills drafted in 2013 are any indication, this year’s version will be loaded with pork projects and government programs … More

    The Top Five Reasons Congress Should Begin Reforming Social Security in 2014

    It has been 30 years since Congress last touched Social Security. Reform is urgently needed to protect the nation’s elderly and disabled from poverty and its younger generations from an increasing and economically harmful tax burden. Here are the top five signs that Congress should begin reforming Social Security in … More

    Booze, Pole Dancing, and Luxurious Hotels: Top 10 Examples of Government Waste in 2013

    The latest budget deal, passed by a bipartisan majority in both the House and the Senate, suggests that Washington agrees with House Minority Leader Nancy Pelosi (D-CA) when she said that “the cupboard is bare. There’s no more cuts to make.” The cupboard, however, is overflowing with liquor, crystal glassware, … More

    Spending Caps Have Worked, but Ryan-Murray Budget Would Lift Them

    In terms of cutting government spending, the Budget Control Act’s spending caps and sequestration have been an unparalleled success story in recent years. And yet, the House of Representatives voted last Thursday to weaken the caps in 2014 and 2015 for a $63 billion increase in the discretionary budget. Sequestration … More

    Heritage Expert Analysis on the Ryan–Murray Budget Deal

    Representative Paul Ryan (R–WI) and Senator Patty Murray (D–WA) forged a budget deal without even trying to address the key drivers of spending and debt in a meaningful way. Instead, the deal increases spending immediately while delaying deficit reduction until later and trades some spending cuts for more revenue. Below … More

    3 Things You Need to Know About the Congressional Budget Deal

    Many had high hopes that the first budget conference in four years would make a substantial down payment toward fixing the U.S. spending and debt crisis. The new “Bipartisan Budget Act” thoroughly disappoints. While we dig through the details for a more complete assessment, here are three key facts on … More