There has been an increasing amount of talk this week concerning calls for repeal of the health care reform legislation, as the 112th Congress convened for the first time this Wednesday. The House is scheduled to vote on a bill calling for a full repeal of the legislation this coming Wednesday.
The Treasury Department released Tuesday its annual Financial Report of the U.S Government. The report highlights the nation's budget deficit, net operating costs, debt projections, and all government liabilities on an accrual accounting basis. To sum it up, the report shows us how big of a hole we're truly in.
Washington Drops the Ball – To many federal budget watchers, the tax cut debate has been more frustrating than watching the Redskins play. The expiring 2001/2003 tax cuts presented an opportunity not only to remake the tax code, but to transform the fiscal discussion in Washington.
The co-chairs of the President's fiscal commission today released the deficit reduction plan that members will be asked to vote on Friday.
You might have missed it last week if you were preparing to chow down on some turkey, but Our Fiscal Security (OFS)--a joint project of the Economic Policy Institute, Demos, and the Century Foundation--became another in a long list of groups/experts to put out a specific proposal for our long-term fiscal situation.
Talking Turkey – Congress takes a break this week for Thanksgiving. Lawmakers can be thankful for the brief respite, but the time is quickly coming when they can no longer speak in sound bites and generalities on fiscal matters and must get down to business. When they return next week they will have to face up to some deadlines, promises, and reality.
The Senate late Thursday passed another short-term “doc fix” that spares physicians from a 23 percent Medicare payment reduction through the sustainable growth rate formula. The cost of the one month extension will be $1 billion over ten years, which will be paid for by reducing payments for multiple therapy services provided to patients in one day by 20 percent.
For about a week now, we've been telling critics of the Co-Chairs' Plan to throw ideas, not stones. So, good for Jan Schakowsky.
Continuing our analysis of the President’s Fiscal Commission Draft Report, let's look at what the Co-Chair proposal does on the spending side of the budget.
Overall, the proposal identifies $2.2 trillion in spending savings from 2012-2020, with about $730 billion coming from mandatory programs and about $1.5 trillion from discretionary programs, relative to the President's FY 2011 budget request.
On the discretionary budget, the Co-Chairs propose: