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  • GAO: Public Debt Will Surpass WWII Highs Within 10 Years

    The Government Accountability Office (GAO) has released yet another dire warning about the nation’s long-term fiscal condition. The report—an annual update of long-term budget simulations—projects that debt held by the public will likely exceed the historical high within 10 years. What was once viewed by many as a distant budget … More

    More Americans Receiving Government Benefits While Fewer Pay In

    The front page of today’s Wall Street Journal brings some unsurprising yet alarming news about the nation’s fiscal situation. Simply put, the federal government is spending an increasing amount on benefits in the form of entitlements while simultaneously trimming the number of taxpayers paying the bill: Efforts to tame America’s … More

    Obama Tax Hikes Already Hindering Job Growth

    Without action from Congress, the Obama tax hikes are set to take effect January 1, 2011. However, this doesn’t mean businesses are waiting until then to prepare for the potential impact. In fact, the uncertainty surrounding the tax increases is already holding back potential job growth. Today’s Wall Street Journal … More

    Even in Recess, Congress Can’t Help Spending Billions for Bailouts

    Not satisfied by the billions in federal bailouts already passed, House Speaker Nancy Pelosi recently announced that she intendeds to bring the House back from the August recess to pass yet another multi-billion-dollar federal bailout. This version—costing taxpayers $26.1 billion—is touted as aid “to save teachers’ jobs, help seniors and … More

    House "Budget Enforcement Resolution" Dodges Accountability

    Last night the House passed a “budget enforcement resolution” setting discretionary spending levels for fiscal year 2011 at $1.12 trillion. This is approximately $7 billion less than President Obama’s budget and $3 billion less than the Senate proposal. However, the resolution isn’t newsworthy so much for what it contains but … More

    CBO Reveals Magnitude of Reform Needed for Sustainable Fiscal Future

    The Congressional Budget Office (CBO) released their annual Long-Term Budget Outlook today, and the updated projections—which include the effects of Obamacare—paint a grim picture. If Obamacare really did bend the cost curve down, CBO shows little evidence of it in this report. In fact, CBO openly admits that “projections understate … More

    A Fiscally Responsible Tax Extenders Bill

    Monday, Senate Majority Leader Harry Reid (D-NV) filed cloture on the tax extenders package. The bill would extend a variety of tax provisions that expire yearly and require Congress to pass them annually to prevent tax increases for many taxpayers, further extend unemployment benefits, and prevent a 21 percent decrease … More

    National Debt Now Tops American Fears

    Gallup recently asked a sampling of Americans, “How serious of a threat to the future of the United States do you consider the following…” The results are clear: Americans judge the national debt on par with terrorism as the top threat facing the nation. Further, independents – a crucial constituency … More

    Federal Reserve Chairman Ben Bernanke Highlights Unsustainable Debt

    Testifying before the House Budget Committee today, Federal Reserve Chairman Ben Bernanke noted: Even after economic and financial conditions have returned to normal, however, in the absence of further policy actions, the federal budget appears to be on an unsustainable path. A variety of projections that extrapolate current policies and … More

    RSC Balances the Budget While Obama Doubles Down on Debt

    Last week, Congressman Jim Jordan (R-OH) and Tom Price (R-GA) introduced the Republican Study Committee (RSC) FY2011 budget. This is a welcome fiscal blueprint that would restore fiscal discipline to the nation and avert a Grecian formula meltdown. It also does an excellent job of drawing a sharp distinction between … More