The fiscal hawks are sticking to their guns. On Friday, Sens. Ron Johnson (R-WI) and J.D. Vance (R-OH) joined 22 of their fellow Republican senators in a letter warning President Joe Biden that they will not vote for increasing the debt ceiling without structural reforms to the federal government’s budget and debt problems.Read More
On this National School Choice Week, a new study by the Wisconsin Institute for Law & Liberty shows parental choice programs continuing to outperform public schools, particularly in the state’s largest city.
“Apples to Apples: Accessing Wisconsin State of Education”, accesses Badger State educational performance across public, charter, and private voucher schools.Read More
In his fifth State of the State address Tuesday evening, Gov. Tony Evers began laying out how he plans to use Wisconsin’s $6.6 billion surplus, pitching a spending bender of big government initiatives already with a price tag to date of around $1.3 billion.Read More
Senate Majority Leader Devin LeMahieu (R-Oostburg) and state Representative Rob Brooks (R-Saukville) are set to introduce a tax reform proposal this week that would ultimately phase in a 3.25 percent flat income tax rate by tax year 2026. The measure would make Wisconsin part of a recent “flat tax revolution”, according to a national tax expert.Read More
by Benjamin Yount Wisconsin’s Senate majority leader says there is plenty of money available to reconfigure the state’s personal income tax rates. State Sen. Devin LeMahieu, R-Oostburg, on Friday said Wisconsin’s record $6.6 billion surplus will help get the state over the hump. “So, for sure in the first…Read More
The gridlock that paralyzed House Republicans over the past week in their quest to elect a new Speaker could be a foretaste of more to come, with party moderates and conservatives set to tangle in the months to come over raising the debt ceiling and reining in reckless government spending.
Although newly elected Speaker of the House Kevin McCarthy ultimately prevailed in his bid for the office over a small but determined band of House Freedom Caucus members, his slim GOP majority in the House will be vulnerable if and when conservatives rebel again down the road, as some are predicting, in an effort to reassert debt reduction as a top priority for the party.Read More
The Republicans who will write Wisconsin’s next state budget say Gov. Tony Evers shouldn’t get excited about the latest surplus numbers.
The Department of Administration on Monday said Wisconsin’s budget surplus could top $6.6 billion by the time the current state budget ends in June.Read More
President Joe Biden sparked controversy for pushing through Congress increased federal funding for 87,000 new IRS employees to audit Americans, but Republican leadership has pledged to overturn that expansion if they win the majority.
House Republican Minority Leader Kevin McCarthy, R-Calif., pledged at a Pennsylvania event to “repeal” the IRS expansion.Read More
“Our expectation has been we would begin to see inflation come down, largely because of supply side healing. We haven’t. We have seen some supply side healing but inflation has not really come down.”
That was Federal Reserve Chairman Jerome Powell on Sept. 21, speaking to reporters following the central bank’s meeting where the Federal Funds Rate was once again increased 0.75 percent to its current range of 3 percent to 3.25 percent in a bid to combat sticky 8.3 percent consumer inflation the past year.Read More
U.S. Treasury Secretary Janet Yellen will testify before the Senate Finance Committee Tuesday, just days after she admitted she was wrong about inflation earlier in President Joe Biden’s term.
The hearing, which is on “the president’s fiscal year 2023 budget” will only feature testimony from Yellen, according to the committee’s website.
Biden’s budget likely will be under extra scrutiny as gas prices continue to hit record highs and inflation rises at the fastest level in decades.Read More
Inflation is running rampant, federal spending is out of control, gas prices are at an all-time high and Americans are pessimistic on the future outlook of the economy. So what is President Joe Biden’s solution?
He has released a budget proposal that includes 36 tax increases on families and businesses totaling $2.5 trillion over the next decade. Alarmingly, this includes 11 tax increases on the oil and gas industry, taxes that will put a burden on households.
The budget doesn’t even include all the tax increases being pushed by Democrats because the budget omits the cost of tax increases within their stalled multi-trillion dollar Build Back Better Act. Instead of detailing these tax increases, the Biden budget includes a placeholder asserting that any new spending will be fully offset.Read More
State Representative Jim Steineke (R-Kaukauna), who serves as the Majority Leader of the Wisconsin Assembly, will not run for re-election when his current term expires.
According to a release from his office, the lawmaker cited a desire to “pass the torch” to new state leaders as influence for his decision to step down from elected office.Read More
The Democrats’ reconciliation package will likely include more than $500 billion worth of climate provisions, more than the entire Department of Energy budget, the White House said, according to The Hill.
The budget represents an opportunity for “historic investment in climate change,” White House Chief of Staff Ron Klain said during an event hosted by The Hill on Tuesday evening. The likely price tag for climate programs included in the bill is likely to fall somewhere between $500 billion and $555 billion, Axios previously reported.Read More
On Monday, Joe Biden uncorked the largest lie of a 50-year political career overstuffed with them.
“My Build Back Better Agenda costs zero dollars,” he tweeted. “Instead of wasting money on tax breaks, loopholes, and tax evasion for big corporations and the wealthy, we can make a once-in-a-generation investment in working America. And it adds zero dollars to the national debt.”Read More
Democratic West Virginia Sen. Joe Manchin reportedly said in private that the “strategic pause” he has pushed for regarding his party’s budget should last through the end of the year.
Manchin’s remarks, first reported by Axios, would mean a sharp departure from Democrats’ long-stated goals, which include passing both the budget and the bipartisan infrastructure bills before the end of September.
His remarks align both with a Wall Street Journal op-ed he wrote earlier this month and recent comments he made calling for a “pause” on the budget as Congress addressed other priorities ranging from a messy Afghanistan withdrawal to multiple natural disasters.Read More
Washington Democrats’ efforts to pass their signature, $3.5 trillion spending package is in jeopardy of falling apart, as House Speaker Nancy Pelosi, leader of the Democrat-controlled chamber, does not appear to have the votes this week to advance the measure awaiting in the Senate.
The votes are set to be cast Monday and Tuesday, with House members returning for two days during their August recess to try to move forward the pending package.
Pelosi can afford to lose only three votes in the narrowly divided chamber. However, nine moderate Democrats have vowed to oppose the two voting measures until the House passes a roughly $1 trillion, bipartisan infrastructure spend package passed in the Senate before the recess.Read More
As tens of millions of American families across the country began to see the second round of monthly cash payments appear in their bank accounts Friday, Republicans in Congress remained oddly quiet.
The checks were the result of an expansion of the Child Tax Credit (CTC), which was part of the $1.9 trillion coronavirus relief package President Joe Biden signed into law in March. While every Republican in Congress voted against the bill, the credit itself is overwhelmingly popular among registered Republicans and Americans overall, creating a rift between reliable conservative voters and the GOP lawmakers who represent them.Read More
The unadjusted consumer price index as measured by the Bureau of Labor Statistics was 5.28 percent for the month of July, slightly lower than June at 5.32 percent, but still measuring the highest inflation on record since July 2008, when it hit nearly 5.5 percent.
The latest numbers come as Congress has easily passed another gargantuan $1.2 trillion infrastructure spending plan that included $550 billion of new spending. Interest rates have already reacted as 10-year treasuries came off a near-term low of 1.17 percent on Aug. 2 to 1.36 percent as of Aug. 12, slightly increasing inflation expectations.
The $1.2 trillion spendathon was just the latest in a long line of spending that has added $5.25 trillion to the national debt since Jan. 2020 in response to the Covid pandemic all the way to the current $28.5 trillion: the $2.2 trillion CARES Act and the $900 billion phase four under former President Donald Trump, and then the $1.9 trillion stimulus under President Joe Biden. It’s been a bipartisan affair.Read More