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IRS Charles Rettig warned that "due to the enormous challenges the government faces we may no longer be able to afford giving refunds on your taxes." "The very fact that we already have the money and are trillions of dollars in debt creates a tremendous pressure to simply keep the money," Retig said. "This alone would lower the government's expenses. We would also save money by not having to process returns that are filed. While it's probably too late to save every taxpayer the time and trouble of preparing and filing, we could certainly save time and trouble here at...

During an interview with CNBC Thursday afternoon, Hayman Capital founder Kyle Bass joined Jeffrey Gundlach and other astute observers of the market by postulating that the Fed won’t be able to succeed with its planned 4 interest-rate hikes by the end of the year. “Gundlach said that the Fed could get to 1.5% on the Fed funds rate, which might happen in the next 12 to 18 months. But that would trigger a recession,” he said. But by the time the Fed gets to the second hike, markets will tank, forcing the central bank to backtrack. Kyle Bass agrees with...

On Tuesday January 11, 2022 America's national debt hit the staggering total combined amount of $29.79 trillion.Since President Joe Biden was inaugurated into office a little less than a year ago, the democrats in congress have increased the total combined national debt by more than $2 trillion:Date Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding01/20/2021 21,636,823,777,934.20 6,115,072,458,480.57 27,751,896,236,414.7701/11/2022 23,297,954,520,520.72 6,500,731,900,538.69 29,798,686,421,059.41In this time period, the debt has increased precisely $2,046,790,184,644.64, and worst of all, almost all of this increase is debt held by the public which has been borrowed from foreign governments like the communist Chinese, and...

While the Biden administration has once again extended the pause on student loan repayments, some progressives have said that unless more is done, it could cost Democrats in the midterms in 2022. The progressive wing of the Democratic Party is sounding the alarm over potentially losing voters and subsequent races if the campaign promise of canceling student loan debt goes unfulfilled by the Biden-Harris administration. Before the pause was extended, several prominent Democrats voiced their concerns about payments starting again and how it could cost them the midterms. Natalia Abrams, president of the Student Debt Crisis Center, a nonprofit focused...

President Biden on Thursday signed a bill raising the debt ceiling by $2.5 trillion, narrowly averting default on the nation’s debt. The measure passed the Senate Tuesday afternoon in a 50-49 vote that was strictly along party lines after Democrats and Republicans reached a deal to sidestep the filibuster. The House moved to pass the bill late Tuesday in a 221-209 vote with one Republican member voting in favor, sending it to Biden’s desk for his signature.

The X-Files are moving out of the basement. A provision buried deep in the $770 billion annual defense bill that the US Senate passed on Wednesday calls for the creation of a new agency to investigate reports of UFO sightings. Under Section 1683 of the National Defense Authorization Act for fiscal 2022, Defense Secretary Lloyd Austin and National Intelligence Director Avril Haines have to establish an “office, organizational structure, and authorities to address unidentified aerial phenomena” within 180 days of when President Biden signs the bill into law. Among its duties, the new agency will “evaluate links between unidentified aerial...

The Senate passed a $2.5 trillion debt ceiling increase that will push the ceiling past the 2022 midterm elections by temporarily bypassing the Senate’s filibuster. It passed, 50-49, with solely Democrat votes. The measure moves to the House, where it is quickly expected to pass and get sent to President Biden. The federal government may face a default on its debt if Congress fails to raise the debt ceiling by December 15. The Senate passed the debt ceiling increase after members created a one-time carveout to the Senate’s rules, allowing Democrats to pass the bill with a simple majority. Sen....

As Congress worked in recent days to increase the legal limit on the federal debt, the Treasury kept that debt artificially frozen at approximately $28.9 trillion, where it stood at the beginning of this week. With that limit lifted, the federal debt will take a jump upward, then keep steadily climbing, constantly increasing the burden on future taxpayers. In 2018, according to the last complete annual report on individual income tax returns published by the Internal Revenue Service, there were 100,424,240 households in the United States that filed what the IRS calls a "taxable return." "The taxable and nontaxable classification...

What inflation? The US Senate on Tuesday afternoon voted 50-49 to raise the debt limit by $2.5 trillion. Senator Lummis (R-WY) did not vote because he is currently sick and recovering in Wyoming. The bill now heads to the Democrat-controlled House of Representatives where it is expected to pass. 50-49: Senate along party lines votes to increase the debt limit by $2.5T until 2023 to avert a default. Senator Lummis (R-WY), who is sick and is recovering in Wyoming, did not vote. Bill now heads to the House.

Congressional Democrats on Tuesday moved to unilaterally raise the federal debt ceiling by $2.5 trillion. Senate Majority Leader Charles E. Schumer said the borrowing-limit increase is needed to ensure the federal government can continue paying its debts into early 2023. “Responsible governing has won on this exceedingly important issue,” said Mr. Schumer, New York Democrat. “The American people can breathe easy and rest assured there will not be a default.” The Senate is expected to vote on a resolution hiking the debt ceiling, a federally imposed limit on how much the U.S. can borrow to meet its expenditures, as early...

During an interview on this week’s broadcast of “Fox News Sunday,” anchor Chris Wallace asked Sen. Lindsey Graham (R-SC) why Republicans were willing to “play politics” with raising the debt ceiling.

Peter Schiff's appearance on the Tucker Carlson show (Dec 10th, 2021). Segment...

For many months now, the White House and Democrats at large have repeated the obvious falsehood that Joe Biden’s “Build Back Better” agenda will cost “zero dollars.” In fact, the Treasury Department, led by Janet Yellen, has actually asserted that the bill lowers the deficit over the long term.Then some weeks back, initial CBO estimates exposed that foolishness for exactly what it was. Contrary to the claims of the administration, the BBB bill would actually raise the deficit by some $160 billion. And to even get to that number, the CBO had to estimate future tax receipts based on provisions...

Sen. Lindsey Graham (R-S.C.) offered a forceful warning to Republican colleagues during a private lunch on Wednesday, saying former President Trump will come down hard on any GOP senators who vote for Senate Minority Leader Mitch McConnell’s (R-Ky.) deal to set up a special pathway to raise the debt limit. In blunt remarks to the Senate Republican Conference, Graham harshly criticized McConnell for putting Senate Republicans in position to get “shot in the back” over the deal. He said McConnell had backed away from his vow earlier this year to not give Democrats any help in raising the debt limit.

Senate Minority Leader Mitch McConnell’s (R-KY) efforts to fast-track the debt ceiling is a tactic to protect his own “ego,” a former senior GOP aide told Breitbart News. McConnell has pushed to fast-track the adoption of legislation to raise the debt ceiling. His proposal would allow the Senate to consider the debt ceiling legislation with only a 51-vote majority or to allow it to pass with mainly Democrat votes.

Top Senate Republicans are predicting that they'll get enough GOP support to help advance a deal on the debt ceiling, as GOP Leader Mitch McConnell (Ky.) pitches his caucus on the agreement. Under the deal, the House and Senate will first need to pass a bill that sets up a subsequent one-time simple-majority vote to raise the debt ceiling. Though Democrats would then be able to raise the debt ceiling on their own, they would still need 10 GOP votes to advance the initial legislation that lays out how the debt ceiling vote will work.

Tesla CEO Elon Musk assailed a $2 trillion social and climate spending bill, saying he's in favor of scrapping the entire package. "Honestly, I would just can this whole bill. Don't pass it," Musk said at the Wall Street Journal's CEO Council, which he appeared at virtually. "That's my recommendation." He swung at a specific provision within the legislation that would authorize a tax credit up to $12,500 for Americans if they bought an electric vehicle assembled by unionized workers with batteries constructed in the US. "I am literally saying get rid of all subsidies," he said. Musk, who said...

As Congress debates multitrillion-dollar spending plans, a number of questions hang over Washington. Representatives ask how much they’ll get for their favorite programs. Bureaucrats ask how much their budgets will grow. It seems no one is asking the most important question: Who will pay for the spending? Yes, there will be some new taxes that offset a portion of the cost. But there is no debate over the fact that the Treasury will have to issue trillions in new government debt. There are no obvious buyers for that debt. The chart below shows the government debt, non-financial businesses and households...

Insider (formerly Business Insider) published what was meant to be a heart-rending story about a single mom burdened with $430,000 in student debt and a sick child, all to help promote student loan forgiveness. Instead, the article should remind us that degree jockeys in the liberal arts are, for the most part, incredibly foolish. “Maria” is a 48-year-old with a Ph.D. in some unidentified major (but it’s clearly in the liberal arts), who took out $360,000 in student loans to get her degree. Insider assures us that Maria was very thoughtful about borrowing the money:Maria had a goal to teach...

...After he saw our story on the “Chase Wave,” he wanted us to know that something very similar happened to him.... If you remember, we posted a document sent in by a new source who said it was a step-by-step instruction sheet that Scientology’s “registrars” were given, explaining to them how to lie to Chase credit card operators in order to open up new credit card accounts for cash-poor Scientology members, and then max out those cards with Scientology charges in order to saddle members with huge debts. The “Chase Wave” involved opening up a series of different Chase cards...