Like all budgets, the federal government’s spending plan is all about revenues and expenditures. Unfortunately, Uncle Sam is very good at grossly overestimating tax receipts and grossly underestimating spending. It’s enough to …
When some new members of Congress recently said they oppose raising the U.S. debt limit, it triggered warnings of “catastrophic consequences.” Indeed, the result wouldn’t be pretty. But here’s what’s at stake as the country’s d…
Illinois lawmakers approved a 66% increase in the state’s income tax in the final hours of the Legislature’s session.
Lawmakers raised the state income tax to 5% from 3% in a bid to close the state’s deficit, which could be as large as $15 billion, T…
Nouriel Roubini, the NYU economics professor who has earned the nickname “Dr. Doom” for his predictions, says he’s concerned the tax cut compromise struck by President Obama and GOP leaders could expose the U.S. to bond vigila…
President Obama’s National Commission on Fiscal Responsibility and Reform couldn’t get enough of its members to approve its own recommendations or to find the 14 votes needed to send its proposal to Congress. But don’t count ou…