At the close of business, the federal government’s debt limit will increase by another $1.2 trillion, the final installment in a series of hikes that started last summer. This last increase, from $15.194 trillion to $16.394 trillion, was essentially granted in the Budget Control Act (BCA) of 2011, passed August …
President Obama will release his annual budget proposal late yet again. Choosing the date is not merely a convention. By law, the President must release the budget by the first Monday in February, which falls on February 6 this year. Yet yesterday the Administration announced it will release its fiscal …
With fiscal year 2012 spending bills now at the brink of completion, The Heritage Foundation’s Appropriations Tracker: FY 2012 has been updated to reflect the final tally. Combined with three bills enacted in November, the massive “megabus” legislation under consideration today brings total base discretionary budget authority to $1.0429 trillion, …
With the failure of the super committee to recommend at least $1.2 trillion in deficit reduction, Congress’s latest attempt at budget control has collapsed. There will be many analyses of why the process did not work, but it’s worth stepping back to recall what generated the need for this extraordinary …
The congressional Joint Select Committee on Deficit Reduction, called the Supercommittee, announced today that it has failed to meet its statutory duty to recommend deficit reduction to Congress. But the overspending problem is still here. Congress does not get to quit on the American people or stall for more time. …
What’s a supercommittee to do? Total national debt just hit a new record at $15 trillion, an increase of approximately $700 billion since the Supercommittee’s August inception. Hard as its members try, they just do not seem to be able to deliver the required $1.2 trillion in deficit reduction measures. …
Seventy-two Members of the U.S. House of Representatives, including Representatives Patrick McHenry (R-NC) and Jim Jordan (R-OH), have joined 33 U.S. Senators in standing tall against continued overspending, overborrowing and overtaxing. In a letter today to the congressional Joint Select Committee on Deficit Reduction, known as the Supercommittee, the 72 …
Yesterday, the United States hit an unsavory milestone–$15 trillion in total national debt. Unfortunately, the number shouldn’t have come as a surprise. America’s debt has been growing at a rapid clip. How bad is America’s spending problem? Heritage’s Alison Fraser, Patrick Knudsen and Mackenzie Eaglen put it into context: At …
