Two deadlines converge by coincidence this year. They are not related to one another and the precise consequences of failing to deal with them in a timely manner are different. Missing either of the deadlines, however, has the potential to…
The United States tax system is inefficient, overly complex and does not raise enough revenue to keep pace with federal spending. The gap between tax revenue and federal spending is projected to get worse in the coming years due to…
The United States health care system is larger than the gross domestic product of all but five other nations. Over the past several decades, health care costs have outpaced economic growth, inflation and personal incomes. One out of every six…
The official federal budget process was established in 1974 by the Congressional Budget and Impoundment Control Act. The budget process begins in February, when the president is supposed to submit his plan to Congress after discussions with federal department…
Federal spending falls into two basic categories: mandatory spending and discretionary spending. Programs such as Social Security and Medicare, for which benefits are awarded based on pre-determined formulas, are considered mandatory spending because once they are enacted they do not…
Social Security is the largest program in the federal budget. It provides monthly income to over 60 million Americans -- most of whom depend on it as their largest source of retirement income. That spending is financed by a tax…
On Jan. 24, the Congressional Budget Office (CBO) released its budget and economic projections for the next 10 years showing a $9.4 trillion cumulative increase in budget deficits. The projections assume that current law remains in place. The Concord…
In selecting Rep. Mick Mulvaney (R-S.C.) as his budget director, President-elect Donald Trump has chosen a strong advocate of balanced budgets accomplished through deep spending cuts. It will be Mulvaney’s difficult task to craft a budget that adheres to this…