“It’s going to take a lot more than a few accounting gimmicks and unrealistic assumptions to cure our budget ailment” Yesterday, the media was agog with glee over reports that CBO is projecting an annual deficit “below $1 trillion for the first time in four years.” How did they arrive at that conclusion? This projection was extrapolated from the Treasury Department’s report of the first | Read More »
The outcome of the impending payroll tax imbroglio seems to be clear. With Republicans offering spending offsets and Democrats demanding tax increases, my safe premonition is that, for better or worse, the simple tax cut extension will pass, albeit without either “offset” plan. Due to some divisions among conservatives, such an outcome seems to be intractable at this point. At this point, we must focus | Read More »
“in typical Democrat asinine fashion, they are promulgating a defacto permanent tax cut by telegraphing to the public that it is only temporary, thereby minimizing the pro-growth effect of the tax cut.” After decades of monstrous lies about Social Security, Democrats have finally blown the cover off their stratagem. They have always proclaimed that our payroll taxes were held securely in a trust fund in | Read More »
Last year, the American people voted overwhelmingly for a Republican House of Representatives. Based upon their campaign pledges, the prevailing expectation of a “Republican House” was a body of revitalized Republicans who would not fund Obamacare and Dodd-Frank, downsize Freddie/Fannie, oppose appropriator-concocted omnibus bills, and fight for at least some of their priorities in the Ryan budget. A year later, the prevailing sentiment amongst the | Read More »
There is an old adage in Washington that describes the political system as consisting of three political parties; Democrats, Republicans, and Appropriators. The Appropriations Subcommittee chairmen, often referred to as the “College of Cardinals,” usually agree to concoct legislation that fuses the worst elements of the evil and stupid parties, resulting in something worse than a pure Democrat proposal. This is exactly what transpired with | Read More »
During last week’s foreign policy debate, Ron Paul won accolades from the crowd when he professed that there are no real pending cuts to the military, just reductions in baseline spending. Here is the full quote: “Believe me. They’re cutting — they’re nibbling away at baseline budgeting, and its automatic increases. There’s nothing cut against the military. And the people on the Hill are nearly | Read More »
I just recovered from my weekend hangover celebrating our reward for raising the debt ceiling in August. All good things are worth waiting for, and after three and a half months, we got our vote on a balanced budget amendment! And you know what? It was summarily defeated, even before it came to the Senate. Oh, and 25 of the most vulnerable Democrats now have | Read More »
Update: Roll call of members who stood strong is below the fold. This afternoon, the House passed Harry Reid’s first minibus appropriations bill (Agriculture, Commerce-Justice-Science, Transportation-HUD), which contains record levels of spending for Food Stamps, WIC, and international food aid. It also contains $2.3 billion for disaster spending, which is excluded from the budget caps. Appropriations Committee Chairman Harold Rogers promised today on the House | Read More »
As the tumultuous year of 2011 winds down, Congress will be facing a number of crucial budget deadlines. Aside for the supercommittee deadline to find $1.2 trillion in deficit reduction (over ten years), they must contend with the December 31 expiration of three provisions of the 2010 tax extenders deal; payroll tax cuts, unemployment benefits, and ethanol subsidies. Now the Washington Post is reporting that | Read More »
We could have done a lot of good things with the $830 billion that was flushed down the toilet through the 2009 stimulus. That money could have been used to permanently transform our entitlement programs to free-market personal ownership accounts. It could have been used for massive pro-growth tax cuts. Instead, it was used to grow perennial dependency and for special interest handouts. But all | Read More »
By now, we are all intimately acquainted with the bromide that “Republican’s only control one-half of one-third of government.” Nonetheless, we must remember that, in the realm of appropriations, they control the most consequential body of government; the House of Representatives. Unfortunately, almost a year into their stewardship of that body, they have shown only a tepid inclination to defund Obamacare. Despite months of diligent | Read More »
A year before the 2012 election, the good folks at American Crossroads released a terrific new video featuring Mississippi Governor Haley Barbour to remind us of the importance of this presidential election. In the video, Governor Barbour, talks about what a second Obama term would mean for America: “[Obama’s] policies aren’t fixing our problems, they’re making them worse. And a second Obama term means making | Read More »
After dithering for almost three years without a budget, Democrats are in a hellfire rush to finish all of the 12 annual appropriations bills. Unfortunately, Republicans leaders are in such a hurry to bury the hatchet on spending fights, they are willing to void all of the House-passed bills, in return for bipartisan conference reports. These conference committee versions – chock full of Senate Democrat amendments | Read More »
Update: 16 Republican Senators voted to empower Harry Reid and expand Food Stamps. It is now up to House members to demand a full floor vote with amendments to this bill. Last week, we noted that Harry Reid, with the help of Republican leadership, is attempting to come late to the 2012 budget game and commandeer the entire process through a series of ‘minibus’ bills. | Read More »
Senate Democrats (and all other Democrats, for that matter) have not passed a budget for over 900 days, yet they are planning to come late to the game and commandeer the appropriations process. After delaying the process for over two years, Harry Reid, with the help of some Senate Republicans, is planning to expedite appropriations bills in a way that disavows standard procedures of transparency. | Read More »
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