6:10 AM, Feb 3, 2015 • By DANIEL HALPER
President Obama's proposed defense budget is well below what former Secretary of Defense Bob Gates proposed.
"The debate over defense spending is now focused on two figures: the $534 billion that President Obama has requested for the Defense Department in fiscal year (FY) 2016, and the $498 billion cap that the Pentagon faces under a law known as the Budget Control Act of 2011 (BCA). A third number should be even more important, however: the $611 billion that former Secretary of Defense Robert M. Gates estimated the Defense Department will actually need in the coming fiscal year," Christopher Griffin of the Foreign Policy Initiative details.
The reason that this last figure is so important is that a meaningful baseline for defense spending must reflect an assessment of the threats facing the United States and the capabilities needed in response to them. Secretary Gates’ FY 2012 budget proposal was the last budget that reflected such an assessment, and it included the $611 billion estimate for defense spending in FY 2016.
Recognizing this fact, the bipartisan, congressionally-mandated National Defense Panel has recommended that the President and Congress should “return as soon as possible to at least the funding baseline proposed in the Gates’ FY 2012 defense budget.” The Panel concluded that the Gates budget represents “the minimum required to reverse course and set the military on a more stable footing.”
The key question in the defense debate therefore should not be how much more funding the President has proposed compared to the “meat ax” contained in the Budget Control Act, but how little funding the President has requested compared to Secretary Gates’ recommendation before the BCA was signed into law – a $76 billion shortfall.
Read the rest here.
9:09 PM, Feb 2, 2015 • By DANIEL HALPER
President Obama's budget is not likely to be passed by Congress. But if it did, the U.S. would be about $26.3 trillion in debt.
The numbers come from Obama's budget, and were sent around by the Republican National Committee to highlight the heavy spending in the president's proposed budget:
9:00 PM, Feb 2, 2015 • By DANIEL HALPER
Senator Jeff Sessions, the former ranking member of the Senate Budget Committee, says President Obama's proposed budget "raises taxes by $2.1 trillion."
"The President has sent another tax-and-spend budget to Congress," Sessions says in a statement responding to Obama's proposed budget.
12:01 PM, Feb 2, 2015 • By MICHAEL WARREN
The White House has submitted its latest budget proposal to Congress, and the Republican chairs of the budget committees in both the Senate and the House are criticizing the plan for increasing spending and raising taxes. In a joint statement House budget chair Tom Price of Georgia and Senate budget chair Mike Enzi of Wyoming blasted President Obama's proposal:
9:02 AM, Oct 16, 2014 • By KEVIN R. KOSAR
Yesterday’s presentation by the U.S. Treasury was a comical spectacle—at least for those of us with sardonic senses of humor. The good news? The deficit for FY2014 (which ended September 30) was 29 percent lower than the deficit was in FY2013.
8:01 AM, Oct 14, 2014 • By JEFFREY H. ANDERSON
Analysis of Congressional Budget Office projections by the Senate Budget Committee finds that Obamacare will increase the deficit by more than $100 billion over the next decade.
Calls defense cuts 'draconian.'5:34 PM, Oct 8, 2014 • By DANIEL HALPER
President Obama addressed the mission to degrade and destroy the Islamic State in remarks today at the Pentagon. "Our strikes continue alongside our partners. It remains a difficult mission," said the commander in chief.
1:45 PM, Jul 16, 2014 • By ROGER ZAKHEIM
This week senior officials from the Pentagon will testify before Congress on their request for emergency appropriations, known as the Overseas Contingency Operations funding (OCO in military speak). A decision to maintain troop presence in Afghanistan, a resurgence of radical Sunni terrorism across the Middle east, and Russian expansionism in Europe all seem like good reasons for the administration to request the emergency funding. These events, however, haven’t prevented some proponents of defense cuts to question the validity of the request.
A budget rule that encourages dishonesty.Jun 16, 2014, Vol. 19, No. 38 • By IKE BRANNON
An arithmetic riddle: How much money would the U.S. government collect if it were to impose a 5 percent tax on the $2 trillion currently parked in offshore accounts to avoid the high U.S. corporate tax rate of 35 percent?
If you multiplied $2 trillion by .05 and arrived at $100 billion as an answer, you get full credit for your math acumen but zero points for political accuracy. The answer is a negative $600 billion, at least in the eyes of the Joint Committee on Taxation and the Congressional Budget Office (CBO).
4:03 PM, Jun 4, 2014 • By MICHAEL WARREN
Senator Mark Pryor is making entitlements an issue in the Arkansas Senate race. Both Pryor and his Democratic allies are hitting Republican nominee and House member Tom Cotton over his support for a budget proposal that would have, starting in 2022, gradually raised the retirement age for receiving Social Security and Medicare benefits.
9:39 AM, May 30, 2014 • By DANIEL HALPER
Startling charts from the Republicans on the Senate Budget Committee about male participation in the labor force, particularly men between the ages of 25-54:
1:15 PM, Apr 10, 2014 • By MICHAEL WARREN
Three Republican House members from Georgia, who are also running for the Senate, voted against their conference's budget Thursday. Jack Kingston, Phil Gingrey, and Paul Broun joined nine other Republicans in voting against the budget, authored by chairman Paul Ryan of Wisconsin.
12:03 PM, Mar 27, 2014 • By DANIEL HALPER
A new report from the minority side of the Senate Budget Committee finds that "Economic Growth In 2013 Just Half Of What The President Said His Policies Would Deliver." Here's a chart, showing the committee's findings:
1:28 PM, Mar 5, 2014 • By GEOFFREY NORMAN
When you spend in the trillions and run deficits in the (many) billions, then you look for the millions where you can find them.
2:21 PM, Mar 4, 2014 • By GEOFFREY NORMAN
The administration has produced a budget that includes various predictions not least of which concerns GDP growth. The White House, as Jeffry Bartash of Marketwatch reports, is looking for sunny days ahead and: