News
WSJ | Battle Lines Drawn on Budget
Republicans won't accept further tax increases in coming budget and debt negotiations, the party's Senate leader said Sunday, putting GOP lawmakers on a collision course with Democrats over raising the government's borrowing limit.
Econ Comments & Analysis
Washington Times | ‘Fiscal cliff’ compromise deal betrays lack of courage
My neighbor’s 10-year-old station wagon has a terrible noise coming from the engine compartment that has been getting louder over time. Something is obviously very wrong. His solution? He can’t afford to have it repaired, so he simply keeps turning up the radio until he can’t hear it anymore.
AEI | The budget battles ahead
Two months after the president handily won a second term and the Democrats increased their numbers in both the House and Senate, GOP congressional leaders were in no position to negotiate a good “fiscal cliff” resolution. So it’s not at all surprising that what emerged from the Biden–McConnell negotiations has satisfied almost no one, and certainly not many conservatives.
CRS | The "Fiscal Cliff" and the American Taxpayer Relief Act of 2012
Despite the enactment of ATRA, many policy issues affecting the federal budget remain unresolved. Specifically, in early 2013, Congress will likely consider a debt limit increase, additional actions related to the postponed BCA automatic spending reductions, and appropriations for the final six months of FY2013. Finally, long-term fiscal sustainability issues remain unresolved.
Blogs
WSJ | Vital Signs Chart: Growing National Debt
The national debt is growing. Total public debt outstanding was $16.07 trillion as of the third quarter, up from $15.86 trillion three months earlier. The federal debt is now equivalent to 101.6% of the nation’s gross domestic product, up from 53.5% in early 1990.
CBO | The “Fiscal Cliff” Deal
We’ve received a number of questions in the past few days about the budgetary and economic impact of the significant budget legislation just enacted by the Congress. Here are some of the most common questions and our answers to them
