Government Spending and Debt

Over the past ten years, federal government spending has been at a higher level than it’s ever been in American history. In fiscal year 2015, the federal government spent nearly $3.7 trillion or almost $30,000 per U.S. household.

This runaway government spending leads to yearly deficits in which the government spends more than it takes in, resulting in the buildup of the national debt. Total national debt is over $19 trillion and continues to grow at an alarming rate. National debt held by the public is equivalent to 74 percent of the entire U.S. economy, higher than it’s been since the WWII era.

Out of control federal debt threatens to slow economic growth, increase inflation, discourage private investment, limit access to capital, undermine U.S. business global competitiveness, and possibly cause a financial crisis.

Congress must act as soon as possible to both lower discretionary spending and reduce mandatory spending by reforming our entitlement programs – Medicare, Medicaid, and Social Security. These programs, combined with interest on the national debt, are the main drivers of our current debt crisis and will engulf the entire federal budget in fewer than 20 years. Congress must act now to save our economy by cutting and reduce federal spending.

Briefs

Reduce Government Spending and Debt

Background: Over the last ten years, the federal government has spent at a higher level than it ever has in American history. In fiscal year…

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Blog posts

Trump’s Big League Conservative Budget Request

Washington — This morning, President Donald Trump’s administration unveiled the outlines of an America First Budget. The administration’s budget request calls for roughly a 10…

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It’s Time For The Fed To Shrink Its Balance Sheet

By Norbert Michel, Heritage Foundation Financial Regulations Expert A new debate is heating up over whether the Federal Reserve should continue holding on to all…

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How to Convince Your Friends That Earmarks Have No Place in Congress

By Beverly Hallberg, President of District Media Group The Bridge to Nowhere is baaaaaaacccck. Well, it might soon be if some House Republicans have their…

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Grave Digging in Iceland, Tofu in Convenience Stores: Your Tax Dollars at Work

By Rachel del Guidice The national debt is expected to hit $20 trillion early next year. Sen. James Lankford has a few ideas to start…

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Return of Earmarks Would Boost the Ruling Class

By Mike Needham, CEO of Heritage Action for America Banning congressional earmarks was one of the signature accomplishments of House Republicans over the last several…

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House GOP Weighs Proposal to Bring Back Earmarks

By Rob Bluey, Editor in Chief of The Daily Signal One week after Donald Trump won the presidency on a promise to “drain the swamp”…

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Tone Deaf White House Attacks Non-Compete Agreements for Lack of Economic Growth

The Obama administration recently called on state governments to ban non-compete agreements between employers and their workers in an effort to encourage competition, worker mobility,…

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Obama’s 6 Biggest Domestic Policy Blunders

https://www.youtube.com/watch?v=8MwheHhoPpA After almost eight years in power, it’s a good time to ask: What has the Obama administration wrought? Watch this video by the Daily…

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The Government Just Spent $168 Billion More Than the Year Before

By Romina Boccia, Research Fellow on federal spending and debt at the Heritage Foundation New numbers on federal spending are in from the Congressional Budget Office,…

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Congress Considers Higher Spending Levels Even as National Debt Nears $20 Trillion

On September 30th, the federal government will run out of discretionary funding unless Congress takes action. Currently, all signs point to Congress passing a continuing…

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Fight over Corporate Welfare Bank Continues

Debate over the little known Export-Import Bank is heating up once again. Opposition to this bank has increased over the past few years as conservative…

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Federal Government Spends $25 million on Climate Change Project in the Philippines

Earlier this month, the Chairman of the Subcommittee on Federal Spending Oversight, Senator Rand Paul (R-KY), unveiled his latest edition of “The Waste Report.” The…

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Senators Identify Key Problems with Current Tax Code

Tuesday morning, the Senate Committee on Finance held a hearing entitled “Navigating Business Tax Reform” chaired by Senator Orrin Hatch (R-UT). Witnesses at the hearing…

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