The Bottom Line

January 25, 2011

The House of Representatives this afternoon passed a rule directing Rep. Paul Ryan (R-WI), the chairman of the House Budget Committee, to set non-security spending at 2008 levels for the rest of fiscal year 2011. This level is consistent what the new House leadership promised in their "Pledge to America." Rep.

January 25, 2011

 In her latest commentary for CNN Money, CRFB president Maya MacGuineas talks about the need for President Obama to focus on large and specific proposals to fix our budget in tonight's State of the Union.

Find out if he heeds her advice by following CRFB's live tweets (@BudgetHawks) tonight during the speech!

 

January 24, 2011

While all eyes (for now) are on the President's State of the Union address tomorrow night, the true test of President Obama's fiscal priorities will come in the FY 2012 President's Budget. Hopefully, we'll get a peek in his speech tomorrow night about what will be included in the FY 2012 budget. Today, CRFB released a statement of what we would like to see in that budget in order to put our country back on a sustainable fiscal path.

January 24, 2011

What Will He Say? – On Tuesday President Obama will avail himself of one of the most effective tools a President has to shape the Washington agenda and the political narrative – the annual State of the Union address.

January 21, 2011

Last month, we reported the positive developments that were happening with the major players--GM, Citigroup, and AIG--still left in the Troubled Asset Relief Program (TARP). In November, Citigroup had fully repaid all the assistance it had received in various TARP programs, GM had significantly reduced Treasury's ownership stake in itself, and AIG was in the process of an exit plan.

January 21, 2011

 

 

Speaking today on the House floor, Rep. Frank Wolf (R-VA) gave a speech expressing his growing concern about our national deficit and debt. He also took the bold step of stating that he would not vote for an increase in the U.S. debt limit if Congress didn't make a serious commitment to getting our country back on a sustainable fiscal path, saying:

January 21, 2011

Yesterday, the organization Third Way released a plan outlining several Social Security reform proposals meant to ensure the program's solvency over the next 75 years. The plan, called Saving Social Security, makes several fundamental changes to the program and cuts $2 in benefits for every $1 it increases taxes.

January 21, 2011

With so much talk currently about the statutory debt ceiling, we at CRFB felt that this topic, which can be quite complex, deserved a good briefing. We have thus updated our Debt Celing Primer as an educational tool. With the debt ceiling debate about to reach full force as we get closer to reaching the limit, an explanation of what the debt ceiling truly is can be helpful.

January 21, 2011

In a recently published article in The Fiscal Times, CRFB board member Eugene Steuerle analyzes the current debate over health-care in Washington. Mr. Steurle argues that the yes-no, all-or-nothing mentality of Congress oversimplifies the issue and fails to address the real questions that need to be asked about our health-care system. Mr.

January 20, 2011
US bond markets were driven by reduced EU sovereign debt fears, signs of stronger US growth

Over the past week, interest rates on the benchmark 10 year Treasury bond rose. Key drivers were: less safe haven demand for US government instruments (a “flight to quality” typically pushes down interest rates) and increased demand for US government instruments with higher yields, based on signs that the US economy is continuing to recover.

January 20, 2011

Today, the House Ways and Means Committee held its first hearing on tax-reform of the 112th Congress. Several witnesses testified at the meeting, which aimed to examine the complexity and inefficiency of the US tax code. More specifically, the committee discussed the burden it places on American families, the need for a more competitive corporate rate, and the code’s failure to stimulate the economy and create jobs.

January 20, 2011

Today the Republican Study Committee (RSC), the caucus of conservatives in the House of Representatives, announced their proposal for reducing our budget deficits. The plan was introduced by RSC Chairman Rep. Jim Jordan (R-OH) and leader of the RSC's Budget and Spending Taskforce, Rep. Scott Garrett (R-NJ).

January 19, 2011

How do you want Washington to get our country's fiscal house in order?

CRFB's Fiscal Roadmap Project has just launched a new "Voices of America" video contest that will let you submit your own view about our fiscal problems and how you would solve them. With a $14 trillion debt and red ink as far as the eye can see, we want to hear from you on this important issue.

January 19, 2011

While we are keenly aware that the "F" in CRFB stands for "Federal", it is difficult to ignore the budget plight of the states.

January 19, 2011

OMB recently released an annual report on PAYGO, showing the budgetary impacts of PAYGO legislation, current policy exemptions, and exemptions for emergency legislation. The report details the budgetary impact of all legislation passed since February 12, 2010, when the PAYGO law was enacted.

January 18, 2011

Can Dreams of Cooperation be Fulfilled? – Yesterday the nation celebrated the legacy of Dr. Martin Luther King, Jr. His vision of unity and reconciliation will be needed as a divided Washington takes on many contentious issues, such as health care repeal and several budget-related issues.

January 18, 2011

In her latest commentary on CNN Money, CRFB President Maya MacGuineas discusses the ugly facts about our national debt. If Congress and the president fail to make the necessary changes in current policy, our nation will experience some sort of a fiscal crisis.

My Views" are works published by members of the Committee for a Responsible Federal Budget, but they do not necessarily reflect the views of all members of the Committee.

January 18, 2011

Dr. Christina Romer, the former chairwoman of the President's Council of Economic Advisors, published an article in the New York Times this weekend calling for President Obama to use his January 25th State of the Union address as a means to outline a credible plan to lower future budget deficits.

Dr. Romer, who left the administration last August, is calling for the deficit to be given significant focus.

January 18, 2011

With much of Washington talking about how to address our fiscal situation, more specific budget areas are coming into focus. One area that some are holding as sacrosanct from any spending cuts is the defense budget.

January 14, 2011

Today, Vice President Joe Biden announced that Bruce Reed will be his next chief of staff. Bruce served as Executive Director of the President's Fiscal Commission which issued its final recommendations in December. He previously served as the top domestic policy advisor in the Clinton Administration.

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