California will run out of cash by early March if the state does not take swift action to find $3.3 billion through payment delays and borrowing, according to a letter state Controller John Chiang sent to state lawmakers today. The announcement is surprising since lawmakers previously believed the state had enough cash to last through […]
The Congressional Budget Office (CBO) released its Budget and Economic Outlook for years 2012 to 2022 yesterday, and as Heritage’s Patrick Knudsen shows, the numbers add up to a dismal fiscal future. As the government continues its fiscal irresponsibility, 2012 will be the fourth straight year of trillion-dollar deficits. This trend is on track to […]
The dispute between the European Union and Hungary escalated temporarily when the European commission said it planned to bring suit against Hungary. The Commission generally sues member states on economic issues, such as a government restraining competition or subsidizing national champions. The Hungarian issue involves laws that go to the heart of governing party Fidesz’ political program. One […]
The supposed ‘consensus’ on man-made global warming is facing an inconvenient challenge after the release of new temperature data showing the planet has not warmed for the past 15 years. The figures suggest that we could even be heading for a mini ice age to rival the 70-year temperature drop that saw frost fairs held […]
At this State of the Union address, President Obama proudly stated that “American oil production is the highest it’s been in eight years” and declared that his Administration would “open more than 75 percent of our potential offshore oil and gas resources.” While President Obama spoke favorably of the role that oil and gas development […]
In the end, the Republican primary is about who will beat Barack Obama and who we want to beat Barack Obama. Before you decide, watch the video. And consider, what else don’t we know? Debating in Tampa, Florida in late-January, while falsely characterizing Newt Gingrich’s income from his government consulting work, Mitt Romney denied that […]
By Peter Paton There is an urgent need for mankind to come up with a sophisticated and elaborate asteroid and comet tracking system, which would allow sufficient time for successful interception, destruction or deflection of these terrifying and colossal bodies which threaten the existence of the planet and all its inhabitants. The terrifying Meteor strike […]
During his State of the Union speech, President Obama introduced a new plan to save responsible homeowner $3,000 a year on their mortgages by refinancing at historically low interest rates. Americans would be wise to be cautious, however, about the new efforts by the federal government. The federal government’s previous intervention in the market has […]
Iran continues to claim it is reaping the rewards of European sanctions even amid a deep currency crisis that rocks Tehran. In fact, the oil ministry in Tehran claims the embargo would leave Iran unscathed while inflicting “heavy economic loss” on the “people of Europe, who have been affected by crisis”. The result would be […]
An increasing number of leaders in the House and the Senate recognize that the Budget Control Act (BCA) of 2011 will impose a disproportionate burden on an already strained defense budget. The latest corrective effort comes from House Majority Leader Eric Cantor (R–VA). The BCA established caps on spending for national security and discretionary spending […]
