Yesterday’s announcement from the Joint Select Committee on Deficit Reduction that it would not be able to identify $1.2 trillion in deficit reduction comes as no surprise.

The root of the problem: a difference in views within the so-called Super Committee about the proper scope of government. Liberals on the committee favored tax rate increases while conservatives favored flatter taxes and more spending reforms.

Now an automatic process built into this summer’s debt-limit deal, known as sequestration, will trigger devastating defense cuts and leave America vulnerable to threats.

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Yesterday, the United States national debt surpassed the $15 trillion mark and is expected to exceed $23 trillion by 2015 if drastic measures aren’t taken to cut spending. With two-thirds of the national debt held by the public, every man, woman, and child’s share is $48,000 each.

The Heritage Foundation’s Alison Fraser, Patrick Knudsen and Mackenzie Eaglen put the overspending problem in perspective: Continue Reading »

With the deadline for the “Super Committee” to find $1.5 trillion in deficit reductions rapidly approaching, our nation is racking up $2.2 billion in new debt daily.

And if the Super Committee doesn’t act, or if Congress doesn’t enact its proposals, our military’s fate may be at stake.

One bipartisan group of Senators and Representatives has urged the committee to “go big” and enact $4 trillion in deficit reduction—reductions to be achieved in part by massive tax hikes. Meanwhile, 33 Senators last week urged the Super Committee to recognize the reality that America has a spending problem, not a tax problem, and to cut down on the size of government.

But just how large is the challenge?

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