The President's FY 2016 Budget Saves Only Half of What It Claims

We published a condensed analysis of the President's baseline and major proposals. One of our major findings was that the administration may claim that its budget "achieves about $1.8 trillion in deficit reduction," but we find that it only reduces deficits by roughly half that amount -- $930 billion. Click here to read our blog series. 

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Fiscal Speed Bumps: Challenges, Risks, and Opportunities

Lawmakers will soon face a number of important budget related deadlines, or Fiscal Speed Bumps, that require legislative action.  Addressed irresponsibly, they could cause serious disruptions and/or add as much as $3 trillion to the debt over the next decade. But if dealt with thoughtfully, they offer an opportunity to pursue reforms.

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SGR is the Next Major Fiscal Speed Bump

The next major Fiscal Speed Bump coming up is scheduled cuts to doctor’s payment in late March under the Sustainable Growth Rate (SGR). Our Research Director Loren Adler was highlighted in the New York Times, explaining that while Congress always averts this cut, it was almost always been paid for with other health savings.

 

 

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Report: CBO's January 2015 Budget and Economic Outlook

After falling to post-recession lows below $470 billion this year and next, CBO projects that deficits will again start to rise, exceeding $1 trillion by 2025. As a result, debt will rise over the next decade, from $13 trillion today to $21.6 trillion by the end of 2025. Watch CRFB President Maya MacGuineas discuss the long-term problem on Bloomberg TV here.

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CRFB's Blog: The Bottom Line

Ed Lorenzen, Senior Advisor for the Committee for a Responsible Federal Budget, will testify in front of the Ways and Means Subcommittee on Social Security on maintaining the solvency of the Social Security Disability Insurance Trust Fund.

No matter how difficult the conversation, the national debt needs to be a top priority in the 2016 presidential election, and the next president needs to have a clear plan to bring down the debt in the coming years. Former Senators Judd Gregg and Evan Bayh explained this in an op-ed in Roll Call on Monday while highlighting the work of First Budget, an initiative committed to bringing the debt into the spotlight in the 2016 presidential primaries and demanding a debt plan from candidates.

February 26, 2015
Fix the Debt, Dartmouth College, and Dartmouth Hitchcock Release White Paper

Today, Fix the Debt, Dartmouth-Hitchcock Health, and Dartmouth College released a paper titled Medicare Slowdown at Risk: The Imperative of Fixing ACOs. Stakeholders from the Administration, private sector, and well as the academic community, commented on the ideas for an audience of Congressional staff, press, and policy experts at an event on Capitol Hill this morning.

In a little over one month, lawmakers will face their second significant Fiscal Speed Bump of the year when the one-year "doc fix" expires. At that point, Medicare physician payments will be cut by 21 percent because of the long-standing Sustainable Growth Rate (SGR) formula. Policymakers have avoided the cuts since 2003 through temporary doc fix patches, but the relatively low cost of a permanent fix and a bipartisan, bicameral framework for replacement in the last Congress have increased the prospects that a permanent doc fix could finally happen.

 
June 4, 2013
CRFB's latest interactive tool "The Reformer" is a handy game that allows users to design their own Social Security plan. Users can select from a wide variety of benefit and revenue changes to make the system sustainably solvent. The tool then shows the effect on the program's finances and benefit and tax levels.
September 27, 2011
If you've ever wanted to design your own corporate tax reform, now you can with our new Interactive Tax Reform Calculator. There is no question that the U.S. corporate tax system is badly in need of reform, and leaders in both parties have been pursuing this goal.

CRFB Projects

The McCrery-Pomeroy SSDI Solutions Initiative is dedicated to identifying practical improvements to the Social Security Disability Insurance (SSDI) program. The SSDI Solutions Initiative is calling for academic papers on innovative ways to make the SSDI program better serve workers with disabilities, those who pay into the program, and the economy as a whole.

The Campaign to Fix the Debt is an unprecedented and bipartisan coalition that seeks to mobilize members of business, government, and policy communities to urge Congress and the President to enact a comprehensive debt deal.

The Moment of Truth (MOT) project is a non-profit, non-partisan effort that seeks to foster honest discussion about the nation’s fiscal challenges, the difficult choices that must be made to solve them, and the potential for bipartisan compromise that can move the debate forward and set our country on a sustainable path.