CRFB Releases and Events
What is dynamic scoring? How are legislative proposals currently scored? CRFB's latest policy paper details the process and methods that the Congressional Budget Office (CBO) and Joint Committee on Taxation (JCT) use to estimate the budget impact of legislation and the pros and cons of supplementing that process with "dynamic scoring."
To hear the news coming out of Washington, finding the route to fiscal stability can be pretty hopeless as our leaders all steer in different directions. If only we had a GPS! Well, maybe we do.
Today, the National Debt Tour -- a nationwide discussion with policymakers, fiscal experts and business leaders pushing for a major deficit reduction solution in 2012 -- hits Roanoke, Virginia.
Congressional Quarterly's John Cranford has a nice profile of CRFB's "Stabilize the Debt" budget simulator. If you have not done so already, it is worth a run-through to get an idea of the kinds of choices that must be made to put debt on a downward path. Interestingly, Cranford also reminds readers of past efforts CRFB has done to quantify the impact of different budget options:
With a large number of policies set to expire or kick in at the end of the year, with serious fiscal impacts, CRFB has released a paper laying out the optimal path for policymakers to take to avoid both a short-term economic hit from the fiscal cliff and the long-term economic consequences of not dealing with our rising debt. The solution? You guessed it -- making smart, gradual, and targeted reforms to the key drivers of our debt.
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.