The Bottom Line

February 17, 2012
The Fiscal Consequences of the GOP Candidates' Platforms

On Thursday, February 23, CRFB’s US Budget Watch project will unveil its study of the budgetary impact of the campaign promises of the major Republican presidential candidates. RSVP for this event, which will take place at 9:30 am, to see all the analysis as well as a discussion with veteran budget experts Vic Fazio, Bill Frenzel, and Alice Rivlin.

February 16, 2012

Senators Tom Coburn (R-OK) and Richard Burr (R-NC) came out with a Medicare proposal today that adds to the list of plans out there to rein in the cost of the program.

February 16, 2012

In our continued analysis of the President’s budget, we now move to a detailed examination of what the budget would look like at the end of the ten-year window in 2022 and how it would change from today.

February 16, 2012

Since the release of the President’s FY 2013 budget on Monday, CRFB has provided coverage of the President’s proposal through our FY 2013 blog series.

February 15, 2012

Update: The House has approved the payroll-tax deal 293-132.

February 15, 2012

Last year, when the President's budget used overly optimistic economic assumptions and various magic asterisks, we re-estimated their budget using more realistic assumptions. As it turns out, our estimates were quite close to CBO's estimate of the President's budget; the President claimed to get debt down to 77 percent of GDP by 2021, we estimated it would be at 87.4 percent, and CBO found it would get to 87.5 percent.

February 15, 2012

Continuing on in our blog series, we will be discussing discretionary spending proposals in the President's budget.

February 14, 2012

This installment of the FY 2013 Budget Series focuses on some of the budget process reform proposals buried deep in the Analytical Perspectives section (chapter 14, to be exact) of the President’s budget. We have long argued that reforms to the budget process are not the solution to the mounting debt the country continues to accumulate.

February 13, 2012
A Weekly Update on Budget and Fiscal Policy Developments and a Look Ahead

Big Day – Today is the big day in budget world. The White House released its fiscal year 2013 budget request. As you can imagine, CRFB has been busy going through the numbers and proposals. CRFB issued a statement earlier today with initial analysis and a paper examining the request is forthcoming. The budget would stabilize the debt at 76% of GDP in 2022.

February 13, 2012

It's no secret that the conference committee tasked with finding solutions for the expiring 2-month fix for the payroll tax cut, unemployment insurance, and the doc fix is having a difficult time agreeing on how to offset the costs of any extensions. But just because coming to an agreement isn't easy doesn't mean it's time to abandon offsets altogether. 

February 13, 2012

With President Obama's FY 2013 budget out in the open for review (see our initial reaction and analysis) we will now more closely examine many aspects of the budget in a blog series over the coming week. Our first blog will introduce the broad framework.

February 13, 2012

CRFB has just released its press release on the President's budget, including some basic analysis of the fiscal trajectory. The budget includes deficits of $6.7 trillion from 2013-2022 and would stabilize debt at over 76 percent of GDP later this decade. 

February 10, 2012

In a post earlier this week detailing what's known about the President's budget, we discussed policies that were likely to appear on Monday. Now, the National Journal (via The Wall Street Journal) has more details (subscription required) about some of the numbers we may see come Monday.

February 10, 2012

Just when you thought you've seen it all, here's Clint Eastwood on CNBC's "Squawkbox" this morning touting the Fiscal Commission plan. Given the large deficits we face, he supports the idea of bringing it back up for consideration. See the full video below.

 

February 9, 2012

Expedited rescission authority, a cousin of the line-item veto, has been considered countless times by Congress since the line item veto was declared unconstitutional in 1998. In fact, CRFB president Maya MacGuineas recently testified on this proposal, which can be found here. Yesterday, it has passed the House by a 254-173 vote.

February 8, 2012

With less than a week before the President's budget comes out The Wall Street Journal has reported that it will be similar to the September submission to the Super Committee.

February 8, 2012

Harvard Law School professor Howell Jackson has an interesting idea in a Reuters op-ed: if fiscal issues are going to be extremely important in the coming years, why not create a process that would encourage Presidential candidates to come up with a fiscal plan?

February 7, 2012

Military pensions for high-ranking officers are going up significantly, according to a USA Today article. Due to a change in the Defense Authorization Act of 2007 that was intended to dispel concerns about losing too much of the top brass during wartime, pensions increased by as much as 63 percent for some officers.

February 6, 2012

The McKinsey Global Institute recently released a report assessing the efforts of the world’s ten largest mature economies (United States, Japan, Germany, France, United Kingdom, Italy, Canada, Spain, Australia, and South Korea) in deleveraging (essentially, reducing debt) in the aftermath of the great recession.

February 6, 2012
A Weekly Update on Budget and Fiscal Policy Developments and a Look Ahead

Baseline Instinct – The Congressional Budget Office (CBO) on Tuesday released its much-awaited 2012 Budget and Economic Outlook. According to CBO, if current law is maintained, deficits will decrease significantly in the period from 2013-2022; but that is a big if. Under the current law baseline, a major reason that deficits will shrink is due to major revenue boosts because the 2001/2003 tax cuts will expire and the Alternative Minimum Tax (AMT) will hit more middle-income families.

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