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

It’s Time to Rethink Flood Insurance

Flood insurance fights are brewing in the House of Representatives. Late this September, the National Flood Insurance Program (NFIP) comes up for reauthorization, giving Congress…

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New Study Finds Americans Don’t Mind Lower Government Spending Due to Tax Cuts

By Elizabeth Fender, Market Research Associate at The Heritage Foundation & Adam Michel, Heritage Foundation Policy Analyst America’s tax code is horribly out of date. Thankfully, Congress…

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Welfare Currently Punishes Work and Marriage. This Bill Would End That.

By Senator Mike Lee (R-UT) There is much to celebrate in America today. Americans are, on average, wealthier, healthier, and better educated than we ever…

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Welfare Currently Punishes Work and Marriage. This Bill Would End That.

By Senator Mike Lee (R-UT) There is much to celebrate in America today. Americans are, on average, wealthier, healthier, and better educated than we ever…

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Video: What Happened When These Counties Added Work Requirements

Food stamp participation fell by 85% after this simple reform was put in place in 13 Alabama counties. https://www.facebook.com/TheDailySignalNews/videos/863781147121172/…

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Congress Should Reduce Federal Farm Aid

By Daren Bakst, Heritage Foundation Research Fellow in Agricultural Policy Imagine an industry coming to Congress asking to have taxpayers provide them financial support whenever they…

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How America Can Get Its Fiscal House in Order

By Romina Boccia, Deputy Director of the Roe Institute for Economic Policy Studies at The Heritage Foundation The United States is on a dangerous spending path.…

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Trump’s Food Stamp Reform Would Close the Trap of Dependency

By Robert Rector, Heritage Foundation Senior Research Fellow in Domestic Policy. President Donald Trump’s newly released budget contains a proposed food stamp reform, which the left…

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Video: Why Washington Hates Trump’s Budget

The Trump Administration released its budget proposal this week. Watch the video below to learn more about Trump's plan to cut spending and unleash economic…

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Trump Budget Puts Taxpayers First

Washington — This morning, the Trump Administration unveiled its FY 2018 budget proposal called “A New Foundation for American Greatness.” The budget includes $3.6 trillion…

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Here’s What’s in Trump’s ‘Taxpayers First’ Federal Budget

By Fred Lucas, White House Correspondent for The Daily Signal The Trump administration will respect taxpayers, balance the budget, return the country to 3 percent economic…

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Farm Handouts Are Out of Control. Here Are 5 Reasons to Target Them in the Budget.

By Daren Bakst, Heritage Foundation Research Fellow in Agricultural Policy As Congress and the Trump administration develop their budget plans for the fiscal year 2018 budget…

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The Major Entitlement Overhaul That Could Be Part of Trump’s Budget

By Fred Lucas, White House Correspondent for The Daily Signal President Donald Trump’s budget proposal, to be rolled out Tuesday, likely will include Medicaid reform. But…

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Who Wins and Who Loses Under These 8 Big Government Policies

By Patrick Tyrrell, research coordinator in The Heritage Foundation’s Center for Data Analysis It’s clear that many big government policies are creating winners and losers…

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Heritage Action Supports Rep. Gary Palmer And Sen. Mike Lee’s Agency Accountability Act

Earlier this year, Rep. Gary Palmer (R-AL) and Sen. Mike Lee (R-UT) introduced the Agency Accountability Act of 2017 (H.R. 850 & S. 299). This legislation would…

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Heritage Action Signs Letter Calling For Fiscally Responsible Infrastructure Package

In light of President Trump’s plan to invest $1 trillion towards America’s infrastructure, Heritage Action has signed on to a coalition letter outlining principles to…

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Congress Has Ceded Too Much Authority to Agencies. This Bill Would Restore a Healthy Balance.

By Justin Bogie, Heritage Foundation Senior Policy Analyst in Fiscal Affairs Congress’ power of the purse is one of its bedrock responsibilities listed in Article 1…

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Key Vote: “No” On FY17 Omnibus Spending Bill (H.R. 244)

This week, the House and Senate will consider the Consolidated Appropriations Act of 2017 (H.R. 244), a 1,665-page omnibus spending package that would fund the…

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Massive Spending Bill Fails to Meet Conservative Priorities

By Justin Bogie, Heritage Foundation senior policy analyst in fiscal affairs & Rachel Greszler, Heritage Foundation senior policy analyst in economics and entitlements Early Monday morning, congressional negotiators released…

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Congress Should Resist Cotton Cronyism in Upcoming Spending Measures

By Daren Bakst, Heritage  Foundation Research Fellow in Agricultural Policy This week, Congress returns to Washington to address government funding. Unfortunately, two costly corporate welfare programs…

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Trump’s Disappointing Flip-Flop on the Export-Import Bank

By Diane Katz, Research Fellow in Regulatory Policy at the Heritage Foundation President Donald Trump has apparently changed his mind about eliminating the crony Export-Import…

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Out-of-control Government Spending Harms Taxpayers

By Diane Katz, Research Fellow in Regulatory Policy at the Heritage Foundation President Trump’s proposed cuts in discretionary spending have prompted a frenzy of dire…

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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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