We can’t control what others do and we can’t stop misfortune from striking. But we can control our own actions. Those who are financially prudent will most likely enjoy success, even if events don’t always go their way.
Coming off of 2023, where we saw significant savings driven by the enactment of the bipartisan Fiscal Responsibility Act, we had high hopes that 2024 would be a continuation of that trend. With interest rates and costs surging, debt projected to hit its new record in just two years, and Social Security hitting insolvency within a decade, one would think policymakers would choose to continue to reduce projected borrowing.
Who cares?
Yet they did just the opposite. In 2024, we saw a combined $1 trillion in new ten-year debt added – the result of about $600 billion of legislation and $400 billion of executive actions. More than half of the debt from legislation – a whopping $380 billion – happened in just the final day of the 118th Congress.
Heading into the new year, new Congress, and new presidential administration, it’s time for a new year’s resolution of no new borrowing – ensuring that all policy priorities are fully paid for – along with a commitment to enact significant deficit reduction.
Committee for a Responsible Federal Budget 12-23-24
At the same time in a phone interview with NBC News, Trump said getting rid of the debt ceiling entirely would be the “smartest thing it [Congress] could do. I would support that entirely.”
“The Democrats have said they want to get rid of it. If they want to get rid of it, I would lead the charge,” Trump added.
So, not even an effort to control spending.
And keep in mind extending exiting taxes rates set to expire adds $4.6 trillion to the deficit over next ten years according to the CBO
And note that Congress just reduced the solvency of Social Security even further.
Biden has time to grant clemency to 1,500 people and pardon over 30 people on death row.
Last I heard, President Biden was expected to sign because it substantially added benefits for individuals who almost always vote Democratic, and includes representative organizations (unions) that almost always support Democratic causes.
The bill was first introduced by Senator Feinstein (D-CA) in 2005 – cosponsors included Senators Kennedy, Kerry and Obama. Reintroduced in 2007, it was also cosponsored by Senators Clinton and Biden.
SS solvency ??? you mean paying folks for benefits they earned rather than denying those benefits because they have a public pension–they paid in the required amount so why not a payout from SS in the required amount? If they had a job, such as a teacher, and a side hustle and then maybe a full hustle after retirement, maybe we should now legislate they pay nothing to SS and get no benefit. Why should someone be denied a benefit because some folks want to save money? If you earned it it’s yours. WPO and whatever because you have a public pension–what a joke!!
I should listen to the CBO??? I’m laughing!! What did this cast of characters tell us about the Trump tax cuts of 2017? What was the 10-year projection? Whatever it was went by the wayside–did they project the effects of Covid on the budget? What did Quinn project the closing of the Dow would be 10-years from now? How did Quinn’s 10-year Dow compare with Buffett’s? Nobody has a clue about any of this stuff 10-years hence.
Weren’t we supposed to have a recession after the Fed raised rates?? What happened?? The rest of the free world has seen their economies slow and stumble–not the USA.–
All I know is nobody has proven that the tax cuts of ’17 have hindered the economy–the profligate spending has been the main debt factor. In 2019 the deficit was 4.6% of GDP–now it is 6.7% which is a 47% increase. Revenue went from 16.3% as a share of GDP in 2019 to to 17.2% for ’24–that’s a 5.5% increase. 2019 was pre-covid what facts do Quinn and company have?
Spending is out of control–heck the corpse even tried to defy the Supreme Court when he wanted to increase the deficit by forgiving student loans.–Court said only Congress can do it and the corpse said he didn’t care about the Court he would find a way.
I have a couple of thoughts on the tax side. If SS is going to continue as a standalone, separately funded program, then the payroll taxes need to be adjusted immediately and need not be done in one big hike but the increase needs to be announced this year or the next. My second thought is the IRS announced a record breaking tax collection in the year just ended. Something over 5.1 trillion. Unfortunately the spending went bonkers for the year again. I would much prefer a plan to match a spending plan to a tax increase rather than just say let’s go back to the last tax plan. I’m fed up with the unlimited deficits that come no matter what amount of taxes that are raised.
The chicanery continues with regard to spending by the government. The 2023 Fiscal Responsibility Act was for show only. The debt ceiling means nothing because it can be raised. The so called trillions of deficit due to extending tax rates is bogus because what that means is why don’t we raise taxes back to the previous level. Who is for a big tax increase to start your second year in office. Besides, if we really wanted taxes to do the heavy lifting we could set them at say the level they were in 2000. The Social Security Fairness Act may die on the vine because Biden left town without signing it. His handlers didn’t give it to him with the big stack of other bills on his last day before vacation.
We could never afford the tax cuts in the first place. SS taxes should have gradually been raised for decades. No new spending should occur that is not fully funded. We aren’t growing our way out of this and debt meaningful cuts to existing programs will harm more people than taxes.
Doesn’t the bill automatically become law after 10 days even if the President doesn’t sign it? I think that the Democrats are playing a waiting game until Jan 3 for the bill to become law under the new Republican led Congress. That way the Democrats can use it the normal blame the Republicans for the 2026 & 2028 elections.
My understanding that if the congressional term ends before the 10 days, then it becomes a pocket veto if not signed. Traditional ending date is January 3. I’m not sure if that gives time for the bill to hit the 10 days mark.
Every Bill which shall have passed the House of Representatives and the Senate, shall, before it become a Law, be presented to the President of the United States; If he approve he shall sign it, but if not he shall return it, with his Objections to that House in which it shall have originated, who shall enter the Objections at large on their Journal, and proceed to reconsider it. If after such Reconsideration two thirds of that House shall agree to pass the Bill, it shall be sent, together with the Objections, to the other House, by which it shall likewise be reconsidered, and if approved by two thirds of that House, it shall become a Law. But in all such Cases the Votes of both Houses shall be determined by yeas and Nays, and the Names of the Persons voting for and against the Bill shall be entered on the Journal of each House respectively. If any Bill shall not be returned by the President within ten Days (Sundays excepted) after it shall have been presented to him, the Same shall be a Law, in like Manner as if he had signed it, unless the Congress by their Adjournment prevent its Return, in which Case it shall not be a Law.
The bill was presented to the president on 12/27/2024.
QUINNSCOMMENTARY 
Biden has time to grant clemency to 1,500 people and pardon over 30 people on death row.
Last I heard, President Biden was expected to sign because it substantially added benefits for individuals who almost always vote Democratic, and includes representative organizations (unions) that almost always support Democratic causes.
The bill was first introduced by Senator Feinstein (D-CA) in 2005 – cosponsors included Senators Kennedy, Kerry and Obama. Reintroduced in 2007, it was also cosponsored by Senators Clinton and Biden.
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SS solvency ??? you mean paying folks for benefits they earned rather than denying those benefits because they have a public pension–they paid in the required amount so why not a payout from SS in the required amount? If they had a job, such as a teacher, and a side hustle and then maybe a full hustle after retirement, maybe we should now legislate they pay nothing to SS and get no benefit. Why should someone be denied a benefit because some folks want to save money? If you earned it it’s yours. WPO and whatever because you have a public pension–what a joke!!
I should listen to the CBO??? I’m laughing!! What did this cast of characters tell us about the Trump tax cuts of 2017? What was the 10-year projection? Whatever it was went by the wayside–did they project the effects of Covid on the budget? What did Quinn project the closing of the Dow would be 10-years from now? How did Quinn’s 10-year Dow compare with Buffett’s? Nobody has a clue about any of this stuff 10-years hence.
Weren’t we supposed to have a recession after the Fed raised rates?? What happened?? The rest of the free world has seen their economies slow and stumble–not the USA.–
All I know is nobody has proven that the tax cuts of ’17 have hindered the economy–the profligate spending has been the main debt factor. In 2019 the deficit was 4.6% of GDP–now it is 6.7% which is a 47% increase. Revenue went from 16.3% as a share of GDP in 2019 to to 17.2% for ’24–that’s a 5.5% increase. 2019 was pre-covid what facts do Quinn and company have?
Spending is out of control–heck the corpse even tried to defy the Supreme Court when he wanted to increase the deficit by forgiving student loans.–Court said only Congress can do it and the corpse said he didn’t care about the Court he would find a way.
LikeLike
I have a couple of thoughts on the tax side. If SS is going to continue as a standalone, separately funded program, then the payroll taxes need to be adjusted immediately and need not be done in one big hike but the increase needs to be announced this year or the next. My second thought is the IRS announced a record breaking tax collection in the year just ended. Something over 5.1 trillion. Unfortunately the spending went bonkers for the year again. I would much prefer a plan to match a spending plan to a tax increase rather than just say let’s go back to the last tax plan. I’m fed up with the unlimited deficits that come no matter what amount of taxes that are raised.
LikeLike
The chicanery continues with regard to spending by the government. The 2023 Fiscal Responsibility Act was for show only. The debt ceiling means nothing because it can be raised.
The so called trillions of deficit due to extending tax rates is bogus because what that means is why don’t we raise taxes back to the previous level. Who is for a big tax increase to start your second year in office. Besides, if we really wanted taxes to do the heavy lifting we could set them at say the level they were in 2000. The Social Security Fairness Act may die on the vine because Biden left town without signing it. His handlers didn’t give it to him with the big stack of other bills on his last day before vacation.
LikeLike
We could never afford the tax cuts in the first place. SS taxes should have gradually been raised for decades. No new spending should occur that is not fully funded. We aren’t growing our way out of this and debt meaningful cuts to existing programs will harm more people than taxes.
LikeLike
Doesn’t the bill automatically become law after 10 days even if the President doesn’t sign it? I think that the Democrats are playing a waiting game until Jan 3 for the bill to become law under the new Republican led Congress. That way the Democrats can use it the normal blame the Republicans for the 2026 & 2028 elections.
LikeLike
My understanding that if the congressional term ends before the 10 days, then it becomes a pocket veto if not signed. Traditional ending date is January 3. I’m not sure if that gives time for the bill to hit the 10 days mark.
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Article I, Section 7, Clause 2:
Every Bill which shall have passed the House of Representatives and the Senate, shall, before it become a Law, be presented to the President of the United States; If he approve he shall sign it, but if not he shall return it, with his Objections to that House in which it shall have originated, who shall enter the Objections at large on their Journal, and proceed to reconsider it. If after such Reconsideration two thirds of that House shall agree to pass the Bill, it shall be sent, together with the Objections, to the other House, by which it shall likewise be reconsidered, and if approved by two thirds of that House, it shall become a Law. But in all such Cases the Votes of both Houses shall be determined by yeas and Nays, and the Names of the Persons voting for and against the Bill shall be entered on the Journal of each House respectively. If any Bill shall not be returned by the President within ten Days (Sundays excepted) after it shall have been presented to him, the Same shall be a Law, in like Manner as if he had signed it, unless the Congress by their Adjournment prevent its Return, in which Case it shall not be a Law.
The bill was presented to the president on 12/27/2024.
https://www.congress.gov/index.php/bill/118th-congress/house-bill/82/all-info
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