Issue Brief posted March 11, 2013
What the FY 2014 Budget Should Do
With the government’s spending and debt crisis drawing nearer, the congressional budget for fiscal year (FY) 2014 marks a critical moment for the country. The chance to turn back Washington’s unyielding and unsustainable growth, led by the Obama Administration’s progressive ambitions, is shrinking. The budget must play a key part in restoring the principles that made…
Backgrounder posted December 11, 2012
Saving the American Dream: The Fiscal Cliff and Beyond
Abstract: Unless Congress and the President act promptly and wisely, sequestration under the Budget Control Act (BCA) will undermine military readiness, and the nearly $500 billion tax increase starting on January 1, 2013, will greatly harm an already weak economy. However, this fiscal cliff can be avoided. The key to avoiding this and future fiscal calamities is reform…
Special Report posted October 16, 2012
Federal Spending by the Numbers - 2012
The federal government has closed out its fourth straight year of trillion-dollar-plus deficits, and the imperative to rein in spending has never been greater. Because all government spending gets paid for through either taxes or borrowing—both of which burden the economy—spending reduction is an essential condition for promoting economic growth.
Issue Brief posted July 19, 2012
Fix Defense Sequestration—Without Tax Increases
The U.S. political leadership is facing a big moment. Two issues confront them in particular: looming cuts from sequestration and the looming tax hikes from Taxmageddon. Both are poised to take effect on New Year’s Day 2013. If Congress and the President do not step up now and prevent these two budget time bombs from detonating, there will be grave consequences for the…
Issue Brief posted June 28, 2012
Transportation Conference Bill: Some Good Reforms, but Too Much Spending
Senate and House conferees have reached an agreement to fund surface transportation programs through 2014. The bill, MAP-21 (H.R. 4348), should be measured against how it steers the country away from its current path of reckless spending and whether it improves congestion, mobility, and safety.
Lawmakers deserve credit for including reforms such as environmental…
Issue Brief posted June 5, 2012
The Broken Budget Process: Two House Legislative Proposals
Note: This Issue Brief is based on testimony delivered to the Committee on the Budget in the U.S. House of Representatives on May 31, 2012. The full testimony can be accessed here: http://www.heritage.org/research/testimony/2012/06/budget-process-reform-legislation-proposals-to-fix-the-budget.
Congressional and executive oversight of the federal budget is in turmoil.…