Tag Archives: Debt

Deficit Falls for a Fifth Year in a Row

According to the Congressional Budget Office, the federal budget deficit for 2014 will be nearly $200 billion less than 2013, falling from $680 billion to $492 billion thanks in part to record tax revenue. via Bloomberg “This will be the … Continue reading
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Posted in Open Thread, Taxes | Tagged , , | 4 Comments

Why Isn’t the GOP Complaining About the Deficit? Because It’s Dropping — Fast.

My Wednesday column: As we careen headlong toward the debt ceiling deadline, with the House Republicans and Speaker John Boehner in full Three-Stooges-Trying-To-Fix-The-Plumbing mode, the issue area that’s been overshadowed by the grandstanding, political props and brinksmanship is government spending … Continue reading
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Posted in Government Shutdown | Tagged , , , | Leave a comment

In Which I Explain the Debt Ceiling and Financial Apocalypse to Rand Paul and Sarah Palin

My Wednesday column: The Republican misinformation geyser continues to erupt unabated. Today, let’s focus on a pair of statements from tea party champions Sarah Palin and Sen. Rand Paul (R-KY) who seem to completely misunderstand the deficit, the debt ceiling, … Continue reading
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Posted in Government Shutdown, Rand Paul, Sarah Palin, The Daily Banter | Tagged , , | Leave a comment

Town Hall Season: Rep. Ted Yoho Brings The Funny

As Town Hall Season continues, Representative Ted Yoho (R-FL), who recently claimed that Obamacare is racist, told constituents at a town hall that we should consider defaulting on our debt because creditors won’t mind. I say, You know what, I … Continue reading
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Posted in Wingnuts | Tagged , , , | 13 Comments

Kill It With Fire

Based on the latest findings from the Congressional Budget Office, the president’s latest budget proposal may signal an end to the “balanced approach” he has advocated for the past several years as it relies primarily on new taxes to reduce … Continue reading
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Posted in Economy, President Obama | Tagged , , , | 4 Comments

Out of Control Spending!

According to the Congressional Budget Office (CBO) the federal deficit is shrinking faster than anyone anticipated is now 24 percent lower than previous projections. If the current laws that govern federal taxes and spending do not change, the budget deficit … Continue reading
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Posted in Economy | Tagged , , | 5 Comments

Possible Budget Surplus by 2015

Interesting: …official forecasters will have to radically alter their projections this summer. The CBO forecast of $845 billion in red ink this year, 5.3% of GDP, is hopelessly outdated; the deficit will fall well below 5% of GDP, perhaps to … Continue reading
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Posted in Economy | Tagged , | 1 Comment

Stop the Austerity. The Deficit Is Dropping Precipitously.

Via David Frum, here’s AEI’s John Makin with the positive news: The United States has actually made substantial progress toward deficit reduction in 2013 … On January 2, as part of an agreement to avert the sharpest austerity that would … Continue reading
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Posted in Economy | Tagged , | 1 Comment

The President’s Social Security Plan is a Really, Really Bad Idea

My Monday column and the worst idea the president’s had in a long time: Late last week, President Obama successfully incited new levels of fury from most of the same liberals who are generally infuriated with him in the first … Continue reading
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Posted in President Obama, Social Security, The Daily Banter | Tagged , , | 29 Comments

Chart of the Day

Mother Jones brings us the chart of the day on the 10th anniversary of the invasion of Iraq. Since we borrowed to pay for much of the war, we’re facing nearing $4 trillion in cumulative interest between now and 2053, … Continue reading
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Posted in Congress, Iraq | Tagged | Leave a comment

The Path to Poverty is Back

Congressman Paul Ryan claims that we’re “not going to refight the past,” but that’s clearly what he has in mind as he proposes his most comical budget yet. It has it all – tax cuts for the rich, repealing the … Continue reading
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Posted in Epic Fail | Tagged , , , , , , | 3 Comments

‘Cutting the Deficit in Half’

Jed Lewison called attention to a tweet from the RNC demanding to know, “Whatever happened to cutting the deficit in half by end of first term?” They’re not very good at math at the RNC. Here’s some help: So as … Continue reading
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Posted in Economy | Tagged , | 3 Comments

The Greatest Chart Ever

Via Benen, the CBPP has updated its famous “parfait” chart illustrating what’s driving the national debt between now and 2019 based on CBO estimates from last month. And, shocker!, the chart looks about the same as it always has. Because, … Continue reading
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Posted in Economy | Tagged , | 3 Comments

The Sequestration Fight Is Based on Lies and Stupidity

My Tuesday column: As a political writer, being pissed off about certain issues and policies is like rocket fuel. I’m not an angry guy by nature, but there’s a universe of things in politics that piss me off and, combined … Continue reading
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Posted in Economy, The Daily Banter | Tagged , , | 4 Comments

Congress Votes to Suspend the Debt Ceiling

TPM: The House passed a GOP bill suspending the debt ceiling until May 19 on Wednesday by a margin of 285 – 144. The bill now heads to the Senate. It includes a provision, touted by Republican leadership as “No … Continue reading

Posted in Economy | Tagged , , , | 2 Comments

From the Loopy Old Man News Desk…

Alan Simpson stated the semi-obvious over the weekend: that the fiscal cliff deal isn’t really a huge deficit-cutting measure. “This thing isn’t going to do anything, really,” Simpson said Sunday on “Meet the Press.” He said tackling the deficit will … Continue reading

Posted in Economy | Tagged , , , | 4 Comments

The Latest Fiscal Cliff Rumor

In case you’re following the rumors and trial balloons that are leaking out of the fiscal cliff negotiations, here’s the newest one: The details, via a source familiar with the negotiations, include: a movement on revenue demands to $1.2 trillion … Continue reading

Posted in Economy | Tagged , , , , | 6 Comments

Americans Are Frighteningly Clueless on the Deficit

I blame the media for the results of this poll showing that people don’t understand the fiscal cliff or the deficit. In my experience, they’re far more clueless on the deficit and don’t know the difference between the deficit and … Continue reading

Posted in Economy | Tagged , , , | 14 Comments

Understanding the Fiscal Cliff in 2 Minutes and 30 Seconds

Robert Reich with the public service: Regarding the Democrats and not backing down, so far so good.

Posted in Economy | Tagged , , , , , , , | 1 Comment

Republicans Reject White House Fiscal Cliff Offer

I’ve been laying off the fiscal cliff talk lately because it’s difficult to know what exactly is happening behind the scenes. Specifically, there’s no accurate way of telling what’s serious and what’s a ploy. But this is for real: Republicans … Continue reading

Posted in Economy | Tagged , , , | 2 Comments