Over the past few years, the long-term fiscal situation has improved. With the passage of the American Taxpayer Relief Act of 2012 (in early January, 2013), the Budget Control Act of 2011, the subsequent imposition of sequestration, and slowdowns in projections of health care expenditures, there
Washington may be about to do what it does best--kick the can down the road. House Republicans have tentatively agreed on a plan to extend the debt limit for about six weeks while keeping the government partially shuttered. Their idea: use the shutdown as a stick to get Democrats to negotiate over
I suspect that by early next week, the sequester will be old news. We’ll be on to the next crisis—the impending government shutdown scheduled for just a month from now. And there may be good reason for that—any deal to avoid the shutdown will almost surely replace the effects of the sequester, at
On Wednesday, the House will vote on a bill to delay the upcoming debt limit showdown . The bill includes no spending cuts, no tax increases, and no platinum coins of unusual size. Instead, it will “suspend” the debt limit through May 18 to give lawmakers time to pass a budget in each chamber. To
Jim Hamilton's Mock Up of a Trillion Dollar Coin Policy wonks are debating whether a trillion-dollar platinum coin would be a clever or insane way for President Obama to play hardball with Republicans in the upcoming debt limit battle. Here’s what you should know about this crazy-sounding idea: 1.
Yesterday, I described President Eisenhower’s remarkable success in turning a large deficit in fiscal 1959 into a balanced budget in 1960. It was one of the biggest fiscal consolidations since World War II. Although it was a very different time, there are lessons relevant to today’s fiscal
We now know more about Joe and Jill Biden’s dating history than we do about what Biden and Barack Obama would do in a second term. I understand the desire to turn politics into just another episode of the Bachelorette. But this seems a sad mix of TMI on one hand, and too many platitudes on the