President Obama has touted reports from the Congressional Budget Office claiming his health care law would actually decrease the deficit. But due to a bundle of budget gimmicks and other legislation, calculations show that Obamacare actually adds $698 billion to the deficit. This week’s chart outlines each of those budget gimmicks. “This morning a new analysis from the Congressional Budget Office concludes that the reform we seek would bring $1.3 trillion in deficit reduction over the next two decades. That makes this legislation the most significant effort to reduce deficits … More
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By Tad DeHaven
The House passed a bill last week eliminating the Presidential Election Campaign Fund, which the Tax Foundation calls a “voluntary tax that stirs little enthusiasm.” It would also save a whopping $14 million by eliminating the Election Action Committee and transferring certain functions to other federal agencies. The Republican-sponsored bill passed on a straight party-line [...]
Looking for Serious Program Terminations is a post from Cato @ Liberty – Cato Institute Blog
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Following the failure of the Joint Select Committee on Deficit Reduction, Sen. Pat Toomey (R-PA) criticized liberals for insisting that any deal include a massive tax hike. In a speech at Heritage last week, he said tax revenue isn’t the problem facing the United States in the future; it’s the massive increase in federal spending. “It’s actually arithmetically impossible to solve this problem on the tax side alone,” said Toomey, who noted that Democrats on the Super Committee wanted to hike taxes by $1 trillion without making any fundamental reforms … More
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