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March 08, 2015
As we enter another income tax return season, CapitolWatch is challenging all Members of the U.S. House of Representatives and the U.S. Senate to prepare their own income tax returns, without the assistance of lawyers, CPA’s and other tax professionals.
February 17, 2015
President Barack Obama has released his FY 2016 budget and it should come as no surprise that he intends to continue his call for increased spending across a broad range of areas. This includes an overall increase of 7 percent, or $74 billion in additional taxpayer dollars above the cap signed into law by him with the 2011 Budget Control Act. “This includes $530 billion on the non-defense discretionary side, an increase of $37 billion over the spending caps, and $561 billion in defense spending, an increase of $38 billion over the spending caps,” a White House official told the media.
November 13, 2014
This month’s election was a historic one for the GOP, which realized its largest majority in the House since 1928 and captured the Senate for the first time since 2006. When the 114th Congress convenes in January, Republicans in the House and Senate have an opportunity to show how they are able to govern. A significant majority in the House means Speaker John Boehner (R-OH) and his leadership team have more leeway in finding support for legislative priorities. In the Senate, Leader Mitch McConnell (R-KY) will still have to contend with overcoming the 60 person cloture vote required to end debate on an issue. This means McConnell will have to approach legislation with an eye towards attracting Democratic support.
August 19, 2014
The U.S. Treasury Department has announced it expects to borrow $192 billion in the third quarter of this year. This is an increase of $170 billion from the borrowing amount announced in April. Additionally, the Department estimated it will need to borrow $187 billion in the fourth quarter of 2014 to keep the Government running and to meet financial obligations such as servicing the existing $17.6 trillion federal debt. The federal budget deficit was $680 billion in FY 2013. This marked the first time the annual deficit did not exceed $1 trillion during Barack Obama’s presidency, which reached a record $1.4 trillion in 2009.
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