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  • fiscal cliff

    Morning Bell: Heritage Experts Analyze the State of the Union

    President Barack Obama laid out an ambitious agenda last night. Here are some highlights of our experts’ analysis of his claims, his plans, and his promises. Responding to Newtown All Americans, no matter what our backgrounds or political perspectives, abhor the death of innocent human beings. We were shocked by … More

    CBO: Tax Increase Fails to Solve Spending and Debt Crisis

    While President Obama keeps calling for more taxes, today’s figures from the Congressional Budget Office (CBO) show the tax hike he signed into law just last month will provide no lasting improvement in the federal government’s fiscal outlook. This is because spending continues to grow, driving deficits back toward the … 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

    Coverdell Education Savings Accounts—Now Safe from Taxation—Could Still Be Improved

    Congress and President Obama preserved the rules regarding Coverdell Education Savings Accounts (ESAs) when they passed the “fiscal cliff” deal. Coverdell ESAs are the lone tax break available to parents for kindergarten through twelfth grade education expenses. But beginning January 1, 2013, the accounts were going to be only useful … More

    It’s Time to Stop Picking Winners and Losers in the Energy Industry

    Representative Mike Pompeo (R–KS) hopes his new bill calling for the repeal of all energy tax credits on both conventional and renewable energy sources will level the playing field for energy producers and consumers and prevent the government from picking “winners and losers.” The Energy Freedom and Economic Prosperity Act … More

    Morning Bell: It's Time to Balance the Budget

    Today, the House will vote on a proposal that would suspend the debt ceiling until May 19, buying a bit more time for the overarching budget debate. This puts off the difficult decisions that are needed to get the country’s fiscal situation in order. Heritage’s vice president for domestic and … More

    Obama’s Budget to Be Late Again

    President Obama’s budget will be late again. When the President and Congress failed to close the fiscal cliff deal until January 2, it was predictable enough that the Administration would once again submit its budget a bit late. The fiscal cliff changed both revenues and spending, and so all the … More

    Smaller Paycheck? Welcome to Obama's Post-Fiscal-Cliff World

    Working Americans receiving their first full paycheck of the year may have had a rude awakening today. Despite all the President’s promises not to raise taxes on the middle class, he did exactly that. By allowing the payroll tax holiday to expire at the end of 2012, President Obama and … More

    Sandy Relief: Final Vote on Pork Package Set to Go

    Despite all the handwringing, it appears that President Barack Obama will get what he wanted in his excessive $60.4 billion request related to Hurricane Sandy. Shortly after his request was sent to Congress, the Senate approved President Obama’s package largely intact. Last week, the House passed $9.7 billion for the … More

    Chart of the Week: Growth of Government Assistance Adds to National Debt

    More than 41 percent of the U.S. population is “enrolled in at least one federal assistance program,” adding tens of billions of dollars to the national debt each year, according to new research by The Heritage Foundation’s Patrick Tyrrell and William W. Beach. That means that a startling number of … More