When the non-partisan Congressional Budget Office (CBO) released their original estimate of President Obama’s Budget , they said it was going to be expensive: in ten years the President would accumulate over $9 trillion in deficits. Turns out, that was low-balling it. In their original estimate, CBO assumed that interest …
Yesterday, the non-partisan Congressional Budget Office (CBO) released its latest Long-Term Budget Outlook and the news is grim. The preface opens, Under current laws and policies, rapidly rising health care costs and an aging population will sharply increase federal spending for Medicare, Medicaid, and Social Security. Unless increases in revenues …
President Obama today is promoting a Pay-as-You-Go (PAYGO) statute requiring that tax cuts and entitlement expansions be collectively deficit-neutral. Congress is likely to take up the proposal later this month. Since 2007, Congress has had a PAYGO rule mandating that each new tax and entitlement bill be deficit-neutral. Because it …
Yesterday’s USA Today brought the not so surprising news that federal tax revenue has fallen drastically due to the struggling economy. The 34% decrease represents the largest plunge since the last major recession in 1981. Although revenue is down, the main driver of deficits is spending. Over the long term …
Massive increases of spending by the Obama Administration, from the stimulus to its proposed budget, have created historically unprecedented large deficits that will push the nation’s debt level to unsustainable levels. It was only a matter of time before the proponents of big government began their push to substantially increase …
On October 7, long after Lehman Brothers collapsed and the extent of our economic downturn was known, Teresa Finch of Nashville, Tennessee, asked both presidential candidates: “How can we trust either of you with our money when both parties got — got us into this global economic crisis?” Then-candidate Barack …
Early this morning we asked a question on the Heritage Foundation’s Twitter and Facebook pages: What were Obama’s best and worst moments in his 1st 100 days, in your opinion? The response was overwhelming. We had 130 comments on Facebook and over 100 replies/messages on Twitter. Although there were many responses, the theme …
