deficit

Metro stops in Washington, D.C. will now feature advertisements that warn of overspending. "Talk Is Cheap," the tagline on a series of ads reads. "Overspending Is Not."

After hailing the passage of the "fiscal cliff" last night, President Barack Obama laid down a marker on the debt ceiling: It will not, he said, be up for negotiation.

It is important to understand that the fiscal cliff is a charade.

The fiscal cliff is a diversion, designed by politicians to conceal their inability to come to grips with the fact that they continue to spend too much, and refuse to reform a tax structure that reduces the competitiveness of American companies in world markets. No matter what deal is cut, whether before or after the new year, it will at best nibble at the edges of the trillion-dollar annual deficits that are being piled up.

"President Obama's 'Plan' Adds $8.6 Trillion to the Debt," the minority side of the Senate Budget Committee contends. Here's a chart put together by the Republicans on the committee to explain how Obama's plan adds to the debt:

Seventy-five percent of the new revenue pulled in by President Barack Obama's "fiscal cliff" plan would go toward new spending, not toward deficit reduction, the Republican side of the Senate Budget Committee contends. Here's a chart, detailing how money from the new tax hikes would be distributed:

A chart from the Republican side of the Senate Budget Committee shows that "U.S. Per Person Debt [Is] Now 35 Percent Higher than that of Greece."

From December 1941 to August 1945, the United States of America joined the other Allied powers and fought against the Axis powers in Europe and the Pacific, during the greatest and most destructive war in all of human history.

The latest Washington Post/ABC News poll projects a 5-point turnout advantage for Democrats over Republicans (34 to 29 percent) yet still shows Mitt Romney leading President Obama by 1 percentage point — 49 to 48 percent.  This is Romney’s first lead since the summer in Washington Post/ABC News polling.  Jon Cohen, director of polling for the Post, writes, “Political independents break for Romney by a 12-percentage-point margin on the subject [of the economy], a high for the campaign.”

In a decade, federal spending to pay for the interest on America's debt will exceed total spending on the defense budget by $125 billion, or 20 percent, according to projections from the Congressional Budget Office and the Office of Budget Management. The projections are based on President Barack Obama's current budget plan.

The $831,000,000,000 economic “stimulus” that President Obama spearheaded and signed into law requires his administration to release quarterly reports on its effects.  But “the most transparent administration in the history of our country” is now four reports behind schedule and has so far not released any reports whatsoever in 2012.  Its most recent quarterly report is for the quarter than ended on June 30, 2011.

A new report by the non-partisan Congressional Research Service finds that the largest federal budget item is spending on welfare programs. To support the 83 programs that CRS identified as welfare programs, the federal government spends $745.84 billion. 

That dollar amount exceeds the $725 billion spent by the federal government on Social Security, $480 billion on Medicare, and $540 billion on non-war defense.