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    Geithner to Congress: Happy New Year, We're Maxed Out on Debt

    The government has maxed out its credit card again, mortgaging America’s future with yet more debt. Obama Administration Treasury Secretary Timothy F. Geithner, in a letter to Congress the day after Christmas, said, “I am writing to inform you that the statutory debt limit will be reached on December 31, … More

    Chart of the Year: Entitlements and Interest Drive the Fiscal Crisis

    The end of 2012 was marked by lawmakers engaging in a distracting fiscal cliff debate over tax rates when the solution to the real fiscal crisis lies in an entirely different area of the budget. Federal spending on entitlements and interest on the debt drives the federal budget crisis. Together … More

    Fiscal Cliff Danger: More Defense Budget Cuts to Come

    Rumors are swirling that included in their negotiations to avert the “fiscal cliff,” President Obama and House Speaker John Boehner (R–OH) may add an additional $100 billion in cuts as an alternative to the roughly $500 billion in defense budget cuts over nine years required by sequestration under the Budget … More

    Chart of the Week: U.S. Federal Debt and the Fiscal Cliff

    In just a little over a decade, the U.S. federal debtwill exceed 100 percent of gross domestic product (GDP), an “economically damaging” level, according to analysis from The Heritage Foundation based on numbers provided by the U.S. Office of Management and Budget and the Congressional Budget Office. To the numbers: … More

    Obama Already Banking on Sequestration?

    When the topic of sequestration arose during the final presidential debate Monday, President Obama declared, “It will not happen.” Considering that Obama has also previously declared that he would veto any bill attempting to get rid of the defense portion of the cuts unless it includes tax increases, many were … More

    VIDEO: Obama Says Sequestration "Will Not Happen"—Really?

    During the Monday night foreign policy debate, President Obama surprised the audience with the statement that sequestration “will not happen.” Either this was a gaffe or he pulled off the next deft move in the political/legislative sequestration battle. Governor Romney was questioning the President’s policies on military cuts, and Obama … More

    Morning Bell: Heritage Experts Analyze Final Presidential Debate

    Last night’s debate between President Obama and Governor Romney was supposed to focus on foreign policy. It turned into a wide-ranging conversation on everything from the Middle East to American teachers. Heritage Foundation experts were live blogging analysis throughout the night. Below are some highlights from their reactions. Join us … More

    Defense Budget Competing with Entitlement Spending: A Crisis Point

    Today, the threats to our national security are complex, fluid, and hard to fully comprehend. This requires a serious look at what the U.S. can do to affect events worldwide that would produce outcomes favorable to our interests, rather than allowing other nations to drive events, some of which are … More

    Sequestration: Spending Cuts Needed, but Get the Policies Right

    Tonight’s presidential debate is a good opportunity for President Obama and Governor Mitt Romney to tell the nation what they would do about our spending crisis and the looming fiscal cliff—in particular, the problem of the automatic defense budget cuts. Leadership on this issue is crucial. Some conservative lawmakers are … More

    Biden Is Wrong on Defense Spending

    Philip Ewing, in an article on Politico Pro about the vice presidential debate, asserts that comments about defense spending by Representative Paul Ryan (R–WI) signal that Governor Mitt Romney could abandon his pledge to maintain the defense budget at 4 percent of gross domestic product (GDP). Ewing is jumping to … More