While we will have detailed analysis of various parts of the President's budget throughout the week and into next week, it is important to first show the big picture of where the budget takes us. The President's budget contains a $1.8 trillion deficit reduction package that is meant to reflect the final White House offer during the fiscal cliff negotiations. When other initiatives and repeal of the sequester are included, the total savings are $1.4 trillion compared to OMB's adjusted baseline.
President Obama has just released his FY 2014 budget proposal, putting forward his last offer in the negotiations leading up to the fiscal cliff, in addition to several new spending and investment priorities that are offset with additional revenues.
We will have further analysis in the coming days, including a comparison between the President's budget and the House- and Senate-passed budget resolutions.
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.
The FY 2014 President's Budget will not be released until next Wednesday, April 10th, but already some details about what will be in the budget have been surfacing.
Last night, President Obama delivered the first State of the Union address of his second term. The President's speech covered a wide range of issues, ranging from our current economic outlook, to immigration reform, to gun control, and more. But as expected, fiscal policy was featured prominently in the speech.
At 9:00 PM E.T. tonight, President Obama will deliver his State of the Union address to Congress. With many fiscal issues left to be resolved in the coming months, we expect the budget and a discussion about debt to be a key part of his speech.
On Friday, President Obama spoke on the need to replace the "fiscal cliff" with a comprehensive plan to address the nation's unsustainable fiscal path. Most importantly, President Obama announced that the White House would invite leaders from both parties, business groups, labor and civic groups from across the country for a meeting this week to begin working toward a compromise.
In an initially off-the-record interview with the Des Moines Register, President Obama outlined his vision for his second term. As you would expect, this touched on how discussed how he would address the fiscal cliff, and the budget more broadly, in the next few months and into next year, should he win reelection. Here are his comments:
The OMB has released its Mid-Session Review (MSR), essentially a re-estimate of the President's budget taking into new legislative, economic, and technical factors since February. We also put out a paper breaking down the MSR.
In yesterday's Washington Post, Jonathan Rauch writes that President Obama should propose a bill, that would among other things, tackle long-term debt reduction. That plan, as the title of this post would indicate, is Simpson-Bowles. He explains: