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

Every year when the President releases his budget, CBO re-estimates the budget using a baseline set of economic assumptions – the same as it uses for measuring Congressional legislation. This year, they found that the President's budget would reduce deficits by about $500 billion less than the budget itself indicated, because CBO scored some provisions as saving less or costing more than the President claimed.
April 24, 2014
Farm Reforms,Technical and Economic Changes Bring Costs Down
CBO recently released an update to its 2014-2024 baseline including the first detailed agriculture projections since May 2013. Since then, Congress passed and the President signed the Agricultural Act of 2014, commonly known as the farm bill. This new law reforms farm support by doing away with the direct payment system, ending payments to farmers based on which crop they grow. Some of those resources are shifted towards increased crop insurance.
In our paper on CBO's analysis of the President's budget, we compared how CBO and OMB estimated the budget's policies relative to CBO's baseline. Of course, as those in the budget world know all too well, there are many different baselines against which to measure.
CBO’s latest budget outlook contained good news and bad news for some of the federal government’s largest trust funds. First, the bad news: CBO continues to predict that without legislative action, the Highway trust fund and Social Security’s Disability Insurance (DI) trust fund will be exhausted in the next few years. The good news, however, is that CBO's Hospital Insurance (HI) outlook is far more optimistic than the projections in their February baseline.
 
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.