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    3 Things You Need to Know About the Congressional Budget Deal

    Many had high hopes that the first budget conference in four years would make a substantial down payment toward fixing the U.S. spending and debt crisis. The new “Bipartisan Budget Act” thoroughly disappoints. While we dig through the details for a more complete assessment, here are three key facts on … 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

    Just One Dollar Less: Why Washington’s Budget Will Be $150 Billion More in 2014

    What would happen if lawmakers took this year’s budget, subtracted $1, and made that the budget for next year? Let Freedom Ring made this video asking policymakers to do just that: If lawmakers did this, they would need to cut the 2014 budget by nearly $150 billion. That’s right: Federal … More

    Tax Revenue Rose Five Times Faster Than Spending Fell in 2013

    The monthly Treasury statement of the actual budget figures for 2013 this week shows tax revenue rising five times faster than spending fell in 2013. Taxes revenue climbed by 13.2 percent from $2.45 trillion in 2012 to $2.77 trillion in 2013. Spending, on the other hand, fell by only 2.4 … More

    Look Closer: Tax Increases, Not Spending Cuts, Are the Harmful Austerity

    Proponents of government spending want to use the recent history of Europe as evidence that spending cuts are harmful, but their arguments lose traction when one looks closely at the data. One example comes from Paul Krugman, who used the International Monetary Fund’s Fiscal Monitor data to argue that “austerity … More

    Without Reform, Entitlement Spending Poses a Default Risk

    The Obama Administration argues that failure to raise the debt limit would lead to a default on federal debts, causing unacceptable harm to the economy. But the President has ample discretion to prioritize debt payments and avoid default. The President has failed to address the more fundamental risk of default: … More

    Obama Debt Limit Proposal: We Spend More, You Pay More

    During remarks given after the passage of the Senate continuing resolution today, President Obama stressed once again his unwillingness to work with Republicans to find spending cuts before increasing the debt ceiling, while suggesting that he was otherwise eager to find a solution to America’s fiscal future. The President stated: … More

    Morning Bell: 6 Reasons Why the National Debt Keeps Rising

    Out-of-control spending by Congress and the Obama Administration has once again maxed out the latest debt limit—a nearly $17 trillion burden that harms job growth, gives special interests a pass, and lowers American families’ personal income. Inspired by Dave Ramsey’s recent post “6 Reasons People Stay in Debt,” we compiled … More

    Debt Limit: Brinksmanship or Fiscal Course Correction?

    Washington is in the midst of another budget fight this fall over the nation’s debt limit. What some call political brinksmanship others recognize as an important forcing mechanism to rein in out-of-control federal spending and avoid a much worse debt crisis in the future. Dan Mitchell of the Cato Institute, a … More

    Where the White House Is Wrong on Immigration Reform

    Could the Senate-passed bill on immigration reform decrease the deficit and pad your pocketbook, all while granting amnesty to millions of illegal immigrants? The answer is no, according to Heritage’s Derrick Morgan, vice president of Domestic and Economic Policy. “This is going to increase the deficit,” Morgan said on Fox … More