“Deficit” on The Daily Caller

WASHINGTON (AP) — The House Budget Committee chairman says Republicans don’t want to see the government shut down in a fight with President Barack Obama over spending priorities. (more)

WASHINGTON (AP) — Not since World War II has the federal budget deficit made up such a big chunk of the U.S. economy. And within two or three years, economists fear the result could be sharply higher interest rates that would slow economic growth. (more)

The continuing resolution (CR) released by House Republicans last Friday is a start to getting the government’s financial mess in order, conservative advocates say, but shouldn’t be viewed as the be-all end-all. (more)

President Barack Obama on Monday released his budget recommendations for the fiscal year 2012, which his administration says will shrink the record-high $1.65 trillion budget in 2011 to $1.1 trillion in 2012. The administration says for 2013, the deficit will fall below $1 trillion for the first time since 2009. (more)

WASHINGTON (AP) — President Barack Obama sent Congress a $3.73 trillion budget proposal that highlights the partisan divide bound to shape next year’s presidential race. (more)

Public Notice, a non-profit advocacy group that aims to educate citizens about the perils of the country’s fiscal crisis, has developed an innovative new campaign to reach Washingtonians. (more)

“Scapegoating,” claimed the American Federation of Government Employees. “Punishment,” said the Federal Managers Association. “Transparently cynical,” declared Paul Krugman. President Obama’s late November announcement of a two-year pay freeze for federal workers has been poorly received by unions and left-wing activists, who see it as the end result of a year-long campaign to reduce federal salaries. Taxpayers should hope it is just the beginning. Fundamental reform of federal pay would save tens of billions of dollars annually, and it would be a strong indication that lawmakers are serious about reducing long-term deficits in all parts of the budget. (more)

The Congressional Budget Office issued updated figures today that predict the budget deficit for fiscal year 2011 will be a flaming huge $1.5 trillion. That’s about $414 billion bigger than the CBO last August figured this year’s shortfall would be. And yes, it would be a record in terms of absolute dollar red ink for Uncle Sam. (more)

Ever dreamed of frolicking around Sherwood Forest like Robin Hood and his Merry Men? Well, pack your sword and green tights, because you can now own a portion of folklore’s most iconic landscape. The British government is selling areas of the woods to cover their massive national debt, reports The Los Angeles Times.  Locals are furious at the thought of developers or corporations invading their beloved forest, but the offer remains amidst their objection. As several European nations struggle to balance the books, other iconic, government-owned properties are also facing the auction block. (more)

Remarks of Congressman Paul Ryan (R-WI) – As Prepared for Delivery
House Budget Committee Hearing Room, Washington, DC
January 25, 2011 (more)

The month of January is almost gone, and with it more than a few Americans’ New Year’s resolutions to live healthier lifestyles through diet and exercise. Regrettable as this may be, newly-elected leaders face a different set of resolutions that they must make and cannot afford to break. Namely, they must resolve to live healthier financial lifestyles by consuming fewer tax dollars and more actively pursuing budget reform to address government’s growing waistline before it’s too late. (more)

Pursuing a path of deficit reduction and government reform, President Obama will tonight in his State of the Union address call for a ban on earmarks and he will propose a five year budget freeze on non-security related discretionary spending, ABC News has learned. (more)

Yesterday’s report that Wisconsin Republican Paul Ryan will be delivering the GOP response to next week’s State of the Union address is welcome news, and is but the latest signal that Washington may finally — FINALLY — be prepared to tackle the nation’s fiscal and budgetary woes. (more)

Peter Orszag, President Obama’s former White House budget chief, issued a dire warning to the nation Friday about the inability of Democrats and Republicans to overcome political motivations and act to prevent a fiscal crisis. (more)

The unemployment rate and the nation’s increasingly precarious fiscal position – its enormous budget deficits and its ballooning debt – will be the dual points of emphasis in President Obama’s second State of the Union address on Tuesday. (more)

A number of the House GOP’s leading conservative members on Thursday will announce legislation that would cut $2.5 trillion over 10 years, which will be by far the most ambitious and far-reaching proposal by the new majority to cut federal government spending. (more)

State governments are beginning to choose one of two directions to dig out of deep budget deficits, and the resulting clash of visions between raising taxes or cutting spending has some conservatives salivating at the contrast between liberal and conservative philosophies of how to create economic growth. (more)

States across the country are facing massive budget deficits brought on by years of the same kind of rampant spending we’ve seen from Washington. Unlike the federal government, state governments can no longer avoid solving the problem. Balanced budget requirements and an inability to take on debt year after year are forcing immediate action as bankruptcy, debt defaults and bond downgrades loom. (more)

What a difference a year makes. In January 2010, we worried about the possibility of a double-dip recession. Today, the state of American business and our economy have improved. This is due to both the impressive resilience of our economy and the enactment of the tax relief package late last month. For these reasons, the U.S. Chamber projects that the economy will grow by 3.2% overall next year, picking up steam as the year progresses. (more)

The Congressional Budget Office this afternoon released more details on the budgetary effects of repealing the healthcare law. In his director’s blog, CBO Director Douglas Elmendorf said the office believes repealing the law would reduce revenues by $770 billion through 2021 and reduce spending by $540 billion in that same time period. (more)