Debt Articles


Back to Vacation: Obama Takes Midnight Flight to Hawaii

Round-trip cost of president's return trip: $3.6 million.
7:04 AM, Jan 02, 2013

After Congress agreed temporarily to avert the "fiscal cliff" last night, President Barack Obama hailed the deal in brief remarks delivered from the White House, and then headed to Air Force One to take a midnight flight to Hawaii. Obama had left his family days earlier to return to Washington to deal with the "fiscal cliff."

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Dem Representative Moves to Block Obama's Congressional Pay Increase

12:37 PM, Dec 31, 2012

A Democratic member of Congress is moving to block President Barack Obama's congressional pay increase. The move, led by John Barrow of Georgia, is to prevent the pay increase that Obama issued through an executive order from going into effect.

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The Real Cliff

The staggering debt from decades of continuous government borrowing is about to come due
Dec 24, 2012

Obama’s Hard Line

He wants a ‘deal’—on his terms.
Dec 24, 2012

The States Should Say No

. . . to ‘free money’ for Medicaid expansion.
Dec 24, 2012

 

 

If someone who is sinking deeper and deeper into debt comes to you with an offer of “free money,” you would be best advised to:

(a) take the money and run,

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Printing Our Way Out of Debt

12:00 AM, Dec 15, 2012

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.

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'Obama's "Plan" Adds $8.6 Trillion to the Debt'

8:41 AM, Dec 13, 2012

"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:

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Sessions on Secret 'Fiscal Cliff' Negotiations: 'The Senate Now Operates Like the Russian Duma'

9:22 AM, Dec 12, 2012

Senator Jeff Sessions continues to argue against the secrecy of the ongoing "fiscal cliff" negotiations with an op-ed this morning in today's Wall Street Journal. Sessions argues that the secrecy is inherently anti-Democratic, and similar to the "Russian Duma, where officials meet behind closed doors, put out the word, and the overwhelming votes materialize."

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McConnell: 'Until the President Gets Specific About Cuts, Nobody Should Trust Democrats'

11:19 AM, Dec 11, 2012

Senate minority leader Mitch McConnell blasted President Barack Obama from the Senate floor this morning for not offering any specifics on spending cuts.

"With the Fiscal Cliff fast-approaching, I feel the need to point out something this morning that’s perfectly obvious to most Americans, but which Democrats in Washington still don’t seem to grasp. I’m referring to the fact that any solution to our spending and debt problem has to involve cuts to out-of-control Washington spending," said McConnell.

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75 Percent of Obama's Proposed Tax Hikes to Go Toward New Spending

10:04 AM, Dec 11, 2012

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:

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Rubio: 'Tax Increases Will Not Solve Our $16 Trillion Debt'

11:02 AM, Dec 08, 2012

In this week's Republican address, Florida senator Marco Rubio suggests there are much bigger problems than marginal tax hikes, which President Obama strongly supports.

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No 'Drama' Obama--Wants to Raise 'Debt Limit Without Drama or Delay'

7:54 AM, Dec 05, 2012

President Barack Obama wants to raise the debt limit "without drama or delay," a White House official tells Reuters

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Hillary Clinton 'Just Dollars Away' from Retiring 2008 Campaign Debt

11:11 AM, Dec 04, 2012

In an email to supporters, Hillary Clinton's 2008 presidential campaign tries to raise the final funds needed to retire debt incurred from Clinton's failed presidential bid.

 

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Obama Aide: With These Republicans, 'There'd Still be Slavery' Today

9:16 AM, Dec 03, 2012

MSNBC host Chuck Todd reported that a "very smart White House aide" told him that "with this Republican, with the way politics of Washington are today, there'd still be slavery." Watch here:

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United States of Debt

Student loan debt is $956 billion, with an 11 percent rate of delinquency.
4:05 PM, Nov 27, 2012

Household debt jumped once again to $2.7 trillion, according to the New York Fed. "[T]he Federal Reserve Bank of New York announced that in the third quarter, non-real estate household debt jumped 2.3 percent to $2.7 trillion," reports the fed. "The increase was due to a boost in student loans ($42 billion), auto loans ($18 billion) and credit card balances ($2 billion)."

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Gorging the Beast

Tax cuts didn’t starve big government.
Nov 26, 2012

A dedicated libertarian, William Niskanen was also a dedicated pot-stirrer. For him the two vocations—pressing the case for small government and, at least intellectually, making trouble—were inseparable. He was best known as an original member of Ronald Reagan’s Council of Economic Advisers, one of a principled band of Reaganites who followed their man into the White House and then drifted away as Reagan succumbed to political compromise and ideological deviationism.

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Fiscal Cliff Diving

The deficit showdown ahead.
Nov 26, 2012

Under current law, the U.S. economy will tumble over the so-called fiscal cliff at the start of the new year, when roughly $500 billion in across-the- board tax hikes and $100 billion in spending cuts are scheduled to take effect. Numerous economists predict the automatic tax increases, the result of expiring Bush tax cuts and other tax laws, will cause another recession. Pentagon officials say the spending cuts, part of the 2011 debt ceiling deal, will “hollow out” the military.

President Obama and congressional leaders declare they’re committed to striking a deal to avert a fiscal fall. But Obama also says he wants to raise income tax rates on individuals and small businesses making more than $250,000, and Republicans say that’s a deal-breaker.

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Obama: 'Majority of Americans Agree with My Approach'

2:08 PM, Nov 09, 2012

President Barack Obama used his new political politician coming off his reelection win to assert his political position ahead of fiscal negotiations with Congress.

"On Tuesday night, we found out that the majority of Americans agree with my approach," Obama said in a statement delivered this afternoon in the White House. "And that includes Democrats, independents, and a lot of Republicans across the country, as well as independent economists and budget experts."

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Boehner to Obama: 'Make Good' on a 'Balanced Approach'

4:36 PM, Nov 07, 2012

John Boehner laid out the House Republican position in the upcoming legislative debate on the fiscal cliff in remarks Wednesday afternoon. "Mr. President, the Republican majority here in the House stands ready to work with you to do what's best for our country," Boehner said, calling the massive national debt, now larger than the entire economy, our "greatest challenge of all."

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'U.S. Per Person Debt Now 35 Percent Higher than that of Greece'

4:27 PM, Nov 05, 2012

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."

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Obama’s Deficit Spending Dwarfs WWII’s

7:00 AM, Nov 01, 2012

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.

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Payments on Interest to Exceed Defense Spending by $125 Billion

10:49 AM, Oct 23, 2012

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.

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Ahead of Election, Obama Stops Releasing ‘Stimulus’ Reports

8:01 AM, Oct 19, 2012

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.

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Welfare Spending Now Largest Budget Item

7:45 AM, Oct 18, 2012

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.

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The 7-Eleven Presidency

6:15 AM, Oct 18, 2012

In the wake of the Treasury Department’s newly released summary of federal spending for 2012, it’s now possible to detail just how profligate the Obama years have been.  Here’s the upshot:  Under Obama, for every $7 we’ve had, we’ve spent nearly $11 (or, to be more exact, $10.95).  That’s like a family that makes $70,000 a year — and is already knee-deep in debt — blowing nearly $110,000 a year.

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Ross Perot Endorses Romney

6:38 AM, Oct 16, 2012

Former presidential candidate Ross Perot has endorsed Mitt Romney, according to the Republican nominee's campaign.

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What Martha Raddatz Ignored

12:19 PM, Oct 12, 2012

As Mike Warren highlights, moderator Martha Raddatz apparently didn’t think Obamacare was important enough to make the cut as one of the nine topics she brought up during the vice presidential debate.  Two other closely related topics that didn’t make her cut were federal spending and the national debt.  Anyone who had been asleep for four years before waking up and tuning in would never have guessed that Obamacare, rampant federal spending, and unsustainable federal debt had given rise to the Tea Party and had propelled the GOP to gains of 63 House seats and 6 Senate seats in the 2010 elections.

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Obama Underestimated 2012 Deficit by $500 Billion

9:33 AM, Oct 08, 2012

In May 2009, President Obama released his updated budget estimates, which projected that the federal deficit for fiscal year 2012 would be $557 billion (see table S-1).  The Congressional Budget Office now says that the deficit for fiscal year 2012 (which ended on September 30) was about $1.1 trillion — or about twice what Obama said it would be.  In other words, Obama’s estimate was off by more than half a trillion dollars.

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Study: Obama's Spending Plan Raises Middle Class Taxes

9:54 AM, Oct 02, 2012

A new study by Douglas Holtz-Eakin of the American Action Forum finds that President Barack Obama's spending plan would raise taxes on the middle class.  "[T]axpayers making as little as $30,000 will carry $1,500 more in taxes annually over the next 10 years," the study finds.

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Video: Obama Does Not Know the Size of the Debt

2:36 PM, Sep 20, 2012

It’s a couple days old, but nevertheless worth watching: Here’s the clip of President Obama’s interview with David Letterman (which Steve Hayes discusses in greater detail here), during which Obama shows that he apparently has no idea how big our national debt is — apparently even to the nearest trillion (see around the 2:00 mark):

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