Focus on Budget and Debt

By BRUCE BARTLETT, Posted: December 30, 2010

Type Size:

A December 27 CNN poll found that 68 percent of Americans are very concerned about the federal budget deficit, the highest percentage in the poll’s history.

In a December 22 commentary, MIT economist Simon Johnson warned that obsessive tax-cutting is hastening the day when the U.S. will confront a serious financial crisis.

According to a December 22 Politico report, Republicans plan to change the House rules the require that spending increases be offset with spending cuts; but tax cuts, even if they balloon the deficit, will require no offset.

In a December 23 commentary, Center on Budget and Policy Priorities economists James Horney and Robert Greenstein predict that this rule change will make the deficit problem worse.

On December 21, the Treasury Department issued the 2010 edition of the Financial Report of the United States Government. I discussed it in a December 24 Fiscal Times column.

On December 20, Senator Tom Coburn (R-OK) issued a report on wasteful federal spending. The $11.5 billion total, however, is a very trivial amount in a $3.5 trillion budget.

On December 14, the Congressional Budget Office published a study of the impact of rising federal debt on interest costs.

On December 10, the Organization for Economic Cooperation and Development published a study on the use of fiscal councils in its member countries.

I last posted items on this topic on December 15.

Bruce Bartlett is an American historian and columnist who focuses on the intersection between politics and economics. He blogs daily and writes a weekly column at The Fiscal Times. Bartlett has written for Forbes Magazine and Creators Syndicate, and his work is informed by many years in government, including as a senior policy analyst in the Reagan White House. He is the author of seven books including the New York Times best-seller, Impostor: How George W. Bush Bankrupted America and Betrayed the Reagan Legacy (Doubleday, 2006).

In a December 28 commentary, Brookings Institution economist Alice Rivlin expressed optimism that Republican control of the House will encourage both parties to work together on long-term deficit reduction.A December 27 CNN poll found that 68 percent of Americans are very concerned about the federal budget deficit, the highest percentage in the poll’s history.In a December 22 commentary, MIT economist Simon Johnson warned that obsessive tax-cutting is hastening the day when the U.S. will confront a serious financial crisis.According to a December 22 Politico report, Republicans plan to change the House rules the require that spending increases be offset with spending cuts; but tax cuts, even if they balloon the deficit, will require no offset. In a December 23 commentary, Center on Budget and Policy Priorities economists James Horney and Robert Greenstein predict that this rule change will make the deficit problem worse.On December 21, the Treasury Department issued the 2010 edition of the Financial Report of the United States Government. I discussed it in a December 24 Fiscal Times column.On December 20, Senator Tom Coburn (R-OK) issued a report on wasteful federal spending. The $11.5 billion total, however, is a very trivial amount in a $3.5 trillion budget.On December 14, the Congressional Budget Office published a study of the impact of rising federal debt on interest costs.On December 10, the Organization for Economic Cooperation and Development published a study on the use of fiscal councils in its member countries.I last posted items on this topic on December 15. Bruce Bartlett is an American historian and columnist who focuses on the intersection between politics and economics. He blogs daily and writes a weekly column at The Fiscal Times. Bartlett has written for Forbes Magazine and Creators Syndicate, and his work is informed by many years in government, including as a senior policy analyst in the Reagan White House. He is the author of seven books including the New York Times best-seller, Impostor: How George W. Bush Bankrupted America and Betrayed the Reagan Legacy (Doubleday, 2006).