Conveniently, the same day that House Ways and Means and Senate Finance Committee chairs Rep. Dave Camp (R-MI) and Sen. Max Baucus (D-MT) published a website soliciting public feedback on tax reform, Senate Finance continued its work on tax reform by releasing an options paper on international taxation. The paper lays out issues with the current system plus, as you'd expect, many different paths for reform.
This week, Senator Tom Harkin (D-IA) introduced a concurring resolution that would establish a sense of Congress that chained CPI should not be used to index cost-of-living adjustments or provisions in the tax code. The Campaign to Fix the Debt responded, saying:
As reported in The Hill over the weekend, a proposed change to the United States’ yearly budgetary process is gaining steam in the Senate.
Update: This blog has been updated since its original posting to incorporate the House Democratic, Republican Study Commitee, and Senator Rand Paul (R-KY) budgets.
The field has been narrowed from 68 to 64 teams, and the NCAA Tournament is ready to kick off in full this afternoon. But the Big Dance isn't the only March madness going on right now. In Congress, both chambers are set to take a number of budget-related votes in the hours and days ahead.
Yesterday, we presented an overview of the Murray budget, describing the policies of the budget and showing savings relative to different baselines. In this blog, we will look closer at where the budget resolution would leave the federal government in terms of its size and the size of its deficits and debt.
Trying to determine the actual level of savings in budget proposals can be confusing, as there is no single agreed-upon set of baseline assumptions to follow. Both Congressman Ryan (R-WI) and Senator Murray (D-WA) use their own baselines from which to measure savings, which differ in a couple ways from current law or CRFB Realistic.
Today, Senator Orrin Hatch (R-UT) spoke on the floor of the Senate about the need for health entitlement reforms to be part of a deficit reduction package. Senator Hatch joins a handful of other lawmakers in recent weeks who have proposed a range of entitlement reform policies that could help reduce our long-term debt.