President Obama’s budget would add $8.5 trillion in new debt, with the national debt eventually reaching $26.3 trillion. Interest on the debt triples from $229 billion in fiscal year 2015 to $785 billion in 2025. The president’s budget would raise taxes by $2.1 trillion over 10 years. The president has already raised taxes on Americans by $1.7 trillion.
In the last two weeks, the American people learned that 300,000 people without lawful residence received subsidies, and the administration sent bad Obamacare tax information to 800,000 people. Once again the administration has shown itself incompetent at implementing Obamacare.
Oil prices are half what they were just eight months ago, partly due to increased U.S. production. While consumers benefit, low prices create challenges in the economics of oil production. Regulatory reforms could sustain U.S. oil production at low prices.
In early August, the Highway Trust Fund is expected, by law, to stop making payments to states to avoid a negative balance. In the past, Congress kept the HTF solvent primarily with general fund money – transferring $54 billion since 2008. But the Bipartisan Budget Act of 2013 stipulated that any transfer to the HTF now must be offset. Congress is currently working through options to keep the HTF solvent.