- John Podesta eats crow: ‘I apologize to Speaker Boehner’
- U.S., China race to finish line on ‘invisibility cloak’
- Obama ‘cavalier’ in hiding foreign aid order, judge rules
- Prince Charles: Muslims are driving Christians from Mideast through persecution
- Gitmo’s first commander: Close the prison down
- Google’s newest photography find: Just wink and shoot
- Detroit’s Heidelberg art project hit by 8 fires in 8 months
- Pa. police pull people over for random DNA tests for feds
- NASA pushing hard to get back into space game
- Harvard student to face federal charges for bomb hoax
Office Of Management And Budget
Latest Office Of Management And Budget Items
Just when the government needs adult supervision as never before, grown-ups have all gone over the hill. It's getting scary out there.
The chairman of the Senate budget committee on Sunday called on the White House to hold a summit to tackle the federal deficit, saying it is the next logical step in getting the nation's financial house in order.
Sen. Kent Conrad, North Dakota Democrat, on Sunday called for a White House summit on reducing the federal deficit.
President Obama's commission for getting America's fiscal house in order gave its initial report on Nov. 11. The draft's recommendations propose reducing the deficit by $4 trillion over 10 years, cutting spending by $3 trillion and increasing tax revenue by $1 trillion. In general, it would limit overall federal spending to 22 percent of the U.S. economy, and annual growth of health-related programs (e.g., Medicare, Medicaid) would be indexed to inflation plus 1 percent. Defense is targeted for $100 billion in cuts, and another $100 billion would come out of domestic programs. The objective of paying down U.S. debt is thus spot on, but the commission's draft fails to control debt realistically and cripples large social-services programs.
Our nation is confronted with serious problems that require a fundamental reassessment of the size and role of government. With unemployment near 15 percent in many parts of the country, an unsustainable debt and unbridled federal spending, people fear the actions of a federal government that has grown too large and hinders rather than encourages economic growth. Folks desire a government that is responsive to their concerns and responsible with the resources they provide it. They want government returned to its proper, more limited role in their lives. They want a government that fosters the right conditions for job creation and economic growth.
Basic government spending rose by 9 percent in fiscal 2010, driving the country to a $1.291 trillion deficit down $125 billion from 2009, but still the second-largest hole on record, the Congressional Budget Office said Thursday.
With the recent departures of Office of Management and Budget Director Peter Orszag, economic policy adviser Lawrence H. Summers and White House Chief of Staff Rahm Emanuel, the next senior Obama administration official expected to quit is the national security adviser to the president, James L. Jones. All other things being equal, his successor seems likely to be the president's homeland security adviser, John Brennan (who also serves as Gen. Jones' deputy).
Jacob "Jack" Lew, President Obama's nominee to oversee the federal budget, is defending his nearly $1 million bonus from Citigroup last year even as his former employer took a massive taxpayer bailout.
The American people are desperate for a Congress that reins in the federal bureaucracy. Yesterday, 13 senators and a House member introduced legislation called the REINS Act to do just that. It is legislation that desperately needs to be passed.