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Article authored by Elizabeth Harrington and appeared on CNS News. Article is courtesy of cnsnews. com
(CNSNews.com) – Granting amnesty to illegal immigrants would cost $6.3 trillion, according to a new report by the Heritage Foundation.
“Unlawful immigration and amnesty for current unlawful immigrants can pose large fiscal costs for U.S. taxpayers,” states the report by Robert Rector and Jason Richwine, Ph.D. [Read more...]
Article appeared in the Review & Outlook section of The Wall Street Journal. Article is courtesy of wsj.com
The U.S. economy hit a new milestone in the first quarter of 2013: Annual output of goods and services eclipsed $16 trillion. The 2.5% growth pace in GDP through March seems like a wild night on the town after the 0.4% slog at the end of 2012. [Read more...]
Article authored by Martin Crutsinger and appeared in The Seattle Times. Article is courtesy of seattletimes.com
Foreign demand for U.S. Treasury securities rose to a record level in February, indicating that international investors remain confident in U.S. debt despite budget wrangling in Washington.
The Treasury Department said Monday that foreign holdings of U.S. Treasury securities increased 0.3 percent in February from January to a record $5.66 trillion. It was the 14th straight monthly increase. [Read more...]
Article authored by Niraj Chokshi and appeared in The National Journal. Article is courtesy of nationaljournal.com
Quick, which segment of federal spending will grow fastest from 2015 through 2021? Did you guess Medicare? If you did, you’d be wrong.
It’s an underappreciated fact that a significant contributor to the ballooning debt is … the debt itself. Federal interest payments are projected to grow faster over the next decade than any other broad category of expenditures, outpacing spending on Medicare, Medicaid, and Social Security. Even a small, sudden shift in the interest rate on government debt could inflate deficits by trillions of dollars over the next decade. [Read more...]
Article authored by Josh Lederman and appeared on Associated Press. Article is courtesy of ap.org. [Learn more about the Associated Press]
MIAMI (AP) — Trying to show that the economy remains a top priority, President Barack Obama promoted a plan Friday to create construction and other jobs by attracting private money to help rebuild roads, bridges and other public works projects. [Read more...]
Article authored by David J. Lynch and appeared on Bloomberg News. Article is courtesy of bloomberg.com
Representative Paul Ryan, chairman of the House Budget Committee, declared this month that the U.S. national debt “is hurting our economy today.” It’s an idea embraced by almost every Republican and even some Democrats. [Read more...]
Article authored by Daniel Halper and appeared on The Weekly Standard. Article is courtesy of weeklystandard.com
Senator Patty Murray, the Democratic chair of the Senate Budget Committee, finally released a budget today. Year over year, in this proposed budget, spending jumps dramatically.
For instance, from this year’s budget to next year’s proposed budget, spending would increase by $162 billion. This year, the federal government will spend $3.599 trillion; under Murray’s budget, the federal government would be on track to spend even more.
Over the next decade, spending under Murray’s budget would increase by 62 percent. Here’s a chart from the Republican side of the Senate Budget Committee detailing the increase in spending over the next decade:
As the chart shows, the budget would increase a bit each year, under the Democratic plan.
“Murray’s budget spends $2.2 trillion more in 2023 (the last year of the budget window) than the 2013 levels – a 62% increase (significantly outpacing inflation),” says a staff member on the Republican side of the Senate Budget Committee.
In an interview that aired earlier today, President Obama said, “[W]e don’t have an immediate crisis in terms of debt. In fact, for the next ten years, it’s gonna be in a sustainable place.”
Obama has not released his own budget yet.
via Proposed Dem Budget Increases Spending 62% Over Next Decade | The Weekly Standard.
We covered a story today that there are now 89,340,000 Americans not in the workforce. It’s mind-boggling to realize how many Americans can’t find jobs and just as incomprehensible how many end up having to go on public assistance when unemployment runs out – which drives up the debt.
It’s a double-edged sword: the government is hindering job growth by implementing complicated regulations and tax codes and this causes employers to keep hiring freezes in place because they don’t know what the future holds…uncertainty about Obamcare is making the situation even worse. Obviously, it’s a perfect storm because the Feds rely on taxes from corporations and individuals to fund government operations…since business is not growing and the ranks of the unemployed are astronomical, the government loses the tax revenue from corporate and individual income taxes. Talk about ”shooting yourself in the foot.” [Read more...]
Rep. Maxine Waters (D-CA)
Article authored by Alex Pappas and appeared on The Daily Caller. Article is courtesy of dailycaller.com
Some members of Congress apparently don’t like to be reminded about how much debt the country continues to rack up.
During a House Financial Services Committee hearing Tuesday on the budget, two Democrats complained after House Financial Services Committee chairman Jeb Hensarling instructed that two monitors in the hearing room display a real-time running national debt clock. [Read more...]
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