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  • trillion dollar deficits

    New Calculator Shows How Much More Taxes Will You Pay Next Year

    We are on the precipice of the largest tax increase in United States history. On January 1, 2011, the 2001/2003 tax relief will expire. All Americans who earn income will see their taxes go up as a result (even those who work but don’t pay any federal income taxes) unless … More

    VIDEO: Rep. Paul Ryan (R-WI) Tells MSNBC Where to Cut

    Last night on Hardball with Chris Matthews, Rep. Paul Ryan (R-WI) made the case for preventing President Barack Obama’s impending job killing tax tsunami. When Matthews tried to play gotcha by asking Rep. Ryan “Where will you cut?” to pay for the tax cuts, Rep. Ryan was ready. First, he … More

    Morning Bell: An Admission of Failure

    It is established practice in Washington that if you have to release bad news, it is best to do it on a Friday … the later in the day the better. So not only did the White House schedule the publication of the “Mid-Session Budget Review” for last Friday, but … More

    White House Confirms Continued Trillion-Dollar Budget Deficits

    The White House today released its updated federal budget projections. By releasing the report late on a Friday afternoon—a longtime Washington tradition for stories that politicians want to bury—the Obama Administration is effectively admitting that its budget numbers will not be well-received. The “Mid-Session Budget Review” projects that this year’s … More

    Dem Plan to Cut Deficit Will Pay for Failed Stimulus ... by 2130

    Reps. Gary Peters (D-MI), John Adler (D-NJ), Peter Welch (D-VT) and Jim Himes (D-CT), should be commended for forming their new Spending Cuts and Deficit Reduction Working Group. Peters told The Macomb Daily: “Congress has to get serious about reducing the deficit now. Transforming the deficits generated over the past … More

    Five Recommendations for David Cameron

    David Cameron’s visit to the United States this week offers the prime minister a major opportunity to assert a stronger British presence on the world stage after a period of notable decline under Gordon Brown. On both Afghanistan and Iran, two key issues likely to feature heavily in his White … More

    Reid’s Deficit Addiction Is Blocking Unemployment Benefits Extension

    There’s only one reason nearly 2 million American former workers are without unemployment benefits today: Senator Reid (D-NV) and his Democratic colleagues’ addiction to deficit spending. The Senate is expected to try to extend these benefits soon. There are arguments pro and con, but if the benefits are extended, then … More

    On Stimulus, Krugman Feints, Mankiw Parries, Both Miss

    It often happens that flawed theories put into practice expose their internal inconsistencies for all to see before long. We now see this playing out in the case of Keynesian stimulus and the U.S. economy, and the stimulus defenders are at a loss. By any measure, the Keynesian debt-based stimulus … More

    House "Budget Enforcement Resolution" Dodges Accountability

    Last night the House passed a “budget enforcement resolution” setting discretionary spending levels for fiscal year 2011 at $1.12 trillion. This is approximately $7 billion less than President Obama’s budget and $3 billion less than the Senate proposal. However, the resolution isn’t newsworthy so much for what it contains but … More

    Deficit Reduction Isn’t Just a Matter of the Right Policy—Politics Matter, Too

    At this point, Americans on every imaginable side of the deficit debate agree that federal spending is out of control. Something must be done—but the question is, what, and how, and by whom? Lawmakers on Capitol Hill talk about deficit reduction an awful lot—so why haven’t they done anything about … More