America’s financial future is at a crossroads. While Congress debates the right path to balance the budget and restore order to the nation’s fiscal house, now more than ever, citizens must understand the problem and what is at stake. The Heritage Foundation’s special preview of the 2011 Federal Budget Chart …
All across Western Europe—the land of platinum-plated social benefits, the 35-hour work week, tony retirement plans and government-funded health care—countries are coming to the realization that they can no longer afford these luxuries amid skyrocketing deficits. Yet here in the United States, as we face a $14.3 trillion deficit, some are …
President Obama on Wednesday announced $400 billion in defense cuts between now and 2023. But in reality, defense budgets have already been cut, are being cut now, and will be cut even further in the future. And it’s happening at the expense of national security. He specifically referenced $400 billion …
One issue that has come to the forefront in the debate over a continuing resolution to fund the government for the remainder of the year is transparency. Speaker of the House John Boehner (R-OH), Senate Majority Leader Harry Reid (D-NV) and President Barack Obama negotiated a deal on Friday averting …
As Heritage expert J.D. Foster, Ph.D. noted in his January 2011 paper “Congress Has Time and Options on Debt Limit“, Congress had time to discuss how it wants to proceed on the debt limit. Secretary of the Treasury Timothy Geithner’s letter of April 4, 2011 estimates that the Federal Government will …
Next week, the House Budget Committee will consider the fiscal year 2012 budget resolution in what is expected to be a marathon committee markup. The committee faces a dire budget reality; with entitlement spending that is absorbing essentially all of our federal income, while non-security discretionary spending is dramatically increasing. …
