11:01 AM, Mar 26, 2014 • By DANIEL HALPER
The Republican side of the Senate Budget Committee has put together this chart showing that payments on the interest of federal debt will "dwarf virtually every federal expense" in 2024:
The chart is based on Congressional Budget Office projections. "The U.S. gross federal debt currently stands at $17.548 trillion, and net interest payments to our creditors are the fastest-growing item in the budget. In 2014, the Congressional Budget Office projects that the nation will spend $233 billion on interest payments. By the end of the budget window in 2024, however, CBO forecasts that interest payments will nearly quadruple to an astonishing $880 billion. Every dollar spent paying our creditors is a dollar wasted—money for which we get nothing in return. Interest payments threaten to crowd out every other budget item," the minority side of the Senate Budget Committee explains in an email.
To put the $880 billion, single-year interest payment in perspective, here is what we currently spend on other budget items:
- Federal Courts - $7.4 billion
- Department of Education - $56.7 billion
- Secret Service - $1.8 billion
- Food Inspection - $2.3 billion
- Census Bureau - $1.0 billion
- Border Patrol - $12.3 billion
- National Parks - $3.0 billion
- NASA - $17.6 billion
- Centers for Disease Control - $7.1 billion
- Federal Prison System - $6.9 billion
- Workplace Safety Inspections - $0.9 billion
- Immigration and Customs Enforcement - $5.6 billion
- FDA - $2.6 billion
- Federal Highway Budget - $40.4 billion
- Coast Guard - $10.0 billion
- Small Business Loans - $0.9 billion
- Veterans’ Health Care - $55.3 billion
- FBI - $8.3 billion
Not only do interest payments threaten to consume the federal budget, but they also threaten to plunge the nation into fiscal crisis. Even a modest rise in interest rates could lead to a financial emergency, with the U.S. facing a dangerous spiral of rising interest costs and increased borrowing to finance those interest costs.
11:30 AM, Mar 4, 2014 • By DANIEL HALPER
President Obama unveils his budget today. And the numbers aren't likely to satisfy fiscal conservatives and budget hawks, who might have been hoping for a budget that decreases spending and lowers the debt.
According to analysis by the Senate Budget Committee Republican staff, working for Ranking Member Jeff Sessions of Alabama, over the next decade President Obama's proposed budget increases spending by 63 percent and increases debt by $8.3 trillion.
Here are a couple charts from the minority side of the Senate Budget Committee showing the numbers:
10:01 AM, Feb 11, 2014 • By WILLIAM KRISTOL
I understand House Speaker John Boehner has just announced to his conference that he intends to bring the floor of the House a clean debt limit increase. Conservative members of the conference had argued for this course. Conservatives will vote against "Obama's debt increase," but expect it to pass with mostly Democratic votes, and some Republicans. This should take the prospect of government default or shutdown off the table, and with it one of the few Democratic talking points that might help save them this year.
8:05 AM, Jan 21, 2014 • By DANIEL HALPER
Beginning at 8:30 a.m., a live video stream of an event co-hosted by the Concerned Veterans for America (CVA) and The Weekly Standard: America's Biggest Threat: The Consequences of Debt, featuring Admiral Mike Mullen
, 17th chairman, Joint Chief of Staff, Bill Kristol, and Pete Hegseth.
Here's more on the event:
6:14 AM, Oct 17, 2013 • By DANIEL HALPER
President Obama signed the "deal" to re-open Congress and increase the debt limit, according to the White House. The press secretary sent this out late last night:
8:29 AM, Oct 9, 2013 • By DANIEL HALPER
The Republican side of the Senate Budget Committee has put together this chart to show that U.S. has added two times more debt than economic output in the last two years:
12:00 AM, Oct 5, 2013 • By IRWIN M. STELZER
Two stories were prominently featured on the front page of the Wall Street Journal a few days ago. America either is, or in a few months will be, the world’s largest producer of energy, “a new era of opportunities,” says Adam Sieminski, head of the U.S. Energy Information Administration. And feuding politicians have temporarily shut down a part of the government that accounts for about 10-12 percent of federal spending. Guess which is more important to the U.S. economy in the long run.
8:28 AM, Oct 4, 2013 • By DANIEL HALPER
Although the government shutdown continues, it appears President Barack Obama and the White House are not getting any closer to negotiating with Republicans. A quotation from an unnamed senior administration official in today's Wall Street Journal explains why.
Hosted by Michael Graham.2:15 PM, Sep 27, 2013 • By TWS PODCAST
THE WEEKLY STANDARD podcast with executive editor Fred Barnes on the unwillingness by President Obama to lead on the budget, debt, and the continuing resolution.
4:07 PM, Sep 26, 2013 • By GEOFFREY NORMAN
The government will be tapped out on Oct 17, according to Treasury Secretary Jack Lew. Unless, that is, Congress takes:
12:00 AM, Aug 24, 2013 • By IRWIN M. STELZER
All is quiet on the Washington front. But don’t let the lull in partisan warfare fool you. In two weeks Congress returns from its summer recess, after hearing from constituents who hold the institution in lower esteem than used car salesmen, and view eating Brussels sprouts, enduring traffic jams, and having colonoscopies less daunting prospects than continuing to watch this Congress in action. Nevertheless, few members of this despised institution are likely to lose their seats in November. Turn the rascals out, but not my rascal, seems to be the prevailing view.
A different cure for economic stagnation.Aug 19, 2013, Vol. 18, No. 46 • By CHARLES WOLF JR.
Whether by design or inadvertence, Prime Minister Shinzo Abe’s plans for reviving Japan’s economy after two decades of stagnation differ sharply from the stimulus and austerity policies pursued by the United States and the European Union to recover from the deep recession of 2008-2009. These differences augur well for Japan’s prospects.