January 14th, 2013 at 6:58 pm
Obama Misses Budget Deadline, Again
The Hill provides the text of a letter sent by the White House Office of Management and Budget to House Budget Chairman Paul Ryan (R-WI).
In it, the OMB’s Deputy Director for Management blames the late resolution of the “fiscal cliff” negotiations for causing the White House to violate the law by missing the February 4 deadline for submitting a budget to Congress.
But as The Hill notes, that excuse is nonsense when considered in light of the Obama Administration’s record on budgets:
Under the law, President Obama must submit a budget by the first Monday in February, but he has met the deadline only once. The annual budget submission is supposed to start a congressional budgeting process, but that has also broken down. The Senate last passed a budget resolution in 2009.
Left out of that tidy little summation is the fact that the House Republicans have never failed to pass a budget resolution during the entire time Obama has been president.
The failure of Washington to “work” in the Obama Era is not a failure of substance; both parties are relatively clear about their policy visions. What’s grinding the system to a halt is the liberal disregard of legal procedures like statutorily defined deadlines. Throw out the rules, and suddenly no one knows how to play the game. As I said last week, unless the budget process is amended to enact meaningful punishment on parties who violate it, nothing else is likely to change.
August 25th, 2009 at 12:51 pm
$130,000 – Your Family’s Share of the Federal Deficit
The White House’s Office of Management and Budget (OMB) today released its mid-year long term deficit projections. While the 2009 deficit estimates came in at $262 billion less than predicted earlier in the year ($1.58 trillion total), OMB’s 10-year projection increased to a whopping $9 trillion, or $2 trillion more than previously estimated.
That’s a lot of money – so much, that it’s hard for the average person to even comprehend.
Fortunately, John Lott, economist and author of “Freedomonics,” has a great opinion piece today on FoxNews.com that helps put the figure in perspective. For starters, Lott writes that the new OMB projection “likely underestimates the deficit by at least another $1 trillion,” which means the real 10-year deficit number is probably closer to $10 trillion. Elaborating on what that means for you and your family, Lott writes:
Ten trillion dollars simply is a lot of money. Whether it is an individual going into debt or a country, spending the money now means that we have less to spend on other things. In the case of ten trillion dollars of national debt, it comes to over $33,000 per person– $130,000 for a family of four. The $130,000 is the amount of taxes that a family is going to have to pay back, somehow, and people have to ask what their family could have gotten for that much money. Is the benefit they get from the government spending all this money greater than what they could have gotten if they had spent that money themselves?