Washington cannot continue to saddle future generations with massive debt, which is why the sequester passed with bipartisan support in the House and theSenate. Americans understand that spending too much is what got us into this mess, and raising taxes to fund more spending is the last thing we should do. If Washington wants to stop the sequester, it needs to find $85 billion in offsetting cuts – not offsetting tax hikes.
At its current pace, Congress will have a lot of work to do after the November election. In what is commonly referred to as a lame-duck session, Congress won’t have to worry about re-election, making it possible to pass bills that may have otherwise stalled, before the new Congress takes effect.
If you believe the national debt and the federal budget deficit are urgent priorities, then last’s week’s debate on the floor of the House of Representatives offered insight into why it’s so difficult to restrain government spending.
Five budgets failed in the Senate last week, and the House attempts to spare the Defense Department from the sequester called for in the Budget Control Act. Gretchen Hamel, executive director of Public Notice, joins G. Gordon Liddy to discuss.
It’s been over three years since Congress has passed a budget. The obstacle to getting a budget enacted: the U.S. Senate. Both President Obama and the House of Representatives have met their obligations, issuing budget proposals each year, while the Senate sits on its hands.
Let’s say you’re in the market for a new car. You head to the dealership, where you sit down with a salesman to negotiate what you want and how much it will cost. But arriving at an agreement you thought was satisfactory to both parties, the salesman immediately starts trying to renegotiate the terms of the sale to the dealer’s advantage.
Republicans in the House passed legislation today to overturn automatic cuts in defense spending in favor of cuts that would decrease money spent on food stamps and other social programs.
A roundup of this morning’s must-read budget and economic stories.
Last November, the so-called supercommittee — a 12-member body set up by Congress to tackle a much-needed plan to cut the deficit — threw in the towel. Now, the sequestration process meant to make up for the committee’s failure, may be reversed.
Motivation. It is what pushes us to excel in our endeavors. On Capitol Hill though, motivations take on a different meaning. Motivation can cause members to push bills through Congress, to make tough choices for thebetterment of the country, or – as is the case today – do nothing.