Senate Democrats have threatened to block Speaker John Boehner’s $917 billion deficit reduction plan that would raise the nation’s debt ceiling by a similar amount this year. Just what budget cuts are they willing to accept? Republican House budget committee chairman Paul Ryan‘s budget achieved more than $6 trillion in deficit reduction over the next ten years. All House Republicans voted for his budget in | Read More »
President Barack Obama urged legislators this week to “seize the moment,” saying that they had “a chance to stabilize America’s finances for a decade, for fifteen or twenty years.” He is reportedly still pushing Republicans for a “big deal” that would include $4 trillion in deficit reduction over the next ten years. But why should we believe that he is serious about cutting spending now? | Read More »
In a Wall Street Journal op-ed this week former Republican majority leader Dick Armey and FreedomWorks‘ Matt Kibbe lay out a good number of ways to rein in government spending. They point out that since 2007, federal spending has skyrocketed. If Congress returned to spending levels from before Democrats took control of the legislature, it would save hundreds of billions a year according to combined | Read More »
In his State of the State address Tuesday, Governor Mitch Daniels proclaimed that Indiana had managed to weather the recession with a combination of fiscal conservatism and pro-growth policies. “Whatever course others may choose,” he said, “here in Indiana we live within our means, we put the private sector ahead of government, the taxpayer ahead of everyone, and we will stay in the black, whatever | Read More »
After billions in stimulus spending and bailing out banks and automakers, America’s public finances are in a dismal state. This year, the federal deficit alone is set to near $1.5 trillion while the national debt reach a staggering $13.7 trillion last month. Americans may need to brace for austerity but plans to rein in spending are few and controversial. Ahead of November’s midterm elections for | Read More »
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