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  • fiscal cliff

    Lunch with Heritage Google Hangout on the Fiscal Cliff

    Congress has a chance to deliver Americans a belated Christmas present shortly after Christmas if it can work to avoid running the country off the “fiscal cliff.” The term “fiscal cliff” refers to a combination of massive tax increases—including the expiration of the Bush tax cuts—and deep spending cuts that … More

    Morning Bell: The Threats of a Lame Duck Congress

    The lame-duck session begins today, with retiring and defeated Members of Congress coming back to Washington to make their last legislative decisions. Because of the lack of accountability to voters, the lame-duck period brings heightened scrutiny. Congress has 16 working days scheduled between now and the end of the year, … More

    Boehner's Olive Branch: More Revenues, but Only Through Growth

    Sometimes in post-election America, there is excitement about what the future will bring. This time around, the prospect is rather horrifying. America is racing, pedal to the metal, toward the fiscal cliff—a mixture of tax hikes and defense cuts that loom just after New Year’s. The same Congress and the … More

    Chart of the Week: Defense Budget Cuts Gamble with National Security

    The third and final presidential debate between President Obama and former Governor Mitt Romney will feature several different questions on the role of America abroad and other aspects of foreign policy. Obama and Romney will likely address the nation’s impending spending crisis and automatic defense budget cuts, known as sequestration. … More

    Sequestration: Spending Cuts Needed, but Get the Policies Right

    Tonight’s presidential debate is a good opportunity for President Obama and Governor Mitt Romney to tell the nation what they would do about our spending crisis and the looming fiscal cliff—in particular, the problem of the automatic defense budget cuts. Leadership on this issue is crucial. Some conservative lawmakers are … More

    Congressional Budget Office Confirms FY 2012 Deficit Exceeds $1 Trillion

    Fiscal year 2012 concluded with a $1.1 trillion deficit, according to the Congressional Budget Office’s monthly budget review released today. It marks the fourth year of trillion-dollar-plus deficits. Anyone can see that these massive, continued deficits are hardly sustainable. Despite claims that tax hikes are the solution to reduce the … More

    Morning Bell: Obama and Congress Are Choosing to Cause a Recession

    President Obama recently said, “The most important lesson I’ve learned is you can’t change Washington from the inside.” That’s demoralizing to hear when a recession is bearing down on the economy—and it’s an inside job. The Congressional Budget Office has forecasted a fresh recession to hit next year if Taxmageddon, … More

    Are Spending Cuts as Harmful as Tax Increases?

    Wednesday’s warning by the Congressional Budget Office (CBO) that the fiscal cliff is likely to push the economy back into recession should bring things sharply into focus for lawmakers. The CBO is correct that the fiscal cliff will lead to a recession, but its report contains faulty economic reasoning. The … More

    Morning Bell: Another Recession Is Imminent

    Yesterday, the Congressional Budget Office (CBO) reported that without a doubt, America will have a fresh recession next year unless Congress and the President prevent it. We are facing the largest tax increase in history—Taxmageddon, scheduled to take effect January 1—and what experts are calling a “fiscal cliff” of sharp … More

    CBO Warns: President Obama and Congress Risk Triggering Another Recession

    About 1.6 million American jobs hang in the balance. That is the clear implication of analysis contained in the annual budget update by the Congressional Budget Office (CBO). Along with all manner of dire and dreary budget data reflecting President Obama’s budget and economic policies to date, CBO provides its … More