Lots of Stopgaps, Little in Closing the Fiscal Gap – Washington averted a government shutdown last week by agreeing on a two-week continuing resolution (CR) that cuts $4 billion in spending. This is the fifth stopgap measure funding the federal government since the 2011 fiscal year began on October 1, 2010. The posturing and procrastination so far have resulted in little in the way of reducing our mounting national debt.
In their reaction to the President's FY 2012 budget proposal, the House Republican leadership has been very critical of the President's reluctance to use this opportunity to address the true drivers of our mounting debt -- the largest of which being entitlements. And now, Republicans have pledged to take up this daunting challenge.
Game On – The Super Bowl in Texas won’t be until Sunday, but Washington had its own big game last week as President Obama gave his State of the Union address.
Yesterday, the organization Third Way released a plan outlining several Social Security reform proposals meant to ensure the program's solvency over the next 75 years. The plan, called Saving Social Security, makes several fundamental changes to the program and cuts $2 in benefits for every $1 it increases taxes.
What do you pay in Medicare taxes? And what Medicare benefits can you expect? This issue—potent now that the first baby boomers are turning 65—was highlighted recently by Ricardo Alonso-Zaldivar in a widely read Associated Press story.
The Treasury Department released Tuesday its annual Financial Report of the U.S Government. The report highlights the nation's budget deficit, net operating costs, debt projections, and all government liabilities on an accrual accounting basis. To sum it up, the report shows us how big of a hole we're truly in.
Washington Drops the Ball – To many federal budget watchers, the tax cut debate has been more frustrating than watching the Redskins play. The expiring 2001/2003 tax cuts presented an opportunity not only to remake the tax code, but to transform the fiscal discussion in Washington.
Today legislation to provide $250 payments to Social Security recipients in lieu of a cost-of-living adjustment (COLA) failed to garner enough votes in either chamber. The Social Security Trustees announced earlier this year that there would be no COLA because prices have not risen above the level of the last increase in 2009. The bill would have cost $14 billion.