Runaway spending and deficits continue to grow unabated in part because any attempts to rein them in are relentlessly demagogued by defenders of big government. The latest example is the budget recently authored by House Budget Committee chairman Paul Ryan (R–WI) and passed by the House of Representatives. … Read more

House Republicans are now pledging to reduce fiscal year 2011 discretionary spending to $100 billion below President Obama’s original request. As reported, this new budget proposal would: Unwisely reduce security spending by… Read more

The new Congressional Budget Office (CBO) 10-year budget baseline shows a virtually unprecedented sea of red ink. The report reveals an unprecedented $1.5 trillion deficit in fiscal year (FY) 2011—an increase of $95 billion over their last 2011 estimate.[1] This will be the third consecutive year of trillion-dollar… Read more

The National Commission on Fiscal Responsibility and Reform deserves credit for taking on the large structural deficits that risk eventual economic calamity.[1] Over the next decade, runaway spending is set to double the national debt, which would risk higher interest rates, slower growth, and steeply higher tax rates.… Read more

The Congressional Budget Office (CBO) has updated its 10-year budget baseline, and America’s fiscal outlook continues to worsen. The CBO projects $6.2 trillion in additional deficits over the next decade. This darkening budget forecast would have been even worse, were it not for the unrealistic assumptions that Congress requires the… Read more

With critics regularly blaming the 2001 and 2003 tax cuts for deficits caused more by runaway spending and a sluggish economy, The Heritage Foundation recently released “The Three Biggest Myths About Tax Cuts and the Budget Deficit”[1] to set the record straight. This report… Read more