Democratic leaders are hounding the Ryan budget for its supposed severity and ideologically-driven agenda. Yet it is the most serious effort to curb record deficits and debts, by either party, in decades.
Chris Edwards of the Cato Institute highlights the level of government intervention by examining the various forms of federal aid to the states. As he writes in Downsizing the Federal Government: “There are more than 800 state and local aid programs, based on my count of programs in the Catalog of Federal Domestic Assistance. They…
President Obama has announced his 2011 budget proposal. When FY 2010 ends on September 30 the deficit will total to $1.6 trillion, much higher than the Congressional Budget Office’s forecast. The Bush tax cuts will expire at the end of this year and if Obama extends their term, the federal deficit estimates will be even…
As of January 22, the current public debt totals more than $12.3 trillion. The Congressional Budget Office reports that if current laws and government spending remain the same, the budget for FY 2010 is estimated at more than $1.3 trillion. During the Middle Class Task Force meeting, Vice President Biden and President Obama announced new…