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  • deficit reduction

    Treasury Secretary Lew Ignores Real Debt Problem, Looming Crisis

    U.S. Treasury Secretary Jack Lew suggested yesterday on NBC that “we have already done a lot of deficit reduction.” In reality, government spending and debt are out of control and getting worse. Negligence in fixing the entitlement programs—which consume more than half of the U.S. budget already—has left them fiscally … More

    Moody's: Further Deficit Reduction Needed to Maintain Stable Outlook

    Moody’s changed the outlook on the U.S. credit rating from negative to stable this week, citing improving deficits. While this is good news, policymakers should curb their enthusiasm about what this means for the U.S. debt situation. The improvement could be fleeting, as Moody’s relies heavily on favorable economic growth … More

    For the Record: Tax Increases Are Harmful, but Europe Has Pursued Them Anyway

    Heritage economist Salim Furth gave testimony last week to the Senate Budget Committee, reminding the Senators that economic research shows that deficit reduction should be pursued through spending cuts, not tax increases. Now he has responded to written questions in detail and explored the exemplary 1990s budget cuts. There is … More

    Meretricious? Senator Whitehouse Is Projecting

    Senator Sheldon Whitehouse (D-RI) spent eight minutes berating me at a Senate Budget Committee hearing yesterday. He disliked the facts I presented on austerity, so he called into question my professional honor and integrity. My testimony pointed out that structural reform and well-designed spending cuts are the best policy for stabilizing … More

    Hunting for Surprises in the Obama Budget

    It is somehow fitting President Obama released his budget for Fiscal Year 2014 after Easter, a mere 65 days late—but who’s counting? Fitting because going through Obama’s budget is like an Easter egg hunt for which those in charge of hiding the eggs are masters of their craft. It takes … More

    The Obama Budget: Heritage Experts' Analysis

    Minimum Wage President Obama’s budget proposes raising the minimum wage to $9 an hour. This would hurt the very workers the President wants to help. When the price of something rises, people—both consumers and employers—purchase less of it. Americans responded to the higher cost of gas by driving less. Businesses … More

    Obama Tax Hikes Will Balance the Budget (April Fool's)

    In the ongoing debate over deficit reduction, President Obama and his colleagues in the House and Senate incessantly call for tax increases as if our budget problems persisted because of taxes being too low. If only the federal government could usurp more of taxpayers’ hard earned money, the line of … More

    Morning Bell: A Stark Choice for America's Budget

    For the first time in four years, the U.S. Congress is engaged in a full-throated budget debate. Take a moment for at least a quiet “Hurrah!” The federal government has at last embarked on its most basic responsibility. This was the price exacted by House Republicans from Senate Democrats for … More

    Organizing for Action Uses Discredited Information on Sequestration

    President Obama’s campaign organization is using discredited information and misleading numbers in its latest effort to lobby Congress to stop sequestration. An email sent today by Jim Messina, chairman of Organizing for Action, urges supporters to sign a petition in support of Obama’s tax hikes. The email includes the typical … 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