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Keyword: balancedbudget

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  • Report: Senate Democrats' Budget Hikes Taxes by $1 Trillion, Never Balances

    03/12/2013 6:32:26 PM PDT · by Kaslin · 4 replies ^ | March 12, 2013 | Guy Benson
    Raise your hand if you're surprised by any of this:   Senate Democrats are drafting a federal budget blueprint that would raise nearly $1 trillion in new taxes over the next decade and slice roughly $1 trillion more from projected spending, according to Democratic aides familiar with the document. But the framework would never bring the budget into balance, potentially putting Democrats on the defensive as Washington enters a new phase in the ongoing battle over the swollen national debt. This week, both parties are scheduled to unveil competing visions for the 10-year period that begins Oct. 1. House Republicans...
  • Ryan’s 10-Year Budget Plan Includes Repeal of Obamacare

    03/10/2013 9:15:02 PM PDT · by Olog-hai · 10 replies
    Newsmax ^ | Sunday, 10 Mar 2013 01:41 PM | Sandy Fitzgerald
    House Budget Committee Chairman Paul Ryan plans to release a budget proposal that he says will balance the nation’s budget in 10 years and repeal Obamacare. The former vice-presidential candidate said his plan for repealing Obamacare includes halting the expansion of Medicaid. He also wants states to run the federal low-income healthcare program through federal block grants, he told Fox News. The Republicans’ point person on fiscal issues in Congress said on Sunday that compromise with President Barack Obama is possible on taxes and spending even though his soon-to-be-unveiled budget plan faces certain rejection from Obama’s Democrats. …

    02/24/2013 10:55:13 PM PST · by Nextrush · 21 replies
    2/25/2013 | Self
    The games the politicians play are a pathetic joke. Debt continues to pile on top of debt with "crisis" deadline after "crisis" deadline upon us. We end up with "imperfect deals" that do nothing to balance the books, just continue the slow and painful descent into eventual financial collapse. These sick austerity policies that include tax increases and spending cuts at the same time are already ruining Europe and now the United States is going down the same road. Obama and the RINO's use emotional issues to drive wedges that scoop us masses of people to support them. The RINO's...
  • No to the Flat Tax, Gold Standard and Other Stale Ideas

    02/22/2013 7:41:35 AM PST · by SeekAndFind · 30 replies
    National Review ^ | 02/19/2013 | James Pethokoukis
    Free enterprise, free markets, competition, and choice: All are timeless economic principles, but their application can and should evolve with changing economic circumstances. When Ronald Reagan was elected president in 1980, the top income-tax rate was 70 percent, inflation was 13 percent, health-care spending was 10 percent of GDP, and publicly held debt was 26 percent. The average American was 30 years old.Today, the top marginal tax rate is 40 percent, and inflation is 2 percent. Health-care spending and the debt have both risen by nearly 80 percent as a share of output. The average American is 37 years...
  • Sen. Rand Paul Introduces Default Prevention Act

    01/22/2013 4:02:04 PM PST · by Jim Robinson · 15 replies
    press release via email | January 22, 2013 | Rand Paul
    WASHINGTON, D.C. – This afternoon, Sen. Rand Paul introduced the Default Prevention Act, which would require the President to prioritize federal revenue to interest on the national debt. Since the current debt limit was reached on Dec. 31, 2012, it is expected that the extraordinary measures the U.S. Treasury has taken to continue funding the government will be exhausted before March. In order to remove any chance of government default, Sen. Paul’s legislation spells out which government-funded programs should be held at the highest priority to continue funding, while paying down the interest and principal on debt held by the...
  • No Budget, No Debt Ceiling Hike

    01/19/2013 8:09:58 AM PST · by Kaslin · 15 replies ^ | January 19, 2013 | Phil Kerpen
    In 2006, then-Senator Barack Obama inserted a speech into the Congressional Record decrying the increase in the debt ceiling that President Bush was asking for. It’s unfortunate that he didn’t actually deliver the speech, because it would have been a real stem-winder. “Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren,” Obama said. “America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s...
  • Focus Should Be on Facts

    09/20/2012 2:29:45 AM PDT · by Kaslin · 2 replies ^ | September 20, 2012 | Jackie Gingrich Cushman
    The challenge for modern-day campaigns is that the rapid speed of the news cycle ensures that new news is created on a daily basis, even when it is not really news. Blame the hunger for something novel and fresh that can eat up time on the 24-hour cable news channels. Think of today's news organizations as insatiable beasts whose ravenous appetites constantly need more and more news bites, and more analysis about those news bites. The desire for more content for their viewers and readers means that they deem everything new to be newsworthy, or at least newsworthy enough to...
  • Republicans Hope, but Don’t Change

    08/18/2012 1:24:00 PM PDT · by xzins · 12 replies
    RightWingNews ^ | 18 Aug 12 | Peter Schiff
    For much of the past few generations, the debate over balancing the federal budget has been a central feature of every presidential campaign. But over time, the goalposts have moved. As the amount of red ink has grown steadily larger, the suggested time frames to restore balance have gotten increasingly longer, while the suggested cuts in government spending have gotten increasingly shallower. In recent years, talk of balancing the budget gave way to vague promises such as “cutting the deficit in half in five years.” In the current campaign, however, it appears as if the goalposts have been moved so...
  • An Improved Balanced Budget Amendment

    12/30/2011 2:48:45 PM PST · by JerseyanExile · 7 replies
    Ohio State University ^ | September 22, 2011 | J. Huston McCulloch
    SECTION 1. The outstanding debt of the United States shall not be increased above its level on the date of ratification of this amendment, unless three-fifths of the whole number of each House shall provide by law for such an increase by a rollcall vote. SECTION 2. Should the President determine that expenditures appropriated by law will necessitate borrowing in excess of the limit provided in Section 1 during any fiscal year, he or she shall impound any expenditures as necessary and expedient to remain within said limit. The compensation of members of Congress or of Judges of the supreme...
  • U.S. Sen. Scott Brown votes for balanced budget amendment to the Constitution

    12/14/2011 6:38:43 PM PST · by matt04 · 29 replies
    U.S. Sen. Scott P. Brown has voted in favor of a proposal to amend the Constitution to compel Congress to come up with a balanced budget every year. Brown said 49 states, including Massachusetts, are required to balance their budgets and it’s time for the federal government to impose a similar condition on itself. The Massachusetts Republican said a balanced budget amendment would make the government live within its means without tricks or gimmicks. Democrats said the amendment would put the government in a fiscal straitjacket making it unable to respond to economic cycles, wars or natural disasters.
  • Senate rejects two competing versions of a balanced budget amendment

    12/14/2011 2:39:49 PM PST · by SeekAndFind · 1 replies
    Hotair ^ | 12/14/2011 | Tina Korbe
    The beauty of the Republican Study Committee’s “Cut, Cap and Balance” program was that it made the passage of a balanced budget amendment in both the House and the Senate a condition for any increase in the debt ceiling. In contrast to that, the eventual watered-down deal clumsily engineered by the president and Republican leadership allowed an increase in the debt ceiling in exchange for the inaction of the Super Committee and a mere vote on a balanced budget amendment in both the House and the Senate.The result has been predictable: Both the House and the Senate have now voted...
  • The True Cost of Keynes (of trying to get something for nothing

    12/05/2011 4:57:33 PM PST · by MegaSilver · 2 replies
    PrudentBear ^ | 5 December 2011 | Martin Hutchinson
    Adolf Hitler, Joseph Stalin and Mao Zedong each killed tens of millions of people, and John Maynard Keynes was a pacifist who never fired a shot in anger. However economically, when the billions come to be totted up, it may well be the case that Keynes was the most destructive of the four. He cannot entirely be blamed for mistakes in monetary policy, which he never understood, and even his “stimulus” ideas owed much to those who came before him – for example Arthur Pigou – and after him – for example Joan Robinson. Yet the other value destroyers had...
  • Dangerous Balanced Budget Amendment Fails in House

    11/18/2011 1:57:15 PM PST · by mdittmar · 13 replies
    AFL-CIO ^ | Nov 18, 2011 | Mike Hall
    The House this afternoon voted down by 261-165 a balanced budget amendment that its  supporters hoped would impose sweeping and permanent austerity upon the United States with massive budget cuts. It needed a two-thirds majority to pass.  Click here for more from Think Progress and here our recent coverage.
  • House rejects balanced budget proposal

    11/18/2011 11:20:31 AM PST · by illiac · 98 replies
    Associated Press ^ | 11/18/11 | AP
    WASHINGTON (AP) — The House has rejected a proposed constitutional amendment that would have forced Congress to balance its budget every year as a way to reverse years of deficit spending. A majority of House members supported the balanced budget measure, but supporters fell short of achieving the two-thirds majority needed to amend the Constitution. Republicans who backed the amendment said it was the only way to get Congress to put its fiscal house in order. Democratic critics said a balanced budget requirement would result in drastic cuts in Medicare and other social programs when economic downturns put the budget...
  • House rejects balanced budget amendment

    11/18/2011 1:59:13 PM PST · by NoLibZone · 23 replies
    CNN ^ | Nov 18 2011 | By Alan Silverleib, CNN
    The Republican-controlled House of Representatives on Friday rejected a balanced budget amendment to the Constitution -- a setback to GOP leaders and conservative activists who claim the measure is necessary to end the federal government's spiraling deficit spending. A total of 261 members voted for the measure --- 23 votes shy of the two-thirds majority required for passage -- while 165 members opposed it. Most Republicans supported the measure; most Democrats voted no. The vote on the amendment was agreed to by both parties over the summer as part of the agreement raising Washington's debt ceiling. Democratic leaders, however, are...
  • Lawmakers Prepare for Showdown Over Balanced-Budget Amendment [ Occupy to oppose & be proven fake ]

    11/18/2011 8:00:52 AM PST · by NoLibZone · 5 replies · 2+ views
    Fox News ^ | Nov 18 2016 | Fox News
    Conservatives are rallying in support of a balanced-budget amendment in the run-up to a Friday vote, warning fellow lawmakers that it's just about the only way to ensure Congress follows through on vows to cut spending. The debate comes the same week the national debt crossed the $15 trillion mark. The milestone was a timely reminder of Washington's hard-to-break habit of spending way more than it takes in. As a bipartisan committee remains stuck on how to cut $1.2 trillion from the 10-year deficit, lawmakers skeptical about the government's fiscal track record pushed Thursday for the amendment. "We need a...
  • Blue Dog Democrats Break With Obama, Back Balanced Budget Amendment

    11/16/2011 1:45:57 PM PST · by Driftwood1 · 12 replies
    Business Insider ^ | 11-16-11 | Zeke Miller
    The Blue Dog Coalition of moderate lawmakers endorsed a bill put forward by House Republicans to pass a balanced budget amendment to the Constitution. The endorsement puts them at odds with President Barack Obama, whose administration said it opposed such an amendment. "We do not need to amend the Constitution for only the 28th time in our nation’s history to do the job of restoring fiscal discipline," the Office of Management and Budget said on Tuesday. Speaker of the House John Boehner said he was "disappointed" in Obama for opposing the bill — which is certain to fail in the...
  • GOP House Will Vote on Balanced Budget Amendment That Permits Unlimited Federal Spending

    11/16/2011 7:14:11 AM PST · by AnAmericanAbroad · 48 replies
    CNS News ^ | November 15th, 2011 | Matt Cover
    House Republicans are set to vote later this week on a balanced budget amendment (BBA) that would not cap federal spending as a percentage of GDP or require a supermajority to raise taxes. Majority Leader Eric Cantor (R-Va.) said the vote would probably take place this Friday. Cantor said that this version of a BBA, H.J. Res 2 -- rather than one that would cap federal spending, H.J. Res 1 -- was the version “overwhelmingly” favored by House Republicans.
  • Top 10 Reasons to Support Rep. Connie Mack's Penny Plan (A Simple plan to balance the budget)

    10/09/2011 8:33:31 AM PDT · by SeekAndFind · 12 replies
    [Click here for a PDF version of this document.]1. It Would Cut Federal Spending By One Percent for Six Consecutive Fiscal Years. The Penny Plan would require Congress to cut just one penny out of each dollar it spends every year for six years. These gradual cuts over the next six years will balance the federal budget. 2. It Would Cap Overall Spending at 18 Percent of Gross Domestic Product (GDP) Starting in Fiscal Year 2018. Congressional spending consumes approximately 25 percent of GDP. Federal revenue from taxes over the past 40 years has averaged about 18 percent of...
  • Hot Air exclusive: Perry raises $17.1 million in Q3

    10/05/2011 5:51:08 AM PDT · by Cincinatus' Wife · 113 replies
    Hot Air ^ | October 5, 2011 | Ed Morrissey
    A source on the Rick Perry campaign tells Hot Air that the Texas governor conducted some Texas-size fundraising in the third quarter. Coming in just a little over halfway through, Perry raised $17.1 million. That number would put Perry somewhere between $4-6 million ahead of Mitt Romney’s rumored total for Q3, according to this report last week from the Boston Globe. It’s also likely to far outpace Herman Cain’s fundraising or that of the other Republicans currently in the race. The pace is even more impressive. Perry had 49 days in which to raise funds, rather than the full 92...