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    Debt Ceiling: Default Not at Issue, Federal Spending Is

    President Obama is expected to make his case for a debt ceiling increase at a press conference this morning. The development comes as House Republicans are reportedly weighing “default” and “government shutdown.” While it’s encouraging that conservatives are gearing up for a fight, it’s important that policymakers and the public … More

    Geithner to Congress: Happy New Year, We're Maxed Out on Debt

    The government has maxed out its credit card again, mortgaging America’s future with yet more debt. Obama Administration Treasury Secretary Timothy F. Geithner, in a letter to Congress the day after Christmas, said, “I am writing to inform you that the statutory debt limit will be reached on December 31, … More

    Morning Bell: 10 Facts on the Fiscal Cliff, Debt, and Spending

    Budget policy in 2012 was characterized by deficit spending, major increases in the national debt, and a heated debate over the “fiscal cliff.” With just days left for President Obama and lawmakers in Congress to avert a major tax hike, sequestration, and other major policy changes, today we bring you … More

    Congress Limps Out of Town with a Fractured Budget Process

    Happily, the world did not end on December 21, as some interpreters of the Mayan Long-Count Calendar predicted. Earth did not get sucked into the black hole at the center of the galaxy; it did not crash into the planet Nibiru; its core did not heat up, causing earthquakes and … More

    Flawed Violence Against Women Act Could Become Next Lame-Duck Fight

    As the lame-duck session of Congress grinds to a close, policymakers are feeling the pressure to rush passage of a number of expansive, potentially faulty pieces of legislation before the year’s end. Recent rumors swirling around Washington suggest the House may consider anew language in a Senate-passed version of the … More

    Liberal Welfare State in Decline

    Even as the country deals with the crisis of the “fiscal cliff,” there’s another crisis waiting in the wings. “The second act will occur early in 2013 when the federal government will exhaust its ability to issue debt legally,” writes Heritage’s J. D. Foster. As computer programmers would say, the … More

    Morning Bell: House Republicans Cave on Tax Increases and Punt Entitlements

    When President Obama put forth his first offer on the fiscal cliff, House Speaker John Boehner (R-OH) said, “You can’t be serious.” We could say the same thing to the Speaker after his counteroffer yesterday. In a letter signed by House Republican leadership, including Majority Leader Eric Cantor (R-VA) and … More

    Powerball Jackpot Taxes: How Much Government Would They Pay For?

    The two lucky winners of the Powerball jackpot are a part of Powerball history. Of course, the winnings are subject to federal taxes, making the spoils a little less sweet. But since the President wants to tax the wealthy, let’s see how much taxing these new multimillionaires buys us in … More

    Fiscal Cliff: Will Obama Stop Kicking the Can Down the Road on Entitlements?

    Even with the President’s desired tax hikes, publicly held debt would rise by $7.7 trillion in 10 years under the President’s budget. That’s right: Our federal debt would continue growing even if the President gets his way completely in the fiscal cliff negotiations. Until the debate focuses on reining in … More

    Morning Bell: 6 Fixes to America's Fiscal Crisis

    President Obama made his first offer to congressional Republicans yesterday in negotiations over the “fiscal cliff”—an economic catastrophe of tax hikes just a few weeks away. The White House’s proposal? $1.6 trillion in tax increases, $50 billion in new stimulus spending, and a change that would make it easier to … More