161 results for tag: Budget


Federal deficit up 25 percent over last year

Our federal deficit is growing, this year spiking to nearly $590 billion – up 25 percent over last year – according to the latest Congressional Budget Office estimate. The Washington Examiner has the details: The federal deficit for fiscal 2016 jumped to $588 billion, $149 billion bigger than last year's, the Congressional Budget Office estimated Friday. As a share of economic output, the deficit rose to 3.2 percent, up from 2.5 percent in fiscal 2015. That would be the first such increase in the deficit as a share of the economy since 2009, when the U.S. was still reeling from the financial crisis. Part of the jump in the deficit was ...

Report: Congress needs to close $10 billion gap in government spending

The government is spending so far past its budget limits that Congress is about to encounter a record gap. New projections show that the government is on track to spend $10 billion more next year to continue current government operations without changes, according to the Congressional Budget Office. The report means that Congress will have to make some serious cuts. The Daily Signal reported: With government spending authority set to expire Oct. 1, Congress was expected to pass a makeshift spending measure known as a continuing resolution. To avoid breaking the $1.07 trillion spending caps established in the budget agreement of October ...

Economic-policy expert: Financial crisis inevitable the longer Congress waits to address entitlement spending

So-called “autopilot” congressional spending – e.g., spending that Congress isn’t allowed to take its red pen to and eliminate from the budget, like food stamps, Medicare, Medicaid, social security – will soon become the bulk of the federal budget, leaving little room for discretionary spending like national defense. The Daily Signal has the scoop: Autopilot spending is growing at an alarming rate and will consume more than 75 percent of the entire federal budget by 2020. As the autopilot portion of the budget grows, the budget becomes less responsive to current needs and crowds out spending on critical national priorities like defense...

Study: These social-security benefits are going to run dry in two decades

It’s no surprise social security is in trouble but the severity of the situation can’t be stressed enough: The well that is social security benefits – specifically, old-age, survivors’ and social-security disability insurance benefits – is going to run dry within two decades if Congress doesn’t step in and take action. The Daily Signal has the story: Social Security’s programs are in deep trouble. According to the just-released 2016 report of the Board of Trustees for the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, both programs’ trust funds will be depleted in the near future—old-age and ...

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 ...