The federal government’s debt ceiling will return on Monday following a 14 month suspension. This is the first of many important fiscal deadlines that Congress must consider before the end of the calendar year. These deadlines represent opportunities for Congress to control spending growth and reform entitlement programs.
Below is a list of the major fiscal deadlines:
Federal outlays in 2014 topped $3.5 trillion. Over the next ten years, federal outlays are expected to climb to $6.1 trillion. The Government Accountability Office (GAO) tries to keep tabs on some of the obvious waste in the vast federal budget. One of its efforts is an annual report highlighting areas of duplication, improper payments, and other types of inefficient spending.
Over the next several months the Pentagon will award the contract for the Long Range Strike Bomber. If the Department of Defense’s history repeats itself, cost overruns on the project seem likely.
Tomorrow at CPAC, I will discuss some advantages of infrastructure privatization. Perhaps the largest advantage is innovation. Unlike government bureaucracies, private firms in a competitive environment are eager to maximize the net returns of projects, so they find new ways to reduce costs and improve quality.
The financial press has become inundated with the word “austerity.” Since Greece’s left-wing Syriza proclaimed an “anti-austerity revolution,” strong adjectives, like “incredibly savage,” precede that overused word.
Policymakers are battling over a funding bill for the Department of Homeland Security (DHS) and its agencies, including the Federal Emergency Management Agency (FEMA). The disagreement over the bill involves the funding of President Obama’s recent immigration actions.
The Department of Veterans Affairs (VA) has a long history of mismanagement. Last year, the public became aware of a wait-time scandal at the VA hospital in Phoenix. Veterans were forced to wait months for appointments, even as the hospital was reporting no delays in service and allowing its management to receive performance bonuses. Over 1,700 veterans were not placed on the official wait lists to hide the length of actual waits.
In “The Use of Knowledge in Society,” economist F.A. Hayek described how markets take into account an array of local knowledge that governments do not possess. It is “knowledge of the particular circumstances of time and place,” which enters into everyday exchanges, but central authorities cannot access it.
The U.S. Congress hoards real estate like proud pack rats. For example, the Department of Defense has 562,000 facilities that cover 24.7 million acres—an area about the size of Virginia.
The Pentagon has surprisingly indicated that it might be wise to shed some of its real estate. Congress has stonewalled the Pentagon on this. Indeed, Congress has barred the Pentagon from even thinking about the Department of Defense’s excess asset problem.
ObamaCare gives states the option to expand Medicaid to cover all individuals below 138 percent of the federal poverty level, which is approximately $33,500 a year for a family of four. To encourage states to expand, the federal government agreed to fund 100 percent of expenditures for the newly-eligible participants until 2016, and then slowly decrease the match to 90 percent in 2020 and into the future.
Zircon - This is a contributing Drupal Theme
Design by WeebPal