On Tuesday, President Obama revealed his budget proposal for fiscal year 2015. It proposes $3.9 trillion in spending, while raising taxes in an effort to reduce the debt. The President’s budget has no real chance of passing Congress, but has become a rallying point for Democrats of where they want to begin budget negotiations.
As a senator, President Obama said President Bush’s adding $4 trillion to the debt was “irresponsible” and “unpatriotic.” But under his new proposed budget, President Obama will have had the eight highest deficits of all time.
Members of Congress last week voted to suspend the federal debt limit until March 2015. According to Reuters, “Extending the debt ceiling to March 2015 means the issue may not get caught up in election-year politics.”
We decided that since today is the 5th anniversary of the 2009 stimulus bill, we’d look at some key economic data points from the stimulus’s brief, but tumultuous history.
With a debt limit increase being passed in the Senate Wednesday night, today’s Spending Daily will take a look at recent developments with the president’s healthcare law.
When it comes to U.S. policy lately, we seem to be taking some pointers from none other than the President of the Russian Federation, Vladimir Putin himself.
Yesterday we looked at the Congressional Budget Office’s projections for how the Affordable Care Act would affect the U.S. economy. Today we break down the other figures found in the CBO’s semiannual budget and economic report.
This morning the Congressional Budget Office (CBO) released its updated budget outlook for fiscal years 2014-2024. This report includes new projections on the country’s deficits as well as updated estimates of the effects of the president’s new healthcare law.
Lawmakers are not expected to act this week to raise the statutory debt limit despite the fact a suspension of the limit passed in December expires Friday.
Ignoring the key drivers of our debt won’t make it go away, especially not anytime soon. We still have a long way to go to secure our nation’s fiscal future.