Commentary: The Gloves Will Come Off in a Second Biden Term

Joe Biden, 2019

If you believe, correctly, that the entirety of Joe Biden’s presidency has been one unmitigated disaster after another — not only for the American citizenry, but for the United States’ standing on the world stage and for our allies around the globe who have embraced the cause of freedom and religious liberty — fasten your seatbelts, because you haven’t seen anything yet.

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CBO Reports Grim Long-Term Outlook for Federal Government

Couple paying bills

The Congressional Budget Office on Wednesday released a bleak outlook for the federal government with new projections that show debt levels will reach their highest levels ever in five years.

“Debt held by the public, boosted by the large deficits, reaches its highest level ever in 2029 (measured as a percentage of GDP) and then continues to grow, reaching 166 percent of GDP in 2054 and remaining on track to increase thereafter,” according to the CBO report. “That mounting debt would slow economic growth, push up interest payments to foreign holders of U.S. debt, and pose significant risks to the fiscal and economic outlook; it could also cause lawmakers to feel more constrained in their policy choices.”

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Illegal Immigration ‘Surge’ Will Put ‘Downward Pressure’ on Wages for Years, CBO Says

The Congressional Budget Office (CBO) projects that the ongoing surge in immigration, both legal and illegal, will put “downward pressure” on inflation-adjusted wages through 2034, according to a recently released report.

The downward effect on real wages will continue until 2027, at which point it will “partially reverse,” with immigration still expected to cause average real wages to be lower in 2034 than they otherwise would be, according to CBO. CBO did predict some positive impacts of immigration, as well, such as increased GDP growth and an expanded labor force.

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Biden Admin Allowed More than 3 Million Migrants into U.S. in 2023

Illegal Immigrants

There were 3.3 million people who came to the U.S. illegally, were released into the country via parole or overstayed their permission to remain in the country in fiscal year 2023, according to a recent report from the Congressional Budget Office (CBO).

The number includes 1.1 million who were released by federal authorities after entering illegally, 900,000 who were released at ports of entry, 860,000 who are known to have evaded arrest and 430,000 who overstayed their temporary residency in the country, according to the report. Federal authorities at the southern border recorded more than 2.4 million encounters in fiscal year 2023, according to U.S. Customs and Border Protection (CBP).

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Commentary: Oh Great, Another ‘Debt Commission’

Recognizing the precarious plight of the nation’s fiscal situation, newly installed House Speaker Mike Johnson has called for a bi-partisan commission to study the nation’s debt. Everyone involved in federal fiscal policy for a length of time surely responded with some variation on, “Good grief, Charlie Brown.” Congress has formed and ignored innumerable such groups over many decades.

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U.S. Faces ‘Significant Risk’ of Breaking Debt Ceiling in First Weeks of June: CBO

The U.S. government faces a significant risk of not being able to pay its bills in the coming weeks without an increase to the debt limit, the Congressional Budget Office said Friday.

The warning comes as Democrats and Republicans remain far apart on negotiations over the debit limit. The debt ceiling is the maximum amount of debt the U.S. Department of the Treasury can issue.

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Commentary: The ‘Limit, Save, Grow’ Plan’s Discretionary Spending Caps that Save More than $3 Trillion Might Not Be Enough

House Speaker Kevin McCarthy (R-Calif.) and the House Republican majority have unveiled their spending plan for the next decade, the Limit, Save, Grow Act, that will be tied to a $1.5 trillion increase in the $31.4 trillion national debt ceiling, the centerpiece of which imposes discretionary budget caps beginning in 2024, but which will be set at 2022 levels, which could save more than $3.2 trillion over the next decade, according to an estimate by the Committee for a Responsible Federal Budget.

While an official score still has not come in from the Congressional Budget Office, the proposal stands out as a promise kept on McCarthy’s part to use the must-pass debt ceiling to restore some semblance of fiscal sanity to the out-of-control federal budget and national debt, the latter of which the White House Office of Management and Budget projects will rise to a gargantuan $50.7 trillion by 2033.

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U.S. Projected to Tack on $19 Trillion in Debt over Next Decade as Spending Soars

The U.S. is likely to add $19 trillion more to the national debt in the next 10 years, which is $3 trillion higher than previously expected, new Congressional Budget Office (CBO) predictions show.

By the end of 2023, the CBO projects the deficit to be $1.4 trillion, and it will continue to average about $2 trillion annually, raising the debt to about $52 trillion. The CBO report indicates that the rise in the deficit is a result of bipartisan legislation coupled with the Federal Reserve’s hike in interest rates.

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Feds Borrowed $4 Billion Per Day in 2022, Totaling $10K Per Household

Federal debt soared by $1.4 trillion in 2022 as President Joe Biden and Congress approved multiple new spending packages.

The Congressional Budget Office released the final details of federal spending in 2022 showing the federal government had a $1.4 trillion deficit last year, borrowing roughly $82 billion in December alone. 

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Commentary: The U.S. Senate’s ‘Spendthrift Seven’ Are the IRS’ Best Friends

August 7 was a big day for the Spendthrift Seven. In just 12 hours, these Senate Democrats — all facing re-election Tuesday — gave the middle finger to middle-class taxpayers, hugged illegal aliens, and high-fived the IRS.

Arizona’s Mark Kelly, Colorado’s Michael Bennet, Connecticut’s Richard Blumenthal, Georgia’s Raphael Warnock, Nevada’s Catherine Cortez Masto, New Hampshire’s Maggie Hassan and Washington’s Patty Murray did these things while the Senate considered President Joe Biden’s deceptively titled, 273-page Inflation Reduction Act (IRA). Their votes should appall every American.

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Gas Prices Continue Decline, Still Much Higher than Last Year

Gas prices have continued a steady decline in recent weeks, coming down from record-high gas prices this summer, but the Congressional Budget Office says natural gas prices may see an increase from the recently passed Inflation Reduction Act.

According to AAA, the current national average price for a gallon of regular gasoline is $3.78, down from $4.08 a month ago and down significantly from earlier this summer when prices surpassed $5 per gallon. Prices have dropped about a nickel in the past week.

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Connecticut Republican U.S. Senate Candidate Leora Levy: Sen. Richard Blumenthal ‘Laughs Off’ Concern over Biden’s Creation of 87,000 New IRS Agents to Target Americans

Connecticut GOP U.S. Senate candidate Leora Levy observed Senator Richard Blumenthal’s (D-CT) mockery of Americans expressing concern over Joe Biden’s creation of 87,000 new IRS Agents in his legislation that will increase taxes on middle-income Americans and will do nothing to reduce inflation.

“I think the IRS is going to target the highest income Americans,” Blumenthal minimized concern over the Inflation Reduction Act on CNN’s State of the Union recently. “As the saying goes, that’s where the money is. That’s where they’re going to look to collect. The idea that there’s going to be this army of IRS agents defending descending on the average American is just preposterous.”

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Commentary: Reducing Patient Access to New Medications Is Progressives’ Latest Medicare Price Fixing Scheme

pharmacy

As negotiations on their tax and spending bill continue, Senate Democrats are working on a legislative proposal to have the government fix the prices of Medicare prescription medications.  Though the details of the 190-page amendment differ in certain respects from earlier versions, the indisputable result would be the same: Reduced patient access to prescription drugs.

Like most giant regulatory schemes, the draft proposal is characteristically complex with numerous provisions, including detailed data collection, new mandates, tax penalties on drug manufacturers, free vaccines, and a cap on out-of-pocket costs. But the heart of the bill is the creation of a Drug Price Negotiation Program administered by the Secretary of the U.S. Department of Health and Human Services (HHS).

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Congressional Budget Office: Debt to Surpass GDP at Record Level over Next Decade

The Congressional Budget Office released its economic outlook for the next decade and projected record high debt levels compared to the nation’s Gross Domestic Product.

The CBO projected a decrease in the deficit compared to the major COVID-era spending spree that helped fuel inflation to its current high levels.

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CBO: Biden’s ‘Build Back Better’ Plan Could Add $3 Trillion to the Debt When Accounting Tricks Removed

President Joe Biden has repeatedly touted that his “Build Back Better” spending bill would not add to the national debt, but the nonpartisan Congressional Budget Office analysis released Friday countered that claim.

Republicans requested the CBO examination before voting on the bill, asking what the cost would be if spending provisions in the bill are continued for 10 years, instead of expiring sooner.

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House Passes Democrats’ Social Spending Bill After Congressional Budget Office Score

Kevin McCarthy and Nancy Pelosi

Congressional Democrats passed a $1.75 trillion social spending plan Friday, putting the bill’s fate in the hands of a deeply divided Senate.

The bill funds universal pre-kindergarten, climate change spending, Obamacare subsidies, an extension of the monthly child tax credit payment and more wide ranging spending items. House Republican Leader Kevin McCarthy spoke more than eight hours on the House floor overnight to delay the vote until Friday morning, but afterward it passed 220-213 along party lines with one Democrat opposed.

“We are very excited for what it does for the children, for the families,” House Speaker Nancy Pelosi, D-Calif., said in a press conference after the bill’s passage.

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Commentary: BidenCare Blows ObamaCare Costs Out of the Water

PolitiFact’s 2013 “Lie of the Year” came from former President Barack Obama selling ObamaCare, his massive government takeover of healthcare. “If you like your healthcare plan, you can keep it,” Obama said. That was a lie. Now President Biden and Sen. Bernie Sanders (I-Vt.) want to expand that lie through their $3.5 trillion federal spending blowout pending in Congress. 

Obama also said we could keep our doctors under ObamaCare. Obama lied to me and millions of other people. When I left a full-time job in 2013 for contract work, I switched to an ObamaCare exchange plan. And no, I didn’t get to keep my doctor on that new plan. I also saw the cost of my ObamaCare plan increase by double digit rates for 2014.

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