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Taxpayers must pay the freight for over-budget train projects
Topic - Committee For A Responsible Federal Budget
The budget gurus in Congress have failed for years to find a grand bargain to reduce the government's long-term debt, so this year they decided to go small. Just 1 percentage point would be shaved from the annual cost-of-living increase in military pensions for veterans under age 62.
One casualty of the government shutdown is that key agencies no longer are producing exactly the kind of budget information on deficits, spending and the economy that could help inform Congress as it debates just those issues.
In the fiscal feud between President Obama and Republican lawmakers, economists agree that Washington could raise several hundred billion dollars by limiting tax deductions and closing loopholes for the wealthy, but charities likely would take a big hit in donations.
Massive tax cuts proposed by Republican presidential candidates Newt Gingrich and Rick Santorum would cause the national debt to explode while Mitt Romney's budget plan could generate red ink in line with current projections, according to a new study released Thursday.
Suppose Congress could adopt a simple measure that all at once takes a giant step toward taming huge budget deficits and gives a powerful boost to the economy and employment. It would pass in a minute, right?
Failure by Congress' debt-cutting supercommittee to recommend $1.2 trillion in savings by Wednesday is supposed to automatically trigger spending cuts in the same amount to accomplish that job.
The congressional "supercommittee" — the bipartisan group of 12 House and Senate members tasked with finding ways to slash the federal debt — has been flooded with often conflicting suggestions from colleagues eager to tell the panel how to do its job.
When the captain of the Titanic was warned repeatedly of icebergs ahead, he nonetheless made the decision not to slow down or stop the ship for the night. He was, after all, the captain of a ship that "God himself could not sink."
When President Obama rolls out his 2012 budget Monday, it will sound the starting gun on a three-month sprint that will determine just how serious Washington is about translating its cost-cutting rhetoric into serious action to reduce staggering deficits.
While Democrats and Republicans say they are ready to begin filling in the nation's deep borrowing hole, budget hawks remain skeptical of lawmakers' ability to fulfill their vow, given that many of them did the digging in the first place.
Postponements and taxes and cuts — oh my!
President Obama on Monday failed to heed his vow to take an ever-sharper scalpel to the budget during tough economic times, instead proposing $1 billion less in discretionary spending cuts than last year.