Gimmicks The President May Use To Claim Trillions In Phony Budget Savings

When the president releases his budget on Monday, February 13th, he will most likely claim some large amount of "savings" in an effort to create the appearance that his administration is actually committed to cutting spending. However, we know from gimmicks in the president's past proposals that he may claim to "save" $3 trillion with no savings at all (which are properly defined as spending cuts). The only deficit reduction would stem from tax hikes that sustain wasteful spending. Here is how … Continue Reading


Obama’s Budget Gimmicks Produce Phony Deficit Claims

President Obama has submitted three annual budgets. The reestimates of those budgets by the Congressional Budget Office (CBO) demonstrate they were based on unrealistic baselines and faulty estimates of budgetary effects of the president's proposed policies. In fact, CBO's analyses show that the president has, on average, understated his 10-year deficits by almost 20 percent. The Administration's repeated under-estimation of the president's budget deficits can be attributed to three factors: … Continue Reading


Sessions Delivers Opening Remarks At Bernanke Hearing

"I am glad Chairman Conrad will be marking-up a budget in committee. But the mark-up will be a doomed exercise if your own majority leader decrees that the budget process will be shut down. Majority Leader Reid has effectively declared both a Senate Democrat budget - and the President's budget - dead on arrival." "While we can't predict the day a debt crisis will erupt - or what unknown event might set it off - we do know we are on a collision course…Yet Majority Leader Reid has closed t… Continue Reading


Obama's FY2012 Budget: A Failure of Leadership

A Detailed Summary and Analysis of President Obama's FY 2012 Budget… Continue Reading


Sessions Responds To Reid’s Breaking Announcement On Democrat Budget Plan

"By refusing to lay out a budget plan for public examination-a fact no one can deny-the Democrat Senate has forfeited the high privilege to lead this chamber." WASHINGTON-U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued the following statement today as Majority Leader Reid announced that, for the third year in a row, he would not bring a budget plan up for public debate and amendment on the Senate floor: "It's been more than 1,000 days since Senate Dem… Continue Reading


Sessions, Snowe Explain Need For Honest Budget Act: ‘Washington Uses A Different Set Of Rules’

"Americans have a right to expect honesty, transparency, and accountability from their elected officials. They have a right to know that a cut is a cut, an increase is an increase, and that a price tag is accurate." WASHINGTON-U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, and U.S. Sen. Olympia Snowe (R-ME), Ranking Member of the Senate Committee on Small Business and Entrepreneurship, issued the following joint statement today regarding the Honest Budget Act: … Continue Reading


CBO’s Outlook Drastically Understates Nation’s Debt Path

The Congressional Budget Office baseline budget outlook dramatically understates-by nearly $6 trillion-the deficit and debt path that the nation is on. The agency's current law outlook shows deficits declining from $1.3 trillion last year to $1.1 trillion this year, and dropping further until fiscal year 2018, when it starts rising again. Using a realistic baseline, the nation will accumulate $9.8 trillion in public debt and $11.4 trillion in gross debt over the next ten years. The only reductio… Continue Reading


Sessions On Baseline: Spending To Increase Fifty-Three Percent, Debt By $11.4 Trillion

WASHINGTON-U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued the following statement today regarding the release of the latest CBO Budget and Economic Outlook and the Committee's estimation that our nation's actual debt path would produce $5.7 trillion in debt above the CBO baseline: "An honest analysis tells us that spending is set to increase by 53 percent over the next ten years, producing an estimated $11.4 trillion in new gross debt. This is dangerously … Continue Reading


Sessions On President’s Debt Increase: Policies Growing Gov’t, Shrinking Middle Class

WASHINGTON-U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued the following statement today ahead of the vote on the resolution of disapproval on President Obama's requested debt limit increase: "The president's request to borrow another $1.2 trillion dollars-all of which will be spent and gone within the next twelve months-brings America closer to what his fiscal commission co-chairs called 'the most predictable economic crisis in its history.' After last … Continue Reading


Sessions Delivers Opening Statement At First Budget Hearing Of 2012

"The president says he wants an 'America built to last.' But we can't do that with borrowed money. Debt is not an asset, spending is not a virtue, and borrowing is not a future." WASHINGTON-U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, delivered an opening statement today at a Committee hearing on the U.S. economic outlook. Sessions' remarks, as prepared, follow: "We are now entering the budget season for Fiscal Year 2013. Producing a budget for public… Continue Reading


Sessions Responds To State Of The Union Address

WASHINGTON-In response to President Obama's State of the Union address, U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued the following statement tonight: "It was stunning how thoroughly and deliberately the president ignored the ominous threat hanging over this country-our surging $15 trillion debt. I stand ready, eager, and willing to work with the president on a real, honest agenda of government reform, but unfortunately, tonight's speech was more campaign… Continue Reading


Sessions And Ryan Ahead Of Day 1,000: Senate Democrats ‘Abandoned Their Duty’

"Senate Democrats abandoned their official duty to prioritize Americans' hard-earned tax dollars and tackle our nation's most pressing economic challenges-dealing a painful blow to fiscal progress that may be felt for some time." WASHINGTON-U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, and Rep. Paul Ryan (R-WI), Chairman of the House Budget Committee, released the following joint statement today ahead of the 1,000th day since Senate Democrats have last offered a… Continue Reading


War Savings Offset Still A Gimmick

News reports appear to confirm that, as laid out in the State of the Union address, President Obama's budget will propose using caps on war spending as a gimmick to either "offset" new spending or reduce the deficit. This offset is an accounting trick because it claims artificial savings from money that would never be spent in the first place. The Congressional Budget Office's August 2011 baseline assumed that war spending (overseas contingency operations or "OCO" spending) would grow every y… Continue Reading


Sessions Comments On President’s Rejection Of Keystone Pipeline

WASHINGTON-U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued the following statement today in response to reports that President Obama has decided to reject the permit for the Keystone XL oil pipeline, a plan that has been estimated to immediately result in the creation of 20,000 new jobs: "This is a stunning decision at a time when the need for economic growth and job creation could not be greater. It is a huge lost opportunity to create good-paying jobs fo… Continue Reading


How Debt Destroys Jobs—And Why We Need A Budget

In one week, on January 24th (the same day as President Obama's State of the Union address), 1,000 days will have elapsed since Senate Democrats offered a budget plan for the nation. 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.[1] For example, a respected study by economists Rogoff and Reinhart found t… Continue Reading


Sessions Raises Questions Regarding White House Staff Changes

WASHINGTON-U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, released the following statement today about the selection of current OMB Director Jack Lew to be the new White House chief of staff, and the resulting vacancy at the Office of Management and Budget: "I wish Jack Lew the best fortune in his new post. However, the president's decision to elevate Mr. Lew to White House Chief of Staff-after Lew and the White House attempted to mislead the country into believi… Continue Reading


Sessions Asks Administration To Make Good On New Promise Of Food Stamp Oversight

"At $89 billion, the annual food stamp budget is… the second-largest of nearly eighty federal welfare programs that cost taxpayers around $900 billion a year… the USDA recently [announced] 'new tactics to combat fraud and enhance SNAP program integrity'… I would therefore ask that the Committee be immediately provided with a thorough explanation of all oversight actions your Department is taking, as well as a list of recommended federal reforms… I would further ask fo… Continue Reading


Sessions To Oppose 11th Hour ‘Omnibus’; Cites Billions In Gimmicks

"House Republicans have worked vigilantly all year to change our debt course, and produced a budget to do exactly that. The great shame is that they never had willing partners in President Obama and his Democrat-led Senate." WASHINGTON-U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued the following statement today prior to a vote on the 'omnibus' package containing nine appropriations bills for fiscal year 2012: "Once again, we find ourselves racing tow… Continue Reading


Crucial Budget Vote: Will The Senate Vote To Increase Or Decrease Spending Over Last Year?

Soon, the Senate will hold a series of three votes on H.R. 2055, H.R. 3672 and H. Con. Res. 94 to complete the appropriations process for Fiscal Year 2012. The first vote is on H.R. 2055, the omnibus appropriations bill; the second vote is on H. Con. Res. 94, a 1.83 percent across-the-board rescission to offset disaster spending; and the third vote is on H.R. 3672, which provides for the actual disaster spending. Temporary funding for the government expires tonight at midnight. The Budget Commi… Continue Reading


Sessions: Keystone Underscores How President Is Harming Middle Class

"[The Keystone Pipeline] is precisely, precisely the kind of thing that this Congress should take action on… because it will create jobs, lots of jobs, create wealth, make us more secure as a nation, and help bring down the cost of energy… yet the president has blocked the pipeline construction for some time, deferring a decision now until after the next election… There's a lot of things that we can do that will not cost this Treasury a dime… It's time, indeed, for a… Continue Reading

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