CRFB Releases and Events
With CBO recently having scored President Obama's 2013 Budget Request, included within the total score is a score of a policy known as capping Overseas Contingency Spending. While this is a good policy, this policy, when coupled with counting it is deficit reducing or using it to offset other spending, which President Obama, like many others before him, have done, is quite simply a gimmick.
Last week, we released our in-depth analysis of the debt impact of the four Republican candidates’ budget proposals, a report that received a significant amount of media attention and brought some attention to the fiscal side of the campaign.
This morning, CRFB’s U.S. Budget Watch project will unveil Primary Colors: The GOP Candidates and the National Debt, a study of the policy proposals of the four major Republican presidential candidates and their impact on the national debt. President Obama will be included in a forthcoming report. (For an addendum on Governor Romney's 2/22 tax plan, click here).
President Obama’s campaign made a splash this morning with their claims that Rick Santorum and Mitt Romney would dramatically increase the national debt as president.
Update: Watch the live stream below.
Today in Boston, CRFB kicks off a national tour of policymakers, fiscal experts, and business leaders as part of the national “Go Big” campaign pushing for a major deficit reduction deal in 2012.
Yesterday, CRFB released its analysis of the latest budget projections from CBO, discussing debt, deficits, spending, and revenues. We also updated the CRFB Realistic Baseline in our analysis to give a more realistic view of where the country is headed. Not surprisingly, it shows much higher debt and deficits than CBO's current law projections.
With Congress back in session this week, there is a renewed focus on several provisions that lawmakers extended for two-months in December and which are set to expire again at the end of February. As we commented on at the time, lawmakers extended the payroll tax cut, expanded unemployment insurance benefits, the doc fix, and various health care provisions for two months at a total cost of about $33 billion.
President Obama will be addressing the nation at 9 pm ET tonight for the annual State of the Union address, and CRFB will be active as well, live-tweeting throughout the event (@BudgetHawks). We will also chime in on any statements related to the budget that the President makes, so tune in for a view of the State of the Union from a fiscal perspective.
Be sure to check CRFB.org after the address for our statement reacting to President Obama's speech.
What a year it's been! 2011 certainly had plenty of budget and fiscal policy developments that kept all of us at CRFB pretty busy. We wish that meant we could say that this was the year of a fiscal plan. Funny enough, we said the exact same thing last year, when we took a look back at 2010 and hoped for a fiscal plan in 2011. But now we really mean it this time when we say we're confident that 2012 will be the year of the fiscal plan!