Economic Policy News

Two major issues will dominate the congressional budget debate over the coming months—the debt limit and the future of the Budget Control Act discretionary spending caps. If past is prologue, Congress may be tempted to deal with the two issues simultaneously as part of one broader debt and spending agreement. That strategy makes it easier…

As the national debt ticks upward past $22 trillion, Congress is getting ready to pile on yet more debt as it considers a massive omnibus bill. We discuss with Heritage Foundation budget expert Justin Bogie to unpack the good, the bad, and the ugly. Plus: It looks like Republicans called Democrats’ bluff on the Green…

The U.S. national debt hit $22 trillion this week for the first time in history. Meanwhile, lawmakers in Congress are ignoring the law and their primary job responsibility by not passing a budget for the federal government. Instead, politicians lurch from one fiscal deadline to the next with no plan to control spending and debt….

David Malpass, President Donald Trump’s nominee to be the next president of the World Bank, made a reassuring case for himself in a recent commentary in Financial Times. “The World Bank has the opportunity to play a key role in fostering broadly shared economic growth and meeting the challenges presented by the 21st-century economy,” Malpass…

America’s spending addiction is continuing to spiral down an unsustainable path, threatening to hurt economic opportunity and financial security for the most vulnerable Americans, especially minorities, low-wage workers, and women—all of whom benefit from the current strong economy. That’s the key takeaway from the Congressional Budget Office’s latest budget outlook projections, released Monday. The short-term…

The Heritage Foundation’s 2019 Index of Economic Freedom has just been released, and once again, greater economic freedom has been shown to increase individual and societal well-being in terms of health outcomes, educational achievement, and clean natural environments. Economic Freedom Means aGreater Life Expectancy Life expectancy is an important measure of well-being. The World Health…

As Congress gears up for the new term, the House of Representatives is preparing a vote this week on rules to govern the 116th Congress. A few notable provisions are grabbing the headlines, such as allowing the speaker to “intervene” in challenges to Obamacare, establishing a new select committee on climate change, and making it…

Discussion of the year-end continuing resolution, or spending deal, has hinged on two topics: whether additional funding will be provided for border security, and whether there will be a government shutdown. Although the real-life impact of a partial government shutdown would be minimal, its prospect facilitates end-of-the-world rhetoric that the 24/7 news cycle thrives on….

The Roman philosopher Seneca wrote that “every new beginning comes from some other beginning’s end.” As Washington anticipates the start of the 116th Congress on Jan. 3, it marks the end of the 115th. In some ways, it was a successful two years. For the first time in over 30 years, Congress passed comprehensive tax…

Today, senators are debating amended criminal justice legislation that the House passed in May, by a vote of 360-59, with support from President Donald Trump and law enforcement professionals. The bill carefully merges Trump’s agenda on public safety and the economy, using evidence-based reforms from conservative states that have helped to reduce crime. And if…

During the holiday season, the weather cools and families gather, and we anticipate a delicious family dinner. When dinner comes to a close, we enjoy a classic tradition, pie. When we’re surrounded by loved ones, what could be better? But while the holiday pie will invariably run out—and according to this survey, the pumpkin pie…

Congress should be using the lame-duck session to do meaningful work. Unfortunately, it’s doing the opposite: seeking to cut its future workload while leaving long-term problems unresolved. On Wednesday, the Joint Select Committee on Budget and Appropriations Process Reform unveiled draft legislation designed to change the way Congress exercises its constitutionally-granted power of the purse….

The Bureau of Labor Statistics shattered expert predictions on Friday, reporting that the economy added 250,000 new jobs in the month of October. The labor force participation rate also climbed, unemployment stayed at a record low, and the number of employed Americans stands at a record high. The economy saw gains in crucial sectors like…

[R]obust U.S. military power produces positive spillovers in other areas of statecraft. … Put simply, if the United States did not command such impressive military power, it would be far less effective in achieving its economic and diplomatic goals. With these words, in testimony before the House Armed Services Committee on Sept. 26, Hal Brands…

When recently asked about the soaring national debt, Senate Majority Leader Mitch McConnell, R-Ky., blamed entitlement spending and Congress’ lack of interest in taking up entitlement reform. He was right, of course. Entitlements are a major driver of our debt, which is projected to reach $1 trillion next year and skyrocket from there. But aside from…