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  • debt limit

    Washington Hits the $16.7 Trillion Debt Ceiling with $300 Billion in New Debt

    On May 19, the United States hit its debt ceiling after adding $300 billion in more debt since lawmakers suspended the ceiling in February. But the cash won’t run dry until at least Labor Day, according to Treasury Secretary Jack Lew, whose department can employ a variety of cash management … More

    House Republicans Are Right to Focus on Spending Cuts as Part of Debt Ceiling Increase

    This week, the House Republican conference met to discuss what their priority will be in connection with any vote to increase the debt ceiling. This is timely since the current suspension of the debt limit expires tomorrow. According to reports of the Republican House caucus meeting, “Members came away with … More

    Morning Bell: Ready for Another Debt Limit Fight?

    Yes, it’s time to talk about the debt limit again. Every time the U.S. bumps up against its debt ceiling, we start the cycle all over again. President Obama insists he won’t negotiate over the debt ceiling, but of course he will. Members of Congress grandstand about changing this vicious … More

    Debt Limit and Tax Reform: Both Important, But On Their Own

      Press reports link the coming debt limit debate with the building effort for tax reform. The debt limit and tax reform are both important, but the connection ends there, as it should. Suggestions that some sort of fast-track procedure for tax reform might be the conservative “ask” in exchange … More

    Morning Bell: How to Balance the Budget in 10 Years

    Both houses of Congress have now voted to suspend the debt ceiling until May 19, buying lawmakers more time to develop a budget. The Senate would put together a budget for the first time in three years—and the details of that budget are crucial. To prevent the federal debt from … More

    VIDEO: Jim DeMint Says Obama Is “Running Out of Excuses” on Debt

    Heritage Foundation President-Elect Jim DeMint told Fox News’ Greta Van Susteren last night that President Obama is “running out of excuses” on America’s debt problem and liberals are in denial if they think Washington doesn’t have a spending addiction. Greta, the president is running out of excuses. He can’t blame … More

    Morning Bell: It’s Time to Balance the Budget

    Today, the House will vote on a proposal that would suspend the debt ceiling until May 19, buying a bit more time for the overarching budget debate. This puts off the difficult decisions that are needed to get the country’s fiscal situation in order. Heritage’s vice president for domestic and … More

    Debt Limit: Talk of Tax Increases Distracts from Spending Problem

    In response to President Obama’s press conference last week, House Majority Whip Steny Hoyer (D–MD) claimed, “Clearly we need additional [spending] cuts. But…revenues have not been resolved.” Wait a minute. Revenues have not been resolved? My, how quickly one’s memory can fade. Lest we forget the fiscal cliff deal, hastily … More

    Morning Bell: Obama’s Second Inaugural Address, Translated

    Members of Congress—who are about to debate raising the debt ceiling tomorrow—should have paid attention yesterday. The President was very clear that he sees no urgency about reducing the debt and cutting the deficit. In fact, in his second inaugural address, President Barack Obama was honest about his intentions to … More

    Chart of the Week: Each American’s Share of Debt Is Skyrocketing

    As the nation pushes into another debt ceiling debate, an AP-GfK poll released last week found that 39 percent of Americans think any debt ceiling increase should come with a serious plan to reduce spending. Another 21 percent believe that the ceiling should not be raised at all. The poll … More