By The Numbers: Phony Cuts And Bogus Savings In President’s New Fiscal Plan
“I’m proposing real, serious cuts in spending… All told, this plan cuts $2 in spending for every dollar in new revenues.” – President Obama unveiling his deficit plan, September 19, 2011 $1.4 trillion Actual deficit reduction through 10 years under the president’s plan, less than half the amount promised Zero Percent of deficit reduction that […]
SBC Analysis Of The President’s Mid-Session Review: Despite Promises, Deficit Plan Still Missing
By law, the administration is required to provide by July 16 an update of the president’s proposed budget for the coming fiscal year. The update, which has come to be known as the Mid-Session Review (MSR), must provide revised estimates of receipts, outlays, budget authority, and budget deficits, taking into account information such as newly […]
SBC Analysis: President’s Deficit Plan Fails To Cut Spending By One Penny
Properly accounting for the effect of the president’s proposed policy changes, the actual amount of net deficit reduction proposed by the president is $1.409 trillion, consisting of $146 billion in spending increases and $1.555 trillion in tax increases.
Timeline Of Washington Democrats’ “Leadership” On The Deficit
“It’s irresponsible, it’s wrong, it’s a failure of leadership, it’s absent without leave… Can you imagine the greatest threat to our country, dwarfs any other problem this nation has… and the president’s not providing any leadership? The commander-in-chief is absent from battle.” – Ranking Member Jeff Sessions, interview on FOX News January 25, 2011 – In […]
By The Numbers: As Senate Democrats Ignore Budget, Debt Surges And Economy Suffers
800 …………. Days since the Democrat Senate has passed a budget resolution $3.2trillion …. Debt accumulated since a budget was last passed $7.3trillion …. Total federal spending over that time $439billion …. Net interest payments over that time 2024 …………. Projected year that Medicare will go bankrupt 2036 …………. Projected year that Social Security will […]
Should Needed Spending Reductions Be “Balanced” With Tax Hikes?
Tax Hikes Won’t Work, Aren’t Needed To close this year’s $1.4 trillion deficit through tax increases alone, individual and corporate rates would have to more than double overnight. Even if all of the income of those earning more than $1 million were confiscated at a 100 percent marginal rate—with the unlikely assumption that taxpayers wouldn’t […]
Democrats’ Phantom Budget Cuts Less—And Taxes More—Than Advertised
More than 800 days since passing a budget as required by law—and still refusing to even make one public this year—Senate Democrats recently shared a copy of their phantom budget proposal with the Washington Post. Stunningly, they asserted a fifty-fifty split between tax hikes and spending cuts. They claimed a meager $2 trillion spending reduction […]
Analysis Of The Revised Reid Proposal: Two And A Half Dollars In Debt Increase For Every One Dollar In Cuts
Yesterday, Senate Majority Leader Harry Reid introduced his revised plan to increase the limit on the debt (this time by $2.4 trillion) from the current $14.3 trillion to $16.7 trillion—an amount sufficient to allow the Treasury to continue borrowing to finance our deficits through early 2013. This revised plan is essentially the same as his […]
Fact Sheet On CBO Long-Term Outlook: Worsening Debt Imperils Economy
CBO now projects that debt held by the public would exceed 100 percent GDP by 2021 under current policies (the alternative fiscal scenario). This is a 10 percentage point increase in debt relative to CBO’s projections of only one year ago. What’s more, debt held by the public is only a fraction of total federal […]
How Debt Destroys Jobs–And Why We Need A Budget
Higher debt leads to slower economic growth. Empirical studies show that high levels of government debt inhibit economic growth by creating uncertainty, displacing needed private investment, and placing upward pressure on interest rates. For example, Reinhart and Rogoff found that, in advanced economies with gross government debt above 90 percent of GDP, median economic growth […]