The White House has said that unless Congress gives it the green light to lift its $14.3 trillion debt ceiling by Aug. 2, it will default. That would mean lawmakers have about a month to decide whether or not to approve raising the borrowing limit, right? Wrong. In reality, they have about nine days when […]
In this week’s Common Sense video, State Chairman Peter Foy exposes the outrageous waste of taxpayer dollars in the Los Angeles Community College District. The $5.7 Billion Los Angeles Community College District Boondoggle [youtube NFCktq_cNJY nolink]
The federal government’s financial condition deteriorated rapidly last year, far beyond the $1.5 trillion in new debt taken on to finance the budget deficit, a USA TODAY analysis shows. The government added $5.3 trillion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security. That brings to a record […]
(Associated Press) A Chinese ratings house has accused the United States of defaulting on its massive debt, state media said Friday, a day after Beijing urged Washington to put its fiscal house in order. “In our opinion, the United States has already been defaulting,” Guan Jianzhong, president of Dagong Global Credit Rating Co. Ltd., the […]
(Reuters) The U.S. is “playing with fire” over its debt ceiling debate and, “there is a risk a U.S. debt default may happen,” according to Chinese central bank advisor Li Daokui. Speaking at a conference in Beijing, Daokui said, according to Reuters: “If a default happens, the Chinese government should have a consultation with the […]
It’s not every day that a think tank wins an Emmy. But last week on John Stossel’s Fox Business program, The Heritage Foundation brought home the award for its “Saving the American Dream” plan to fix the debt, cut spending and reward prosperity. Heritage, along with five other public policy organizations, each provided long-term fiscal […]
The United States, Qatar and the World Bank each pledged to give billions of dollars in aid to Egypt this week, in order to help the country boost its economy following the ouster of former president Hosni Mubarak. U.S. President Barack Obama has promised to relieve Egypt of $1 billion in debt, and has offered […]
(By Andrew Lilico) It is when, not if. Financial markets merely aren’t sure whether it’ll be tomorrow, a month’s time, a year’s time, or two years’ time (it won’t be longer than that). Given that the ECB has played the “final card” it employed to force a bailout upon the Irish – threatening to bankrupt […]
In a speech at the Economic Club of Chicago yesterday, Rep. Paul Ryan (R-WI) laid out his “Path to Prosperity” 2012 budget proposal. Ryan also discussed how the U.S. government reached its big-spending tipping point: By the end of the decade, we will be spending 20 percent of our tax revenue simply paying interest on […]
The Obama administration will begin to tap federal retiree programs to help fund operations after the government lost its ability Monday to borrow more money from the public, adding urgency to efforts in Washington to fashion a compromise over the debt. (Bloomberg) — Lee Sachs, chief executive officer for AlliancePartners and former assistant U.S. Treasury […]
