157 results for tag: Budget


ICYMI: Congress could learn a lesson in financial stewardship from this Tennessee teen with a heart of gold

Tennessee teen Kevuntez King from age twelve to age nineteen worked selling newspapers so he could go to college without borrowing a dime in student loans – and so his single mother wouldn’t have to dip into her own purse. Congressional officials would do well to take some cues from this young man. Fox-affiliate Q13 has the scoop: When it came down to school, my mom didn’t have to come out of pocket to do anything or I didn’t have to take out any loans to go to school,” he told WHBQ. He earned $200 every Sunday for five years straight and was just accepted into Tennessee State University. King has this piece of advice to share: ...

Former Senate Budget Committee Chairman: ‘It is still possible to stabilize our debt … so long as we fix our fiscal policy’

Former New Hampshire Governor and former U.S. Senator Judd Gregg in a recent column notes our national debt keeps ticking up, more than doubling from $8 trillion 10 years ago to now more than $18 trillion, and the number will continue to climb with disastrous effect unless our political leaders take decisive action and start trimming the fat. The Hill has the commentary: If we keep on our current spending and deficit path, our debt will have tripled by the midpoint of the next decade. We will have a debt-to-GDP ratio by then that will be in the same ballpark as Greece, Spain and Iceland today. What does this all mean? No one really knows ...

Treasury: March 2016 marks biggest March deficit in four years

The federal budget deficit spiked in March – driving the nation closer to economic disaster. ABC News has the story: The Treasury Department says the deficit for March totaled $108.0 billion. That marks the biggest March deficit in four years and was more than double the imbalance in March 2015. The large jump from a year ago reflected calendar shifts, which had made the 2015 deficit look smaller because $36 billion in benefit payments were shifted into February. Through the first six months of this budget year that began on Oct. 1, the deficit totals $461.0 billion. That represents an increase of 4.9 percent from the same period a year ...

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 ...

Coalition asking lawmakers to implement special budget that would cap, track costly federal regulations

Numerous free-market groups together are leading the charge to urge Congress to include in its 2017 budget a special regulatory budget that would cap, track and disclose pricey federal regulatory laws. The Washington Times has the details: Big government is getting big criticism. A coalition of 15 free market groups say that stifling and potentially costly federal regulations can have an effect similar to tax increases, proposing that these regulations be capped, tracked and disclosed annually – just like federal spending. The group is now urging Congress to include a regulatory budget in its final budget for 2017, and they’ve got an example ...

Letter to the editor: ‘The borrowing ability of our government will run out’

The national debt today stands at $19.2 trillion – a figure that should alarm any parent or member of Congress, according to one concerned citizen from Moorestown, New Jersey. The Courier-Post Online has the details: If you personally had to borrow the money and make your children pay for 26 weeks or more of payments to your unemployed neighbor or welfare, subsidized housing, free meals at school and Medicaid for any immigrant that can reach our shores, would you do it? Would you borrow more and ask your children to pay for the best military hardware in the world, the world’s best-paid police, firemen, teachers and their administrators and ...

Congressman: ‘This could be the bill of the century’

A first-term congressman from Georgia is endeavoring to walk back the years of profligate spending in Washington, D.C. with a constitutional amendment that would require Congress to balance the budget within 10 years of ratification. The Daily Signal has the details: “The only way we can control spending in Congress in today’s free-spending era is with a balanced budget constitutional amendment,” said Rep. Barry Loudermilk, R-Ga., in an interview with The Daily Signal. “This could be the bill of the century.” Although there is little reason to expect this effort to end differently due to the high bar required to pass a constitutional ...

Congressman: Cut Congress’ pay every year till budget balanced

Rep. Rod Blum (R-Iowa) is hoping to light a fire under Congress in order to motivate his colleagues to (finally!)  rein in out-of-control spending, having introduced a bill that would cut the pay of members of Congress bit by bit until the federal budget is balanced. The Waterloo-Cedar Falls Courier has the details: “It could use some business sense. A lot of it, actually,” Blum said. Blum is a first-term lawmaker and Dubuque businessman. He hatched the idea to cut congressional pay 5 percent the first year and then 10 percent each year the budget is not balanced after realizing how few penalties for failure he sees in Washington, D.C. ...

Speaker Ryan: ‘The problem with divided government is you can’t get everything you want’

Speaker of the House Paul Ryan in a recent interview with Fox News’ Megyn Kelly said enacting legislation is an uphill battle as Congress doesn’t have the necessary votes to override President Obama’s veto pen and that he is navigating his way through budget legislation leftover from former Speaker John Boehner (R-Ohio). “The problem with divided government is you can’t get everything you want – No. 1. Number two, I inherited this mess from the earlier Congress; everybody kind of knows that this budget bill was done basically before I became speaker four months ago. The Daily Signal has the details: Though Republicans control both ...

Speaker of the House: President Obama’s budget ‘progressive manual for growing the federal government’

President Obama Tuesday sent his final budget to members of Congress, some of whom used choice words to describe the proposal. Fox News has the details: It didn’t take Republicans long to respond to President Obama’s record $4.1 trillion budget proposal – labeling it “a progressive manual for growing the federal government at the expense of hardworking Americans," as House Speaker Paul Ryan put it. The fiscal 2017 budget plan, Obama’s eighth and final spending blueprint, is being met with a dead-on-arrival mentality on Capitol Hill after it was released late Tuesday morning. As the president proposes a raft of new taxes, though, ...