“Deficit” on The Daily Caller

The budget projection for the next decade released by the Congressional Budget Office on Tuesday was pretty depressing, but not depressing enough, says Alabama Sen. Jeff Sessions. (more)

The United States hasn’t seen a constitutional convention since 1787. But with Washington, D.C.’s political class continuing to borrow and spend, the state legislatures in North Dakota and Louisiana have passed resolutions calling for another one. (more)

As the fight over how to fix America’s overspending habit ended in a stalemate this year, the federal government spent billions of dollars in 2011 on some unusual projects. And according to a new report from Oklahoma Republican Sen. Tom Coburn, $6.5 billion of it was wasted. (more)

WASHINGTON (AP) — The tax plan by GOP presidential hopeful Newt Gingrich would provide big tax breaks to the rich and blow a huge hole in the federal budget deficit, according to an independent study released Monday. (more)

WASHINGTON (AP) — The federal government is on pace to run a deficit below $1 trillion for the first time in four years, modest progress in the face of intense debate in Washington over spending. (more)

WASHINGTON (AP) — The International Monetary Fund says the global financial system faces more challenges than at any point since the 2008 financial crisis. (more)

President Barack Obama pushed for passage of his debt plan Monday morning, saying, “this is not class warfare, it’s math,” but Republican members of the Senate Budget Committee say the president’s arithmetic doesn’t add up. (more)

WASHINGTON (AP) — The federal budget deficit reached $1.23 trillion in August. The third straight $1 trillion-plus deficit adds pressure on Congress and the White House to reach agreement on a long-term plan to trim government spending. (more)

President Barack Obama’s Sept. 8 speech to a joint session of Congress will likely offer deficit-control plans, as well as a series of programs to jump-start the economy, according to a White House budget report. (more)

The White House’s mid-session forecast of economic trends says that in 2012 unemployment will remain at 9.0 percent and economic growth will be only 2.9 percent, and that the 10-year deficit will drop by $1.37 trillion compared to its previous forecast in February. (more)

Taxes should be increased for everyone — not just the rich — to break the logjam in Washington over how to reduce the nation’s towering deficit, Mayor Michael Bloomberg declared today. (more)

Arizona Republican Sen. John McCain told CNN Sunday that the American people “don’t want compromise” on any deficit reduction deal that includes a tax increase. (more)

The Congressional Budget Office said in a new report that President Obama’s economic stimulus law will raise the federal deficit $830 billion over ten years, $43 billion more than the initially estimated cost of $787 billion. (more)

Deficit reduction is on nearly everybody’s mind in Washington. With a soaring national debt and a third-straight year of trillion-dollar deficits, policymakers in Washington are keeping their eyes and ears open for spending cuts any way they can get them. One proposal came in mid-March from Senator Orrin Hatch (R-Utah): rescind $10 billion of currently unused funds from the Small Business Lending Fund (SBLF). The $30 billion fund is still sitting idle despite being signed into law last fall, so why not return some of those taxpayer dollars to the Treasury to reduce the debt? At a time of severe budgetary stress, that would be a smart and quick way to shrink the deficit. But with the SBLF’s continued implementation delays and, more importantly, the program’s significant design flaws, perhaps the full $30 billion ought to be on the chopping block. (more)

No prospective Republican presidential candidate has done more to highlight the issue of debt and deficits than Indiana Gov. Mitch Daniels. He calls it the “new red menace,” an ocean of red ink that he says is every bit as dangerous as the Soviet nuclear threat during the Cold War. (more)

Yesterday Standard & Poor’s, one of the nation’s largest credit ratings agencies, sent shock waves through the financial world and sounded a warning about the debt and deficit spending that every American needs to hear. As CNBC reported, S&P announced it is downgrading the credit rating outlook for the United States of America to “negative,” saying: (more)

President Barack Obama begins a tour promoting his proposal to cut long-term budget deficits with a new urgency after Standard & Poor’s warned that the nation’s AAA credit rating is in peril. (more)

White House officials have unveiled a taxpayers’ “Federal Tax Receipt” website to goose publicity for a week of presidential speeches on the deficit, but the online receipt hides the president’s deficit spending and conceals the growing national debt. (more)

As yet another tax day rolls around, confidence in the federal government’s handling of the economy is on the decline. (more)

President Obama’s speech Wednesday is no different than any of the speeches that came before it. (more)