The Bottom Line

February 21, 2011

In a recent article, the Washington Post reported that federal, local, and state debt levels -- including the intergovernmental debt the government owes to itself through various trust funds --  will reach a level that hasn't been seen since immediately following WWII by year's end.

Luckily, after World War II, we were able to in part grow our way out of the debt. As the article explains, though, we face a far different situation today. It says:

February 21, 2011

Day of Leaders – Today we celebrate great American leaders with mattress sales and a day off (for some) from work. Congress left town for the whole week. We at the Bottom Line honor the day by calling for the type of leadership embodied by the likes of Washington and Lincoln in dealing with our fiscal challenges. Last week both the White House and Capitol Hill put forth proposals that have much to be desired, meanwhile a bipartisan group of senators is negotiating on the type of comprehensive solution that the nation needs.

February 18, 2011

In an op-ed  today on the Washington Post website, Erskine Bowles and Sen. Alan Simpson, co-chairs of the President’s National Commission on Fiscal Responsibility and Reform, express hope that a grand bipartisan deficit reduction deal is possible.

February 18, 2011

In a thoughtful Washington Post op-ed this morning, Sen. Tom Coburn (R-OK) calls for leadership and shared sacrifice on the issue of deficit reduction and urges President Obama to join the growing number of senators who have been brave enough to tackle this critical issue head on.

February 18, 2011

Markets so far this week have reacted to mixed news on the growth front in the US plus new concerns on inflation. As things start to wind up for the weekend, traders are also nervously watching news from various parts of the world.

February 17, 2011

Three days after the release of the President's budget, our blog series continues to provide new analysis.

February 17, 2011

While the budget world is caught up in the President's budget, it's time to celebrate an important birthday. On this day two years ago, President Obama signed into law the American Recovery and Reinvestment Act (ARRA), which provided $821 billion in spending and tax cuts over ten years, although most of these funds were targeted for the first three years. (Previous estimates from CBO have put the cost initially at $787 billion, then $862, then $814.)

February 17, 2011

Today, Erskine Bowles and Sen. Alan Simpson, the co-chairs of the President’s National Commission on Fiscal Responsibility and Reform, published an op-ed in The Hill offering their reactions to the President’s FY2012 budget. Bowles and Simpson write:

February 17, 2011

Last night on The Daily Show, Jon Stewart spent part of the episode talking about our favorite topic: how to fix the federal budget. Needless to say, the show's suggestions were pretty hilarious.

Click here to check it out or watch below:

 

February 16, 2011

Continuing our analysis of the President's 2012 Budget, we have just published our latest paper that takes a look at the 2012 proposal in more detail.

We go over more specific aspects of the budget, where it makes admirable progress, and where it comes up short. We will be continuing our blog series on the President's proposal throughout the week, so keep checking back with us.

February 16, 2011

In their reaction to the President's FY 2012 budget proposal, the House Republican leadership has been very critical of the President's reluctance to use this opportunity to address the true drivers of our mounting debt -- the largest of which being entitlements. And now, Republicans have pledged to take up this daunting challenge.

February 16, 2011

The President sent the country a Valentine Monday. But while the budget may have been concocted with love, in it there is only a touch of sweet and a lot of bitter for all.

For the liberal core constituencies, the sugary “investments” will not overcome the bitterness of the freezes and reductions. Yes, the budget has goodies for the States (unemployment compensation), promotes high-speed rail, and boosts education and environmental policy. But, no, it does not cut defense sharply enough, nor defend favorite domestic discretionary programs, like LIHEAP.

February 15, 2011

Welcome to our fourth installment in our FY 2012 budget blog series! In this one, we'll focus on any budget process proposals in the budget.

February 15, 2011

In continuing our discussion of the President's FY 2012 budget proposal, we take a closer look at the recommendations to adjust discretionary spending.

February 15, 2011

In her latest commentary for CNN Money, CRFB president Maya MacGuineas lays out the many reasons we need a fiscal turnaround plan. She argues that fixing our nation's fiscal problems requires more than simply "getting the numbers in the budget to add up"; it means rethinking the entire structure of the federal budget as well as the way the government spends and takes in money.

February 14, 2011

The New York Times today had another round of expert debate on President Obama's budget. CRFB President Maya MacGuineas was featured.

February 14, 2011

With the much-anticipated release of the FY 2012 President's budget, The Bottom Line will offer detailed analysis of every aspect of the budget in a blog series over the next few days. Our first blog (this one!) will introduce the broad framework.

February 14, 2011

In response to this morning's release of the President's FY 2012 budget, CRFB has published its initial reaction to the President's proposal. We outline some of the positive and negative aspects of the budget, and note where it could have gone further. According to CRFB president Maya MacGuineas:

February 14, 2011

With the release of the President's FY 2012 budget proposal earlier today, the Washington Post is hosting an online Q&A session on the issue with CRFB's very own Policy Director, Marc Goldwein. It will be taking place at 12:30pm today -- be sure to ask questions!

Click here to join the discussion!

February 14, 2011

 

The day we've all been waiting for is finally here: President Obama has just released his FY 2012 Budget!

Click here to read the budget proposal, and check back with us soon for our initial reaction and a more in-depth analysis to follow.

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