The Bottom Line

March 7, 2014

On Tuesday, the President released his budget, detailing his priorities for the upcoming year and beyond. Facing declining federal investment, the President's new budget places an emphasis on restoring some of the sequester cuts to discretionary and mandatory spending passed in the Budget Control Act of 2011.

March 7, 2014

On Tuesday, the President released his annual budget proposal, which details his priorities for FY 2015 as well as the coming decade. We published a paper analyzing the budget, and will continue to delve into specific parts of the budget in the upcoming week.

March 7, 2014

With the release of the FY 2015 President's budget, the Obama Administration has now presented six annual budget plans (and an additional proposal to the Super Committee). As you can imagine, there are a lot of policies in this year's budget that are holdovers from previous ones, but there are also new ones. This blog will highlight major new policies in this year's proposal.

March 7, 2014

In a Washington Post article last weekend, Zachary Karabell takes issue with the importance placed on CBO scoring of legislation, arguing that the focus on cost estimates prevents the country from spending on projects that could strengthen long-term economic growth.

March 6, 2014
Weekly Update on Budget and Fiscal Policy Developments and a Look Ahead

Stumbling Back Home – Budget Day and Fat Tuesday collided this week as the White House unveiled its $3.9 trillion Fiscal Year 2015 budget request on Tuesday, a month later than the law dictates. The budget landed as people around the world partied ahead of Lent. It is fitting that the two events collided given that the budget this year, maybe even more than usual, primarily centers on parties, namely the political parties.

March 6, 2014

On Tuesday, the Tax Policy Center (TPC) released an estimate of Senator Mike Lee's Family Fairness and Opportunity Tax Reform Act.

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.

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