Debt ceiling to be hit soon

It looks like the debt ceiling will be hit soon - late september/early october unless congress and the president act to raise the ceiling.

It does sound like there are some accounting gimmicks that could be used to extend until mid november.

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JEC Press Release Misinterprets Evidence on Charitable Bequests

WASHINGTON, D.C., July 29, 2004 - The majority leadership of the Joint Economic Committee, in a recent press release dated July 28, 2004, pointed to an increase in charitable bequest giving as evidence that changes to the estate tax law have not impacted giving. Download Full Release (.pdf)

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Debt Limit

It looks like the statutory debt limit will be reached in October...

Latest News and Financial Information | Reuters.com

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Beware of Bad Economic Policy - The Balanced Budget Amendment Set to Return

The long-ago defeated proposal for a balanced budget amendment is rearing its ugly head once again. Unable to pass a budget this year and desperate to create the appearance of being fiscally responsible, the Republican leaders in the House of Representatives are promising a vote on the measure.

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U.S. Federal Debt Surpasses $7 Trillion

The U.S. Treasury recently announced that the federal debt subject to congressional limits has for the first time surpassed $7 trillion - approximately 62 percent of gross domestic product. In addition, in fiscal year 2003, over $300 billion was spent on paying interest on the debt.

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Economy and Jobs Watch: Taking the Long View

Current economic policy is becoming unsustainable. Current and projected federal deficits are reaching the point where many economic commentators worry about the long-run viability of current policy.

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Report from the Treasury Department "Death Tax" Roundtable

On Nov. 6 the Treasury Department hosted a “Roundtable on Jobs, Growth, and the Abolition of the Death Tax." There was surprisingly little substance discussed at this one-sided event – most participants opted to rehash old rhetoric opposing the estate tax. There was no new serious research discussed and no new data presented.

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Treasury Roundtable - report

Tax Analysts: TaxWire: Treasury Holds Roundtable on Estate Tax Repeal

Treasury Holds Roundtable on Estate Tax Repeal

The Treasury Department hosted an event November 6 to rally around President Bush's plan to make the estate tax repeal permanent beyond its 2011 expiration.

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Disturbing Pattern Emerging on Government Budget Analyses

When it comes to federal tax and budget policy, it is essential that good forecasts and good estimates exist on the effects of policy options. Unfortunately, the current administration is showing a propensity to conceal and selectively release budget information when it suits their narrow political agenda.

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