Happy Fiscal New Year! 15 Numbers from FY 2015

We've reached the end of Fiscal Year 2015. As we look forward to the important work lawmakers face this coming year, let us also take a brief look back at the happenings over the past fiscal year. Since one number cannot sufficiently describe FY 2015, we picked our 15 favorites.The first on the list is debt held by the public: $13,142,733,278,888.

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Q&A: Everything You Should Know About Government Shutdowns

Congress is working on a plan for a clean CR, but whether that move will succeed or not is uncertain. To help prepare for the shutdown, wes released a new primer on the consequences of a government shutdown. The Q&A goes through the funding process and the budgetary, economic, and administrative consequences of a shutdown.

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A Fiscal Storm is Approaching Congress

Lawmakers have dealt with several Fiscal Speed Bumps – budgetary deadlines – throughout the year, but quite a few will appear over the next few months, making for an eventful fall. CRFB's latest report, "The Gathering Storm: Fiscal Clouds Amass This Fall" details what policymakers have to address and the stakes associated with each remaining Speed Bump.

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Sequester Offset Solutions Plan

We're offering a plan to improve the economy and our fiscal situation by providing responsible sequester relief, the Sequester Offset Solutions (SOS) plan. SOS is a four-part plan to replace a portion of the discretionary cap reductions under the sequester with more thoughtful long-term savings.

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CRFB's Blog: The Bottom Line

September 30th marked the end of the Fiscal Year, and the final numbers are in.  The deficit for last year was $435 billion, according to estimates from the Congressional Budget Office (CBO). We've released a short paper FY 2015 Deficit Falls to $435 Billion, but Debt Continues to Rise that shows even though this is roughly 10 percent below the FY 2014 deficit and nearly 70 percent below its 2009 peak, the country remains on an unsustainable fiscal path.

Lawmakers may be taking action to prevent a steep premium and deductible hike for some Medicare beneficiaries next year, but should make sure to be fiscally responsible in doing so. Although some lawmakers claim acting before October 15 will reduce the cost, in reality it will only hide the cost and thus increase deficits.

Adding to the list of things lawmakers want to get done before the end of the year, Congress may take up a relatively obscure Medicare issue that could have significant consequences for some Medicare beneficiaries. Earlier today, House Democrats held a press conference calling for lawmakers to avert a significant Medicare premium and deductible increase that could hit a small subsection of beneficiaries next year.

The Urban Institute published a new report showing that younger generations will receive much more in lifetime Social Security and Medicare benefits than today's retirees, and all generations will receive more benefits than they have paid in taxes.

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.

Join Our Team!

Current job opportunities at the Committee for a Responsible Federal Budget include:

  • Director of the Fiscal Institute
  • Legislative Director
  • Policy Analyst, Fiscal Institute

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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.

There is a growing consensus that the budget process is broken. The Better Budget Process Initiative will put forward specific options to reform and improve the budget process in a wide range of areas, including increasing focus on the long-term fiscal outlook, improving the process for dealing with the debt limit, strengthening statutory budget enforcement, revising the content and structure of the budget resolution, moving to biennial budgeting, and addressing treatment of tax expenditures in the budget process.