Later this month, the Obama Administration is expected to submit a plan to Congress seeking additional power to cut specific items from spending bills. This proposal is commonly called the “Line-Item Veto,” named after the law ruled unconstitutional in the 1990’s. However, line-item vetoes did not require Congressional approval, while …
Greece’s recent escapades in economic disaster are a sobering example to the United States of the consequences of allowing government spending to far exceed revenue. But though Americans’ concern regarding the financial outlook of the federal government grows, those with the power to act something seem largely unaffected. The International …
In his latest New York Times column, Paul Krugman manages to make some useful observations before slipping into his usual role of distorting propagandist. His most important observation is in his title, “We’re Not Greece”. For that matter, we’re not Portugal or France, either, for all of which we can …
The presidential Commission on Fiscal Responsibility and Reform convened Tuesday at the White House to address what leaders of both parties agree is one of the greatest threats to the country’s economic future: the rising national debt. Recently President Obama and members of his economic team voiced their support for …
Remember how public anger over the federal debt reaching new sky-high levels last year drove lawmakers into a flurry of discussions about budget controls? Responding to public and international pressure to do something about permanently spiraling deficits, President Obama established a flawed commission to tackle the spending problem. Congress, doing …
Last January, Senators Jeff Sessions (R-AL) and Claire McCaskill (D-MO) introduced an amendment which would have taken the first steps toward restoring fiscal responsibility in Washington. While the amendment failed to attain the necessary 60 votes for passage, it did gain strong bipartisan support, with 16 Democrats joining all but …
House Majority Whip Rep. James Clyburn (D-S.C.) was quoted in The Hill earlier this week discussing the country’s economic outlook. Despite the President’s recent efforts to talk about savings, Rep. Clyburn took a different tack, saying that “wouldn’t help alleviate the recession.” He added, “We’re not going to save our way out of this recession. We’ve got to spend our way out of this recession, and I think most economists know that.”
Senator Tom Coburn (R-OK) has a radical alternative to raising the debt limit: spend less money. In an amendment introduced last week Senator Coburn proposed saving approximately $120 billion by, “consolidating more than 640 duplicative government programs, cutting wasteful Washington spending, and returning billions of dollars of unspent money.” The …
President Obama is reported to be considering an Executive Order creating yet another commission to consider options for curtailing Washington’s deficit addiction. Even at a time when action is desperately needed, such an Executive Order is likely worse than doing nothing. The Executive Order approach represents Congress’ latest embarrassing retreat …
Congress doesn’t want you to know it, but they are about to raise the debt limit because they’ve spent the full $12.1 trillion allowed on their taxpayer-funded credit card. They’re hoping you won’t notice because they’re trying to sneak the increase into some other “must-pass” measure, such as the upcoming …
