CBO's Analysis of the President's Budget

    CRFB "Celebrates" Tax Day

    CRFB Breaks Down the Tax Extenders

    Actually, the SGR Has Reduced Health Care Cost Growth

CBO's Analysis of the President's Budget

 

CBO has released its analysis of the President's budget, showing a much more pessimistic estimate of the budget than the Administration. We provided a quick overview of the analysis and published a full report. The report breaks down the key numbers in the analysis and shows why CBO came to such a different conclusion than the Administration did.

CRFB "Celebrates" Tax Day

With taxes due on April 15, CRFB released a few different publications with tax-related information. First, we published a chartbook with 10 different charts about the tax system. We also published a blog compiling many of our most important tax resources and releases on the latest tax developments.

 

View the chartbook here and read the blog here.

CRFB Breaks Down the Tax Extenders

 We continue our "Tax Break-Down" series, which explains and examines tax provisions under discussion in tax reform. We examine the tax extenders, the set of over 50 tax breaks that expired at the end of 2013. We present the arguments for and against the extenders, the merit of annually renewing them, and their role in driving the federal debt.

Actually, the SGR Has Reduced Health Care Cost Growth

Congress must pass a "doc fix" by the end of the month to avoid a 24% cut in physician payments on April 1. A bipartisan proposal would replace the cuts, but 3 of the 4 proposals to pay for it would increase the debt. In an analysis, we describe how past doc fixes have been offset 98% of the time since 2004, leading to $140 billion in deficit reduction, or see our other other doc fix blogs.

 

CRFB's Blog: The Bottom Line

CBO has released their analysis of the President's FY 2015 Budget and CFRB released a report summarizing the findings. CBO finds a less optimistic outlook than the President's Office of Management and Budget (OMB) with debt up to 74.3 percent of GDP in 2024 as opposed to OMB’s projection of debt on a downward path toward 69.0 percent of GDP.
The Congressional Budget Office (CBO) has released its analysis of the President's FY 2015 budget, applying its own budget baseline and methodology to the President's policies. The agency finds that the budget would reduce debt relative to CBO's baseline by significantly less than the Administration anticipates, with debt on a modest upward path in the latter part of the ten-year budget window, increasing to 74.3 percent of GDP in 2024, rather than falling to 69 percent of GDP as OMB previously estimated.
In the Wall Street Journal today, Chris Chocola of the right-leaning Club for Growth called for Congress not to renew the expired "tax extenders." Earlier this month, the Senate Finance Committee advanced legislation to reinstate more than 50 of these provisions, at a cost of $85 billion.
April 16, 2014
But Doc Fix Cost Jumps 18%
One of the notable changes in Congressional Budget Office’s (CBO) latest budget baseline was a downward revision in projected Medicare spending from their last forecast in February. CBO now estimates that Medicare spending net of offsetting receipts for the 2015-2024 period will be approximately $106 billion lower than what the agency projected back in February.
 
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 Campaign to Fix the Debt is an unprecended 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.