The Bottom Line

March 5, 2014

OMB's projections for the President's FY2015 budget show the debt falling from a post-WWII record next year of nearly 75 percent of GDP down to 69 percent by 2024. In our same-day analysis of the President's budget yesterday, we expressed encouragement that the President continues to propose various revenue and spending reforms to bring down the debt according to his projections.

March 4, 2014

The President's budget is here, and so is CRFB's analysis. Our paper breaks down the key budget metrics, the policies the President uses to get there, and the economic assumptions that underlie the document. You can read the full analysis here.

March 4, 2014

This morning, President Obama released his FY2015 budget, outlining the priorities for FY2015 and the coming decade. In this blog, we provide an overview of the projections contained in the President's budget and outline some of his major proposals. Be sure to stay tuned to CRFB and The Bottom Line throughout the day and throughout the week as we take closer looks at all aspects of the President’s budget.

March 3, 2014
Presidents Budget to Be Released Tomorrow

The President is scheduled to release his budget tomorrow, which will detail his policy priorities for the coming decade. The budget typically details an array of new policy proposals and last year included a deficit reduction offer that reflected the end point of negotiations with House Speaker John Boehner (R-OH) during the fiscal cliff showdown.

March 3, 2014

Tomorrow, President Obama will release his FY2015 budget, which will detail his visions and priorities for the upcoming years. In previous years, the President has included proposals to reform spending and the tax code in a way that would contribute to deficit reduction.

The Fix the Debt campaign today released a publication outlining what they would like to see from the President's FY2015 budget. Specifically, they would appreciate seeing the following:

March 3, 2014
Some Light at the End of the Tunnel

Judd Gregg, former chairman of the Senate Budget Committee, wrote an op-ed in The Hill today. It is reposted here.

After much ado and little done in Washington, is that a glimmer of light we see coming down the tracks? It could be, maybe.

February 28, 2014

Along with its analysis of the conventional revenue impacts (summarized here by CRFB), the Joint Committee on Taxation (JCT) analyzed the potential economic impacts of Chairman Camp's proposal, also known as a macro-dynamic estimate.

February 28, 2014

The Tax Reform Act of 2014, House Ways and Means Chairman Dave Camp's (R-MI) discussion draft, is a sizeable document touching almost all parts of the tax code. However, one fiscally concerning piece of the legislation that we brought up in our analysis of the draft has to do with transportation spending: the transfer of general revenue to the Highway Trust Fund (HTF).

February 28, 2014

On Wednesday, House Ways & Means Chairman Dave Camp released a detailed tax reform discussion draft, which we summarize and analyze here. On its own, the draft is an impressive piece of legislation: it is nearly 1000 pages of legislative text and addresses tax rates and preferences in both the individual and corporate tax code. But how does it stand up to other major tax reform proposals?

February 27, 2014

To understand Rep. Dave Camp's (R-MI) tax reform discussion draft, you could read the 194-page section-by-section summary of the bill. Or you could read the 5-page summary that we have just published, detailing the provisions, budgetary impact, and potential economic effects.

February 27, 2014

A few weeks ago, we talked about the Senate veterans bill proposed by Senator Bernie Sanders, which would increase spending on veterans and pay for it by extending some expiring savings provisions and by using the war gimmick. That bill is now set to move forward in the Senate this week.

February 27, 2014

Yesterday, House Ways & Means Chairman Dave Camp released a tax reform discussion draft, and we commended him for the level of detail and consideration provided. We'll continue to cover the interesting aspects of the draft throughout the week.

February 26, 2014

Earlier today, House Ways and Means Chairman Dave Camp (R-MI) released the Tax Reform Act of 2014, which would drastically restructure the U.S. tax code. We took an initial look at the draft and will follow-up with an in-depth paper later this week.

February 26, 2014

In a widely anticipated move in the tax world, House Ways and Means Chairman Dave Camp (R-MI) has released a comprehensive tax reform discussion draft after both tax-writing committees had released a number of discussion drafts dealing with specific sections of the tax code. There is a lot to analyze in the bill: a quick summary of the bill's major reforms is below, and a more detailed analysis will follow later in the week.

February 26, 2014

In a somewhat atypical move, Defense Secretary Chuck Hagel previewed in a speech yesterday the Department of Defense's (DoD's) budget request for FY2015, which will be a part of the President's Budget submitted to Congress next week. The budget shows the types of cuts necessary to comply with congressionally mandated budget cuts that transition DoD from an era of wars in Iraq and Afghanistan and real growth in the defense budget to a new era of discretionary spending restraint.

February 26, 2014

In a new and informative series on Reforming the Budget, the Brookings Institution looked at challenges facing the budget process and proposed strategies to improve its shortfalls. Given the frequent breakdown and tardiness in the process and the limitations of federal budget data, there are a number of ways to improve budget process and accounting in order to facilitate better decision making.

February 25, 2014

Tomorrow, House Ways and Means Chairman Dave Camp (R-MI) is expected to release his comprehensive tax reform proposal after a series of discussion drafts. The tax code is in significant need of an overhaul, and reform can to improve fairness and simplicity, make U.S. businesses more competitive, and reduce the deficit. Over the years, CRFB has produced extensive analysis of previous proposals and the need for tax reform.

February 24, 2014
Weekly Update on Budget and Fiscal Policy Developments and a Look Ahead

Closing the Ceremony – The Winter Olympics ended in Sochi, Russia on Sunday with the closing ceremony. The eye-catching spectacle put an exclamation point on two weeks of intense drama and competition. Another ceremonial closing occurred back in Washington as it was reported that the president’s forthcoming budget would not include any offers of compromise as last year’s budget did.

February 24, 2014

CBO's recent budget projections show a much deteriorated budget outlook, with debt now rising faster over the coming decade than previously anticipated. Their projections, of course, are based a number of assumptions, including assumptions about future policy. Were Congress to make different policy choices than CBO assumes, debt numbers could change significantly.

February 21, 2014

Next week, House Ways & Means Chairman Dave Camp is set to release a draft of a bill to revamp the U.S. tax code, according to press reports. It was unclear whether Camp would release a tax reform draft at all, as House Republican leadership remains skeptical of tax reform, and Camp's Senate taxwriting counterpart Max Baucus was recently confirmed as Ambassador to China.

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