Obama Administration

Re-visiting the President's Budget: OMB's Mid-Session Review

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.

Jonathan Rauch Calls for Simpson-Bowles

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:

So, You Want to Pay For a $70 Billion Spending Increase With a $200 Billion Tax Cut?

According to CNN, the White House has floated a plan to deal with the fiscal cliff, one which would turn off a few provisions temporarily. Their plan? Turn off the sequester for six months in exchange for letting the upper-income tax cuts expire for a year. Thought of another way, it would repeal the spending cuts set to go into effect by extending the 2001/2003/2010 tax cuts for most people.

CBO's Economic Analysis of the President's Budget

Although CBO's analysis of the budgetary effects of the President's budget was released last month, today they released a very useful report on the economic effects of the budget. The results are mixed, depending on the time period you look at.

How Much Did You Pay for National Defense?

Following up on a project they did last year, the White House has released its 2011 Federal Taxpayer Receipt. This tool allows you to put in how much you paid in Social Security, Medicare, and income taxes last year and see how much of your tax dollars went to various areas of the budget. You can see how much of your money pays for defense, health care, income security, veterans benefits, international affairs, and, yes, also interest on the debt.

Going Long: OMB's 75-Year Projections

In our paper on the President's budget, we noted that the budget would only temporarily stabilize the debt as a percent of GDP. In fact, it would rise from roughly 77 percent in 2022 to 93 percent in 2035 and about 125 percent in 2050. Where did those numbers come from?

CRFB Analysis of the President's 2013 Budget

Since the release of the President’s FY 2013 budget on Monday, CRFB has provided coverage of the President’s proposal through our FY 2013 blog series.

‘Line’ Items: Budget Day Edition

Big Day – Today is the big day in budget world. The White House released its fiscal year 2013 budget request. As you can imagine, CRFB has been busy going through the numbers and proposals. CRFB issued a statement earlier today with initial analysis and a paper examining the request is forthcoming. The budget would stabilize the debt at 76% of GDP in 2022.

More Details on the President's Budget

In a post earlier this week detailing what's known about the President's budget, we discussed policies that were likely to appear on Monday. Now, the National Journal (via The Wall Street Journal) has more details (subscription required) about some of the numbers we may see come Monday.

Recapping the State of the Union

President Obama gave his annual State of the Union address Tuesday night. The election-year speech contained a laundry list of proposals aimed to create jobs and promote economic growth. As is all-too-often the case in the midst of campaigns, the ideas put forth where aimed to appeal to certain constituencies with little discussion of their budgetary impact or if limited resources could be used more prudently.

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