The Congressional Budget Office today released its periodic update to the federal government’s spending and revenue projections. This report, known in Washington, D.C. circles as the “baseline,” provides a glimpse into the federal government’s addiction to spending. Supporters of uncontrolled spending trumpet that the federal deficit has been cut in half over the last several years, but the real story is lurking below the surface. Washington’s spending addiction is creating an entitlement spending tsunami.
This morning, the Congressional Budget Office (CBO) released its updated Budget and Economic Outlook report, known in Washington, D.C. parlance as the “baseline.” This report details CBO’s projections on federal spending and revenue for this year and into the future.
The technical arguments against the Export-Import Bank are provided in this excellent summary by Veronique de Rugy. However, one argument against Ex-Im and other business subsidies is not stressed enough in policy debates: subsidies weaken the businesses that receive them.
A June 24 article in the Washington Post looked at sea level rise in North Carolina. Unfortunately, the article followed a common template of portraying a battle of science vs. conservative politics and environmentalism vs. capitalism. But as I noted here about water and drought in the West, liberals and libertarians can agree on the benefits of cutting anti-environmental subsidies.
One of the policy fissures in the Republican Party is over business subsides, and the current debate about the Export-Import Bank illustrates the conflict. The Ex-Im Bank is one of many corporate welfare or crony capitalist programs that litter the federal budget. The Bank’s authorization runs out in September, and so Congress must act if it wants to extend the operations of this business subsidy machine.
Congressional websites are a useful resource to gain insights into today’s politics. So let’s take a look at the website of Rep. Sean Patrick Maloney (D-NY) to see what we can find out. Maloney was elected just in 2012, but his website reveals that he is a fast learner in the modern ways of Washington.
Two years ago, a thorough, bipartisan Senate report concluded that the federally created information-sharing hubs known as “fusion centers,” long billed as a “centerpiece of our counterterrorism strategy,” were in fact an expensive boondoggle. Despite being funded by the Department of Homeland Security to the tune of hundreds of millions of dollars over a decade, the centers produced no useful counterterror intelligence and often focused instead on local law enforcement matters unrelated to any legitimate national security purpose.
I have posted an updated plan to cut spending by one fifth and balance the federal budget. These cuts are not the only ones needed, but they are a mix of reasonable reforms spread broadly across the government.
The owner of the Washington Redskins, Dan Snyder, has launched the Original Americans Foundation to “provide resources that offer genuine opportunities for tribal communities.” Snyder and his staff have recently visited a couple dozen Indian reservations, and they are determined to “work as partners to tackle the troubling realities facing so many tribes across our country.”