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CBO: Medicaid, Social Security expected to balloon budget deficit over next decade

The Congressional Budget Office predicts the budget deficit will continue to grow over the next 10 years as the elderly retire and seek more medical care. Meanwhile, budget expenditures this year already exceed expenditures from this time last year. ABC News has the details: Economists at JPMorgan Chase are predicting that the deficit for this budget year will total $425 billion. The Congressional Budget Office, which will update its forecast later this month, had predicted in August that the deficit this year would shrink even more to $414 billion but then begin rising for the rest of the decade and will top $1 trillion again by 2025. The ...

House panel subpoenas VA over pricey hospital, art


Congressional Budget Office: U.S. federal debt in 2035 projected to exceed historic high

The U.S. federal debt is ballooning and expected to exceed U.S. gross-domestic product by 2035 – a bleak projection that even has officials at the Congressional Budget Office admitting that, if something isn’t done to curb the nation’s financial woes, our debt could soon spell worldwide financial disaster. The Hill has the details: The United States is less than two decades away from exceeding its highest recorded level of federal debt, according to the non-partisan Congressional Budget Office (CBO). The CBO projects that U.S. federal debt will pass 106 percent of the country's gross domestic product (GDP) by 2035, in its second long-term ...

Taxes, Spending, and Tax Credits Out of Control under Kurt Schaefer


Sen. Perdue: The ‘merry-go-round’ of artificially low interest rates ‘is going [to] stop’

When interest rates on our debt suddenly balloon, our nation will be facing even greater economic difficulties unless Congress enacts a solution. Fortunately, there are members of Congress like freshman Senator David Perdue of Georgia who know the value of a dollar and how frivolously we as a nation are managing our books. The Daily Signal has the scoop: Still, the debt doesn’t worry Perdue as much as the interest liability does. Should those rates rise—and Perdue is confident they will—he predicts the country won’t be able to make the minimum interest payments. For the past seven years, the Federal Reserve has targeted rates at an ...

Financial expert: Entitlement spending by 2019 will eclipse tax revenue

The U.S. is experiencing one of the longest economic recoveries since the 1960s and could be teetering on recession, as interest on our debts continue to accrue and as entitlement spending continues to balloon over the next three years. Forbes has the commentary: The weakest recovery in modern history has stretched on for 69 months… Sometime in 2019, entitlement spending, defense, and interest will consume all the tax revenues collected by the US government. That means all spending for everything else will have to be borrowed. The CBO projects the deficit will rise to over $1 trillion by 2023. By that point, entitlement spending and net ...

Columnist: Obama’s proposed budget would result in a national debt that by 2026 is 77 percent of GDP

Investor’s Business Daily Columnist John Merline breaks down the economic impact of President Obama’s proposed last budget as commander in chief noting it will increase taxes and balloon spending so much so that our debt will be more than three-fourths of our gross domestic product. Read John Merline’s analysis: According to the [Congressional Budget Office], Obama’s budget would, if implemented, boost taxes by $2.8 trillion and increase spending by $401 billion over the next 10 years. While it would trim 10-year deficits somewhat, annual deficits would climb every year after 2018, from $383 billion that year to nearly $1 trillion by ...

Daily Signal: President Obama’s budget over the next 10 years will increase our national debt by more than $8 trillion

Daily Signal News Producer Kelsey Harkness summarizes President Obama’s final 2017 budget proposal sent to Congress Tuesday and – shocker! – it doesn’t look good. Included is a proposed barrel tax on oil that would increase gas prices by $0.22 a gallon and other proposed expenditures that would balloon our national debt over the next decade from $19 trillion to $27.4 trillion. WATCH:   Enough already! Americans can’t afford more out-of-control spending from our commander in chief. Click here to help Tea Party Patriots urge Washington to rein in spending by implementing commonsense policy that would balance our budget ...

House Budget Committee Chairman: Medicaid, Social Security should be subject to reviews the way discretionary spending is

House Budget Committee Chairman Tom Price says the process of reaching consensus every year on the federal budget needs to be overhauled and that includes opening up mandatory spending to more scrutiny and possibly even the chopping block. McClatchyDC has the story: Part of the problem, Price said, is that non-defense mandatory spending for programs such as Medicare, Medicaid and Social Security – which were one-third of the federal budget just 40 years ago – now account for more than 60 percent and will one day reach 75 percent. “The slice of the pie that we control on the discretionary side, the appropriation process, gets smaller and ...

Tea Party Patriots Weekly Report from Washington for 10/18/15

CALENDAR: The House will return on Tuesday, October 20, with the first votes set for 6:30 PM. The House will stay in session through Friday, October 23. The Senate will return on Monday, October 19, with the first vote set for 11 AM Tuesday. The Senate will stay in session through Friday, October 23. LAST WEEK ON THE HOUSE FLOOR: The House was in recess last week for the Columbus Day holiday. THIS WEEK ON THE HOUSE FLOOR: The House will open its week on Tuesday, with six bills considered on the Suspension Calendar. On Wednesday, they’ll consider one bill under Suspension, and then they’ll take up two bills: H.R. 692, the ...