• The Heritage Network
    • Resize:
    • A
    • A
    • A
  • Donate
  • deficits

    China Stops Buying Treasuries: Who Cares?

    The headlines should read: World Didn’t End! Sub-head: We didn’t know what we were talking about. The data for official Chinese purchases of Treasury bonds in 2009 were published yesterday. Verdict: the PRC bought practically nothing. In 2008, official Chinese purchases of US Treasury bonds were equal in size to … More

    Tax Hikes for the Middle Class?

    Remember the promise of the 2008 Presidential election? No family making less than $250,000 will see their taxes increase Well, now, the option to tax the middle class is “on the table“. Of course, as we have pointed out, he has already broken that pledge. But now, Obama is ready … More

    Outside the Beltway: Americans Angry, But Also Engaged

    Yesterday’s Rasmussen poll reveals what anyone who has been watching the news for the past year already knows — Americans are angry. They are angry at their government and its failures to provide solutions to the current problems. According to today’s poll, 75% of likely voters are “at least somewhat … More

    10 Democrats Stand Up for Fiscal Discipline--Will Leadership Follow?

    Ten democratic Senators recently issued an important call to action for Majority Leader Harry Reid to support efforts to get America’s long-term fiscal imbalance under control. One can only hope Senator Reid listens. As the letter notes, America is already $12 trillion in debt and, in the next decade, will … More

    House Health Care Bill Yields $9.2 Trillion in Deficits

    Members of Congress have been working frantically to bring the cost of the health care bill below $1 trillion, make it “deficit-neutral,” per the President’s instructions, and meet Blue Dogs’ expectations that it be “paid for.” As the Congressional Budget Office has pointed out, so far they’ve had no such luck. But the bigger … More

    Entitlement Reform? A 'Must Do' for Obama

    After making news earlier this week for promising to make Social Security and Medicare reform a “central part” of his plan to curtail federal spending, President-elect Obama has pledged to hold a “fiscal responsibility” summit focusing on entitlement reform. Although the devil is in the details, facing up to the … More

    Apparently Budgetary Tradeoffs Don’t Apply to New Presidents

    Has the Blue Dog Coalition given up on their version of fiscal responsibility? Jim Cooper (D-TN), leader of the Blue Dogs – the self-described fiscally-conservative group of congressional Democrats – was quoted in a Wall Street Journal op-ed announcing, “I’m not sure the old rules are relevant anymore… It would … More

    The Real Record Breakers Are Coming

    Yesterday the White House updated its budget estimates by releasing the annual “Midsession Review.” Media reports have focused on the projected budget deficits of $389 billion this year and $482 billion in 2009. As always, larger truths have been left out: Reports calling next year’s projected budget deficit of $482 … More

    387 Congressmen Agree, Running up the Deficit to Pay for Pork is a Good Idea

    In a process familiar to any troubled sub prime borrower, the current federal highway reauthorization bill spends more money than it takes in. Historically, any excess spending is paid through the Federal Highway Trust Fund and has always been exclusively funded through the gas tax. However, in an unprecedented action, … More

    The Truth Hurts

    A Daily Kos diarist has stumbled upon our Federal Revenue and Spending Book of Charts and approvingly links writing: Under democratic leadership, spending went down while still installing programs to help those in need. … Republicans on the other hand have actually spent more money not just on defense spending, … More