The Deficit and National Debt
Congress has a big checkbook, and the government spends more money than it brings in. The federal budget deficit is the difference between government spending and government revenue. The federal budget deficit for the first 10 months of fiscal year 2010 is $1.2 trillion, according to the Congressional Budget Office. That deficit, however, is about $90 billion less than the first 10 months of last fiscal year. The overall national debt, or the money that the government has borrowed,has now reached $13 trillion. Government spending and the increasing federal debt have become a major issue in the 2010 congressional elections. Republicans charge Democrats with spending too much without paying for it. The majority of Senate Republicans opposed an extension of unemployment benefits packages in July of 2010 because they were concerned about adding to the growing deficit. Democrats counter that Republicans have failed to pay for the tax cut extensions they favor. Congressional spending has become the fuel to the fire of the fiscally conservative Tea Party movement. Democrats say that spending can help stimulate the economy and create jobs, but members are increasingly looking for ways to offset costs through taxes or imposing fees. Either way, congressional spending will be an important issue for voters in both parties.
The latest news on The Deficit and National Debt
Taxing oil and gas industry is not the solution to the deficit crisis.
Time after time, "stimulus" deficit spending fails to create economic growth.
The U.S. debt problem is not of European proportions just yet...but wait a few years.
Obama is proposing many of the same programs Congressional Republicans have blocked before.
Despite all the political jockeying, the budget is essentially meaningless to the president, Congress.
Raising taxes on domestic energy will cost the United States jobs and actually add to the deficit.
The economy has one major problem right now and that is a serious lack of jobs.
Earmarks make for an easy target but are an insignificant portion of the federal budget.
Both spending cuts and increased outlays pose threats to economic well-being.
A CBO report suggests that government workers make more than their private sector counterparts.
