The reactionary socialists over at the Congressional Budget Office have created a fantastic infographic for understanding federal spending, debt and taxation right now in the U.S.:
Budgets
Hurricane Irene wreaked billions of dollars in damage, inundated cities and towns and killed at least 35. For hundreds of thousands more, it was either a life-changing calamity or a close call. But for politicians, it was also a chance to showcase leadership and promote their vision of government in a moment of peril. President [...]
In a memo to his House Republican caucus released after Obama spoke on Monday afternoon, Majority Leader Eric Cantor doubled down on his insistence that there be no tax increases included in the next round of deficit negotiations. Though this position ignores the fact that taxes are set to go up automatically in 2013 if [...]
After meeting for two hours Thursday, the latest lawmakers to be tasked with solving the budget puzzle emerged from Blair House with Opening Day optimism. Vice President Joe Biden called it a “good, productive” session. “We had a good rapport develop,” said Eric Cantor, the House Majority leader. What did they accomplish? Apart from announcing [...]
Democrats and Republicans managed to work out a controversial tax-cut deal in December. Then they managed to work out a controversial spending-cut deal in April. Now they just need to work out a deal to raise the debt limit, something both sides agree needs to be done to avoid a national calamity. No problem, right? [...]
Ahh, the children and grandchildren. Politicians love to describe how big-bad Washington is robbing them blind. “Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren,” then Sen. Barack Obama declared in 2006, when he voted against raising the debt ceiling. “Passing on ever-increasing debt to our children [...]
In today’s WSJ Karl Rove writes with disdain about the way the Obama White House is framing the coming debt limit fight on its own terms–namely, that any debt increase needs to be “clean,” without GOP budget riders, and that gamesmanship around the vote could spook the markets and wreck the economy. Rove argues that [...]
Count me among those skeptical that a new deficit summit/commission/gang will produce bipartisan consensus – and not just political theater. It’s no big secret what needs to be done to reduce the nation’s debt – raise taxes, cut spending or do both. While the details of what gets cut and who gets taxed are open [...]
National Review‘s Ramesh Ponnuru writes a level-headed and intellectually honest response to Paul Ryan’s critics on the left. He offers some useful food for thought on the policy details, including a reminder that Bill Clinton’s 1996 welfare reform, which involved a shift to block grants, prompted dire warnings similar to those aimed at Ryan’s proposed [...]
Budget issues are complex and confusing, which makes them infinitely spinnable. Officially, the deal House Speaker John Boehner cut with President Obama over the FY11 continuing resolution—which is distinct from the FY12 budget debate, which is distinct from the debt limit issue, which, oh, never mind—included $38 billion in spending cuts. Boehner bragged that it [...]
