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    Federal Spending on Health Care Doubles in the Next Decade

    The Congressional Budget Office (CBO) released its Budget and Economic Outlook for years 2012 to 2022 yesterday, and as Heritage’s Patrick Knudsen shows, the numbers add up to a dismal fiscal future. As the government continues its fiscal irresponsibility, 2012 will be the fourth straight year of trillion-dollar deficits. This … More

    Budget Outlook Getting Worse, CBO Report Shows

    The figures released today by the Congressional Budget Office (CBO) once again reflect the magnitude of the federal government’s fiscal problem and the urgent need for Congress and the President to address it. Some key points: The 2012 deficit, projected at $1.079 trillion, represents the fourth consecutive year of deficits … More

    Chart of the Week: Medicare Spending Is the Largest Driver of Future Deficits

    Medicare is in dire need of reform. This week’s chart illustrates why the entitlement program is the largest driver of long-term runaway deficits. With the country’s population aging and increasingly dependent on health care, Medicare’s cost to taxpayers is projected to rise from $522.8 billion in 2010 to $932 billion … More

    Charging Fed Employees for Tenure Benefits a Better Way to Close Deficit

    President Barack Obama wants to extend the temporary payroll tax cut into 2012, and congressional Democrats and Republicans agree. They disagree over how to pay for it. Democrats propose raising taxes on the financially successful. This would discourage potential entrepreneurs from starting new enterprises—not the best idea when job creation … More

    Super Committee Proposal: Tax Hikes Should Be a Nonstarter

    For months now the so-called super committee has been meeting in secret, tasked with delivering a budget-cutting (er… make that deficit-cutting) plan. Many have doubted they could actually reach their minimum target of $1.2 trillion in cuts. Few, if any, details had leaked—until today, when we learned that the Democrats … More

    Super Committee Health Goals Need Sound Policy

    If the goal is producing $1.2 trillion to $1.5 trillion in 10-year savings, the Joint Select Committee on Deficit Reduction must think big and produce recommendations with real substance. Nothing could be truer than dealing with the health care savings component. Typically, these negotiations are so focused on reaching the savings … More

    In Pictures: Debt by President? Obama Leads the Pack

    When House Minority Leader Nancy Pelosi’s (D–CA) staff released a chart in May that attempted to illustrate how much past Presidents increased the national debt, it collided with a meticulous critique from Politifact that in turn led to a revised chart. The Washington Post’s Glenn Kessler weighed in as the … More

    Super Secret Committee Snubs Transparency

    Politico reported what many have feared about the Joint Select Committee on Deficit Reduction in a story titled “Supercommittee operating in secret.” Members of this committee are not disclosing details of negotiations on legislation to the press or the American public. The supercommittee has become supersecret about most of what … More

    The President's "Debt Reduction": $1.6 Trillion in Tax Hikes, Almost No Net Spending Reductions

    During his Rose Garden speech Monday, the President claimed that his new “debt reduction” plan would provide $2 of spending cuts for every $1 of tax increases. A closer look at the administration’s own numbers, however, suggests the President, well, exaggerated. A realistic assessment—based mainly on table S-6 of the … More

    Obama's Attack on Big Oil: Fair Share or Targeted Tax Hike?

    President Obama says he wants big corporations, including oil companies, to pay their “fair share” in taxes. His deficit reduction plan includes eliminating what he calls special loopholes and subsidies for oil and gas companies—despite the fact that they’re not specific to the oil and gas industry but the broader … More