CRFB Releases and Events

Fiscal Speed Bumps Will Force Action Later This Year

Before leaving town for August recess, Congress passed additional VA funding and a short-term patch to the Highway Trust Fund. However, more deadlines are approaching quickly, and Congress will have many "fiscal speed bumps" next year – all of which present firm deadlines for action.

The end of the fiscal year is September 30. At that point, Congress needs to have passed appropriations bills or a continuing resolution for next year to fund the government. Since Congress has not yet passed any of the 12 appropriations bills and are only in session a little over two weeks in September, it seems likely that a continuing resolution will be needed to avert a government shutdown. (See Appropriations 101 for an explanation of the process).

Beyond that, there will be pressure to revive tax extenders, a package of over 50 tax breaks. Although they expired at the end of 2013, they can be reinstated retroactively without much difficulty if done this year. The House and Senate have taken different approaches to the extenders (though both would add to the deficit), but they would need to come to agreement before the end of the year.

Next spring, several of this year's extensions will expire: The debt ceiling will need to be raised when it goes back into effect on March 16, and Medicare provider payments will be cut by 24 percent unless a "doc fix" is enacted by March 31. By the end of May, Congress will need to shore up the Highway Trust Fund and re-authorize the fund's spending. As part of a long-term highway fix, Congress will either need to raise highway revenues or cut spending as we explained in our paper, Trust or Bust: Fixing the Highway Trust Fund.

Event Recap: Decoding the Social Security Trustees Report

On Tuesday, the Committee for a Responsible Federal Budget hosted an event titled "Decoding the Social Security Trustees Report" to discuss the Trustees' latest update on Social Security's finances and policy options to reform the program. The event featured Social Security Chief Actuary Stephen Goss, Reps. Tom Cole (R-OK) and John Delaney (D-MD), and a panel discussion moderated by Damian Paletta of The Wall Street Journal.

CRFB Event: Decoding the Social Security Trustees Report

With the release of the Social Security Trustees Report, CRFB held an event examining the trustees report on July 29, 2014, at the Hyatt Regency in Washington, DC. Video of the event is below.

CRFB Analyzes the CBO Long-Term Outlook

CBO's Long-Term Budget Outlook is a long and detailed 140-page document – filled to the brim with facts, figures, scenarios and assumptions – and comes with a spreadsheet with even more data. To help people navigate the report and pull out its key takeaways, we've boiled down the document into a concise 6-page analysis with all the key facts and findings.

CRFB Examines the Budget Process At Age 40

Yesterday, the Commmittee for a Responsible Federal Budget released a paper detailing the problems with the federal budget process. In light of the 40th anniversary of the enactment of the Congressional Budget and Impoundment Control Act of 1974 this past Saturday, the paper details many problems facing the current budget process.

The paper focuses on three main issues -- each with many aspects to them -- with the modern budget process: lack of transparency, lack of accountability, and lack of a long-term focus. These issues have resulted in poor planning and policy around the debt, with the process increasingly becoming ad hoc, ineffective, and short-sighted in practice.

Can You Do Better Than DC Lawmakers?

Over the past few years, lawmakers have engaged in a series of budget showdowns trying to avoid fiscal speed bumps and reduce deficits. However, debt projections continue to show an unsustainable outlook, and there appears to be little appetite for the kind of deal that would be necessary to put it on a downward path as a percent of GDP. That's where you come in.

CRFB's Analysis of the FY 2015 President's Budget

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.

CRFB's Analysis of the Tax Reform Act

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.

Not Stepping Backward: CRFB's Paper on Budget Gimmicks

In his recent testimony, CBO directory Doug Elmendorf argued that it would be beneficial for policymakers to make large improvements to our budgetary picture, but that small steps forward would be better than nothing, and "no steps at all would be better than stepping backward." Budget gimmicks fall squarely into that stepping backwards category by potentially offsetting real costs with phony savings.

Looking Beyond the Ten-Year Window

Our paper released yesterday detailed how our long term debt problems are far from solved, making clear the unsustainability of federal debt over the long term and how much deficit reduction remains to fix it. As policymakers consider how to achieve long term deficit reduction, they must make sure they effectively evaluate policy options available to them, and have better information on the long term impact of different policies. 

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