There’s enough revenue to pay interest on the debt even if the $31.4 trillion debt ceiling is reached.
Meaning, if the U.S. defaults on the debt on June 1, it will be because President Joe Biden chose not to make principal and interest payments on U.S. Treasuries out of existing revenue, for which there is more than ample revenues to service and refinance up to the current debt ceiling limit, $31.4 trillion.
In Armageddon, Bruce Willis blows himself up on an asteroid to save his daughter and all of humanity. (Sorry for the spoiler, but the movie is 25 years old.) That theme—parents providing for, and sacrificing for, their children—is the deeply moral and moving story that Americans used to love.
I say “used to,” because something troubling has happened. We now accept that young people should be worse off for a lifetime in order to benefit those who have already lived full, comfortable lives. We saw this during COVID-19, when an elderly leadership class locked children out of classrooms, playgrounds, friendships, and sports, and wiped out jobs, training, and mentorship for young workers.
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.
Gross interest owed on the $31.4 trillion national debt — that is, interest owed on both the $24.9 trillion publicly traded debt and the $6.7 trillion debt in the Social Security, Medicare and other trust funds — will reach a gargantuan $1 trillion in 2024 for the first time in American history, according to the latest data gathered by the White House Office of Management and budget.
To put that into perspective, that is more than is spent on national defense related spending, currently $814 billion.
Congresswoman Marjorie Taylor Greene wasn’t alone Tuesday night in openly arguing President Biden in his State of the Union address misstated House Republicans’ position on the future of Medicare and Social Security. “I think, because he lied, it was a frustration,” Kentucky GOP Rep. Thomas Massie told Just the News after Biden’s roughly 72-minute address.
The federal government significantly and intentionally misreports income distribution, sparking bad policies and political divisions.
That’s the argument former senator Phil Gramm and two other economists, Robert Ekelund and John Early, lay out in their compelling and essential new book, “The Myth of American Inequality: How Government Biases Policy Debate.”
Promising new medicines could soon be available to help patients fend against this disease. Government must ensure Medicare is able to cover them.
Approximately six million Americans are living with some form of Alzheimer’s, a number poised to double over the coming decades. Citizens are living 30 years longer than a century ago, primarily due to incredible advances in the field of medicine. Future opportunities are limitless if we foster an environment that rewards rather than discourages innovation. Unfortunately, that’s not what our leaders in Washington are doing.
During a “vote-a-rama” on their $739 billion reconciliation spending bill that has hundreds of billions for climate and health care programs, Democratic senators had to take a series of uncomfortable votes on hot-button issues — particularly tough for those representing swing states.
The bill, which also includes federal funding for 87,000 new IRS agents, passed on a party line vote 51-50 with Vice President Kamala Harris breaking the tie.
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).
A bill to “fix” the troubled United States Post Office (USPS) is on the verge of passage in the Senate but does it solve more problems than it creates? The Postal Service Reform Act of 2021, H.R. 3076 was scheduled for a vote earlier this month but was blocked by Senator Rick Scott (R-Florida) on a procedural technicality. “We can’t afford to add stress on our already enormous national debt with poor financial planning, which I think this bill absolutely does,” Scott said of the bill.
Now it’s back and on track for a vote in the Senate.
The biggest financial liability facing the USPS is the legal requirement to fund 75 years of retirement health benefits in advance for its workers. Congress has found a way around that by dumping the future postal workers on to Medicare.
Sixteen states again are challenging a federal COVID-19 vaccination mandate for health care workers who work at facilities that receive Medicare and Medicaid funding.
Friday’s filing in U.S. District Court for the Western District of Louisiana comes after the issuance of final guidance on the mandate from the U.S. Centers for Medicare & Medicaid (CMS), arguing the guidance is an action that is reviewable.
The U.S. Supreme Court ruled by 5-4 vote Jan. 13 against the original Louisiana challenge to the mandate and a similar Missouri filing.
The omicron variant may be nearing its peak in some states, but across the country it’s produced a dizzying array of conflicting signals on whether the nation should remain under a COVID national emergency or move on to an endemic “new normal.”
Comedian Bill Maher’s “I don’t want to live in your mask-paranoid world anymore” monologue went viral last week, just days after the Atlantic, the standard-bearer journal for the liberal intelligentsia, ran a story headlined: “COVID Parenting Has Passed the Point of Absurdity.” Accompanying the article was a black-and-white photo of a woman frozen in a more desperate and primal state of panic than the subject of Edvard Munch’s “The Scream.”
Omicron, for most people without co-morbidities, produces much milder symptoms than do the coronavirus’s previous variants, but it’s far more infectious, racing through schools, shutting down classrooms and forcing parents to consult their district’s ever-shifting COVID “decision trees” on a seemingly daily basis.
The liberal justices on the Supreme Court demonstrated a stunningly weak grasp of basic facts concerning the COVID-19 pandemic Friday, as they defended the Biden regime’s policies during oral arguments over vaccine mandates in the workplace.
The court heard separate oral arguments over federal vaccine mandates for employers with more than 100 employees, and for health care workers at facilities receiving Medicaid and Medicare funding.
Justice Stephen Breyer at one point seemed to suggest outrageously that the OSHA mandate would prevent 100 percent of daily US COVID cases. It is common knowledge now that the vaccinated people can still spread the disease.
Several large U.S. hospital systems have dropped their COVID-19 vaccine requirements for employees in the wake of a U.S. district court’s temporary halt of the Biden regime’s vaccine mandate for healthcare workers.
After months of protests, the mandate forced thousands of hospital employees to either resign, or be terminated because of their refusal to get vaccinated.
Louisiana-based federal Judge Terry Doughty issued a preliminary injunction on November 30, blocking the federal government from mandating the experimental injections for workers at Medicare or Medicaid-funded healthcare facilities in 40 states.
Multiple lawsuits have been filed against the Biden administration over three different vaccine mandates targeting private employees, federal employees and healthcare workers serving Medicare and Medicaid patients.
But lawsuits filed by 27 states over the private sector mandate is setting the stage for the U.S. Supreme Court to weigh in because they were filed directly in five federal courts of appeals.
Rep. David Schweikert (R-06-AZ), known as the wonky numbers member of Congress, gave a speech on the House floor a few days ago about runaway spending in Congress that has gone viral with over 1.2 million views. It’s on Social Security and Medicare running out of money and how the U.S. is headed for a dystopian future if it’s not fixed. He addressed several myths and offered solutions.
He began saying he’s about to say some things most people don’t want to hear, “We call it math.” The biggest threat over the next couple decades facing the country is demographics. “Getting older isn’t Democrat or Republican, it’s going to happen to everyone.” But he says he’s been booed for telling people the truth. “You don’t raise money telling people the truth about what’s going on.” Referring to Congress, he said, “We live in a financial fantasy world in this place … there’s a fraud around here.”
Protesters and activists followed Arizona Sen. Kyrsten Sinema through Reagan National Airport in Washington, D.C. and onto a plane Monday, pressing her on why she refuses to back parts of the $3.5 trillion reconciliation bill.
“I’m just trying to get an explanation for the American people,” Kunoor Ojha, chief of staff of the Green New Deal Network, asked Sinema as she followed the senator through the airport, video of the encounter shows.
Following a catastrophic U.S. military withdrawal from Afghanistan, the highest inflation since 2008,pushing unpopular COVID vaccine mandates, rationing COVID treatments to red states and finally, watching his domestic legislative agenda falter in Congress, President Joe Biden is already upside down on his job approval ratings, according to the latest average of polls compiled by RealClearPolitics.com.
Reuters/Ipsos on Sept. 29-30 had Biden’s approval at 46 percent and disapproval at 50 percent.
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.
The U.S. national debt is closer to $123 trillion, more than four times what the Treasury Department is reporting, Chicago-based Truth in Accounting calculates in its new annual analysis of the nation’s finances.
The federal government has $5.95 trillion in assets and $129.06 trillion worth of bills resulting in a $123.11 trillion shortfall, or a debt burden of $796,000 per U.S. household.
Because of this massive amount of debt and repeatedly poor financial decisions made by lawmakers, TIA gave the U.S. government an “F” grade for its financial condition.