CBO: Government to Spend $47.2 Trillion Over Next 10 Years
We’ve all been waiting to see the updated CBO Budget and Economic Outlook for 2013 and the next ten years. Most of the news articles are focusing their headlines on the deficit and debt numbers projected in the CBO report. But remember that the reason why CBO deficit projections always understate the reality is because they overstate the amount of revenue they expect to come | Read More »
Does the No budget No pay bill really make a difference?
I ask this in all seriousness. The House passing the bill is a good step I think, but where does it really get us? It allows Obama to continue his reckless spending until April at the earliest and only means that the Senate has to do the job that the Constitution requires them to do already. So again I ask does this really make a | Read More »
Tags: Barack Obama
, debt ceiling
, Harry Reid
, House of Representatives
, John Boehner
, Mitch McConnell
, U.S. Debt
Facing the Reality of Obamacare, Entitlements, and Budgets
It’s a done deal. Republicans in the House will overwhelmingly support a bill (HR 325) today which will suspend the debt limit law until May 19. The bill will also call on the Senate to pass a budget by April 15 – with the threat of cutting off pay for a dereliction of this duty, as prescribed by the 1974 Budget Act. In return for | Read More »
A Retreat Emanating from the GOP Retreat?
Republicans came into their annual retreat at Williamsburg, Virginia looking for a starting point in the upcoming debt and budget battles. It appears that they have emerged from the retreat with a full blown plan. They will pass a bill this week that will suspend the debt ceiling law until May 18. The debt limit increase will be tied to a requirement that the Senate | Read More »
Charles Schumer (D, New York): the Democratic-controlled Senate will pass a budget.
Please take note of this. Democratic Senators are a funny bunch, sometimes. Point out that they’re mandated, Constitutionally, to pass a budget every year? They yawn. Remind them that it’s rank hypocrisy to lecture people on fiscal responsibility when they won’t show any? You get a shrug in response. Observe that shenanigans like Senate Democrats not doing a budget since 2009 is one major reason | Read More »
The Senate is dismantling the budget process and abdicating Congress’s spending authority
During the last debt ceiling fight, some pundits in the media and on the left wished for the “Gephardt rule” when the House automatically raised the debt ceiling when they passed a budget. Josh Green at the Atlantic praised it in 2011, saying we should ”bring [it] back.” Now he is at Bloomberg and at it again and again and again. These pundits, and this is my first point, misunderstand what they are | Read More »
The Debt Limit is the right fight.
I have been reading a lot of things today about how people out there are thinking that we should not have the fight on the debt limit because it is as they say “the wrong fight”. People like Newt Gingrich think that we should wait and fight in March at the end of the CR and allow the debt limit to raise now and make | Read More »
Myth Buster Post (Sandy Hook and Debt Ceiling edition)
#1: There is no such thing as an “assault weapon”. It is a made-up term not unlike the “fiscal cliff”. When the Violent Crime Control and Law Enforcement Act of 1994 was written (the law containing the Federal Assault Weapons Ban), the ban applied to weapons of certain cosmetic characteristics, some of which had little or nothing to do with how effective a weapon is. | Read More »
BRAC the Budget
I am in favor of not raising the debt ceiling unless the President and Democrats come up with meaningful spending cuts and reforms. Contrary to a lot of the Democrats’ spin, the federal government will not default if the debt ceiling is not raised. Only if Little Timmy Geithner decides to not pay certain debts will the government default. It is his choice. But I | Read More »
Obama’s budget proposal will be late. Again.
Because apparently math is hard. The White House has informed House Budget Committee Chairman Paul Ryan (R-Wis.) that it will miss the legal deadline for sending a budget to Congress. Acting Budget Director Jeff Zients told Ryan (R-Wis.) late Friday that the budget will not be delivered by Feb. 4, as required by law, a House aide said.
Obama: It’s Okay to Break the Law When It Comes to Submitting a Budget
Under law, the White House must submit a budget this year by February 4. According to the Hill, Late Friday evening, Deputy Director Zients confirmed that for the fourth time in five years, the president’s budget will not be submitted in compliance with the law,” Only 1 budget out of 4 have been submitted on time — the budget in 2010. The rest of the | Read More »
Once Again, “We’ll Fight Next Time”
During the fight over the FY 2011 budget in 2011, conservatives were told to stand down and wait for the debt ceiling. At that point, “we would begin to cut trillions,” promised GOP leaders. They wound up caving on the debt ceiling in return for nothing. Then they said we would fight for the FY 2012 budget. Well, once we agreed to lock in the | Read More »
Sandy, Omnibus and Our Idiotic Congress
We heard Chris Christie bellow about the delay in Hurricane Sandy relief, ”It’s why the American people hate Congress. Unlike the people in Congress, we have actual responsibilities.” While the Governor was right, I think the moment Christie blamed the GOP House he completely missed the reason why people hate Congress: It’s not when our Congress stops for a responsibility check that’s the problem, it’s that it had | Read More »
Can Conservatives win the coming debt limit and sequester fight?
I ask this in all seriousness. I know that if we had a “leadership” that was more concerned with reigning in spending and reducing the debt we could win. The problem is we don’t have that kind of leadership. True, we do have some in Congress that feel this way and have the spine to make it work, but those unfortunately do not amount to | Read More »
The House Must Act Now
Well, we really stuck it to the rich at 1:39 in the morning. Whew, now we can breathe a sigh of relief. The 40 Republicans who voted for Obama’s stimulus bill had to swallow hard voting for over $100 billion in new spending just in 2013, but at least those of us who are not super rich won’t see our taxes increase this year. Oh | Read More »