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.

Today, the Congressional Budget Office (CBO) released its analysis of President Obama's FY 2013 budget proposals. In a somewhat surprising analysis, CBO is slightly more optimistic than the Office of Management and Budget (OMB) was in its analysis this past February.

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?

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.

With less than a week before the President's budget comes out The Wall Street Journal has reported that it will be similar to the September submission to the Super Committee.

Jeff Zients will once again ascend to the role of acting OMB director, according to a blog post on OMB's website. Zients had previously stepped into that role in 2010 during the gap between Peter Orszag's and Jacob Lew's tenures as director. Otherwise, he has been serving in the roles of Deputy Director of Management and Chief Performance Officer for nearly three years.

The most recent focus of President Obama's initiatives has been on "insourcing," or providing incentives to companies to bring jobs back to the US from overseas. According to CNN's article, the proposal, which will come in a few weeks and surely be included in the President's budget, will work on both sides of the equation: providing incentives to companies who bring business back home and eliminating incentives for companies that do the opposite.

You may have already read the news yesterday, but current OMB director Jack Lew will be replacing Bill Daley as President Obama's chief of staff at the end of January.

After hinting at how they would cut defense spending yesterday, the Obama Administration has given out another small detail of its upcoming budget. According to the Washington Post's Ed O' Keefe, the White House will request a 0.5 percent pay increase for federal employees in FY 2013, on the heels of a two-year pay freeze.

Yesterday evening, President Obama addressed a Joint Session of Congress to propose his newest economic recovery measure -- The American Jobs Act. The President's bill would have a $447 billion ten-year cost, which the President says would be fully paid for in the proposal he will give to the Super Committee a week from Monday recommending the Committee exceed its $1.5 trillion mandate.