The Treasury Department today released their monthly statement for May 2013, which indicated that Washington is continuing to add to our massive national debt.
The U.S. added 175,000 jobs in May, according to the most recent jobs report from the U.S. Bureau of Labor Statistics, up from 149,000 added in April, but still not nearly enough to jumpstart the economy and return to normal levels of growth.
President Obama announced yesterday that he wants all Americans to feel the pain of the sequester by vowing to veto all 2014 spending bills unless Congress turns it off. Despite billions in waste, the White House has made no effort to replace the sequester with smarter spending cuts, insisting there is “no smart way” to cut $85 billion.
The Social Security and Medicare trustees today released their 2013 annual report, detailing the fiscal condition of two of the most important federal programs for seniors. Medicare added only two years of solvency, with the hospital insurance trust fund due to be exhausted by 2026, and Social Security is still projected to be insolvent by 2033.
The White House today released their budget for fiscal year 2014. This budget proposal, arriving 65 days late, includes $3.77 trillion of total spending, increases taxes by $580 billion by ending tax deductions and closing loopholes and would leave the nation with a $744 billion budget deficit in 2014. Despite a $230 billion cut in entitlement spending, the administration’s budget still fails to balance.