CRFB Releases and Events
As part of a continued national discussion on fiscal responsibility, The Wall Street Journal's Viewpoints Executive Breakfast Series will host Fiscal Commission Co-Chairs Erskine Bowles and Alan Simpson along with New York City Mayor Michael Bloomberg in New York City tomorrow.
Comparing fiscal plans can often be a difficult task. The plans may use different baselines, use different ten-year windows, have different estimates for the same policy, or use some magic asterisks to try to make everything add up. Seeing how the plans stack up on the same basis often requires digging through a lot of numbers and cutting through a lot of claims. But no more!
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.