CRFB Releases and Events
Yesterday, we took our first look at the President's FY 2014 Budget, which put forward the final White House deficit reduction offer to Speaker Boehner in the fiscal cliff negotiations, along with several new revenue and spending provisions.
It's President's Budget week! On Wednesday, President Obama will release his FY 2014 budget, illustrating another possible path in addition to the already-passed House and Senate budget resolutions.
Earlier this month, we reported on CBO’s updated cost estimate for switching to the chained CPI to provide a more accurate measure of inflation for indexed provisions in the tax code and in spending programs.
As we come closer and closer to the season changing to spring, it's also close to budget season. Both the House and Senate Budget Committee chairs -- Rep. Paul Ryan (R-WI) and Sen. Patty Murray (D-WA), respectively -- are expected to release budget resolutions tomorrow, with mark-ups taking place later this week. Meanwhile the President's budget, delayed due to the late resolution of the fiscal cliff, is expected to be released on April 8.
President Obama was recently quoted in the Washington Post as saying that an additional $1.5 trillion of deficit reduction would hit the $4 trillion total that many have cited as the target for total deficit reduction. While we agree on the enacted savings total, we disagree on the math.
CBO's release of its annual Budget and Economic Outlook is a treasure trove of information, sometimes not easily digestible.
To help put all that information in a more accessible form, CRFB released a brief 6 page analysis of CBO's new economic and budget projections, which are first official look at future budget projections in light of the fiscal cliff deal and other developments.
In the past few weeks, we have made the case for putting debt on a downward path as a percent of GDP as a goal for the next round of deficit reduction. This is in contrast to those who have advocated stabilizing the debt over ten years with $1.4 or $1.5 trillion of additional savings and, much more worryingly, those who believe that serious deficit reduction can wait for another ten years.
Today, CRFB put out a release, "Washington's Gift for the New Year: Another Kicked Can," on the fiscal cliff deal and previous missed opportunities to fix the debt.
Usually around this time, we say we wish this was the year a fiscal plan is enacted. But with the ongoing negotiations between the White House and Republicans along with the looming fiscal cliff, 2012 is not completely in the books yet.
Because there has been a lot of talk about the chained CPI lately, CRFB has created a brand new "Chained CPI Resource Page" to give readers one place to see all that information.
The page has background on the current consumer price index and the chained CPI. It also shows analyses from a variety of sources about the effects of the chained CPI on the budget, taxes, and Social Security in addition to links to outside experts and organizations who support using the chained CPI for inflation calculations.