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    Where's the Bad News on the Deficit? Here It Is.

    The Washington press corps was all atwitter yesterday with the news that the budget deficit is shrinking and the red ink will hit a seven-year low of $514 billion this year and $478 billion next year. Wait. This is progress? Half-trillion-dollar deficits would have been unthinkable a decade ago; now … More

    Get Ready For a Year of 'Inaction' On the National Debt

    President Obama had an opportunity to satisfy the vast majority of voters by making the national debt a “high priority” in his State of the Union speech. But he squandered his chance. A Peterson Foundation poll found that 83 percent of voters want the Administration to name the national debt … More

    U.S. Debt Poses a Greater Barrier to Economic Opportunity Than Income Inequality

    President Obama has made income inequality the forefront issue on his 2014 agenda. However, more government is not the solution to increasing economic opportunity in the United States. More government has been the theme of the past decade and the hallmark of the Obama Administration. From the Medicare prescription drug … More

    The National Debt in One Picture

    Congress is beginning its new year with a budget deal that busts right through “caps” it was supposed to have on spending. At Heritage, we want to hold Congress accountable for its tax-and-spend ways, even as Members claim there’s no room to cut. A good place to start is understanding … More

    The Ryan–Murray Budget Deal: Unnecessary Pain for Americans

    The controversial budget deal reached by Representative Paul Ryan (R–WI) and Senator Patty Murray (D–WA) has been criticized by experts on both sides of the issue for delaying needed budget reforms. Romina Boccia, Heritage’s Grover M. Hermann Fellow in Federal Budgetary Affairs, discussed the deal with Obama’s car czar Steven … More

    Spending Caps Have Worked, but Ryan-Murray Budget Would Lift Them

    In terms of cutting government spending, the Budget Control Act’s spending caps and sequestration have been an unparalleled success story in recent years. And yet, the House of Representatives voted last Thursday to weaken the caps in 2014 and 2015 for a $63 billion increase in the discretionary budget. Sequestration … More

    Green Light for Detroit Bankruptcy: Time for Unions to Come to the Table

    Federal Judge Steven Rhodes’s ruling to allow the City of Detroit to proceed with its bankruptcy filing is a welcome—even momentous—occasion for Detroit. It means the city will be able to restructure its $18 billion in debt, the first step in the challenging process of rebuilding the city and reforming … More

    Black Friday Spending Spree (in Washington)

    American shoppers aren’t the only ones getting ready to spend big this holiday season. In Washington, members of the budget conference committee are considering several options that could increase spending by up to an additional $100 billion. What’s standing in their way is sequestration: the automatic spending cut mechanism President … More

    Tax Increases Really Hurt Growth and Jobs

    Some lawmakers, led by Senate Budget Committee chair Patty Murray (D–WA), are seeking to raise taxes in the budget conference to replace the modest spending reductions referred to as sequestration. They say that spending cuts hurt growth and jobs. If they are truly concerned about the economy and Americans’ opportunities, … More

    Debt: Seven out of 10 Voters Think the U.S. Is on the Wrong Track

    A recent Peterson Foundation poll showed that 70 percent of registered voters believe that the country is on the wrong path when it comes to addressing the debt. This is just the latest indication that Americans are increasingly pessimistic about the nation’s financial future. The poll, which also shows that … More