Browsing All posts tagged under »government spending«

Snookered: Budget deal only really cuts $14.7B

April 12, 2011


Grumbling has grown over the tiny nature of cuts reached in the recent deal to avoid a government shutdown. It’s sure to gain even more intensity after analysis shows that a lot of the cuts were accounting tricks and on programs that the President wanted to cut anyway. The upsetting bottom line – if you’re […]

Happy Tax Day

April 15, 2010


As happy as it can be, I suppose. There are still two more hours left in April 15th, so in theory you have a bit more time to get your return in without incurring a penalty – even more if you happen to live in Hawaii! (Just another reason, by the way, why it’s OK […]

Value-added tax inches closer via Volcker

April 7, 2010


Obama economic advisor Paul Volcker spoke yesterday at a New York Historical Society event and noted that America should consider raising taxes to curb deficits and improve our financial standing (heads-up from Allahpundit). But even more interesting is the suggestion by Volcker, a former Fed chair under Bush, that Congress should enact a value-added tax […]

CBO: Obama debt forecast off by $1.2 trillion

March 5, 2010


Hidden in the Friday news dump is this rosy little story regarding our fiscal future –¬†the Congressional Budget Office announced is projecting that Obama’s proposed budget will add $9.7 trillion to the debt over the next 10 years, which is $1.5 trillion more than the White House’s estimate of $8.5 trillion of debt put on […]

Debt ceiling raised as two spending bills advance

December 17, 2009


In one of its last acts before adjourning for a winter break, the House of Representatives passed legislation that raises the amount of debt the US government is legally allowed to owe by an amount of $290 billion to a record $12.4 trillion in allowable government debt. The 218-214 vote saw unanimous Republican opposition, though […]

Obama now wants to cut deficits next year

November 13, 2009


In a move that seems now too ridiculous to be believed, President Obama is hinting that his focus in 2010 will be on cutting the federal deficit¬†in a shift toward fiscal responsibility. The move comes after the shocking gubernatorial defeats in New Jersey and Virginia amid rising voter concern about the growing gap between what […]

Get your drink on – here’s more great economic news

August 25, 2009


The title of the post says it all, really. The Office of Management and Budget released figures that show, along with an increased 10-year deficit projection of $9 trillion, a doubling of the federal debt by 2019 that will be 75% of America’s GDP. What’s more, unemployment is expected to hit 10% this year and […]