Senate Rejects Four Budgets

Yesterday, the Senate voted on four budget resolutions (Sen. Rand Paul (R-KY), Sen. Pat Toomey (R-PA), Rep. Paul Ryan (R-WI)/ House Passed Budget  and President Obama's Febuary Budget) and all failed to meet the 60 vote threshold. This was done in part to show that none of the current budget plans will be able to garner the bipartisan support necessary to pass the Senate, signaling that more negotiation will be needed to agree on a budget for FY 2012. 

Budget Plan Yay/No
Sen. Rand Paul (R-KY) 7/90
Sen. Pat Toomey (R-PA) 42/55
Rep. Paul Ryan (R-WI)/ House Passed Budget 40/57
President Obama's Febuary Budget* 0/97

*The President's February Budget is different from and not to be confused with the President's new Budget Framework offered in April.

Both parties have affirmed that a budget plan will only be passed if it can garner bipartisan support. We hope bipartisan negotiations on the budget and debt can produce a plan that can meaningfully address our nation's fiscal challenges. CRFB has identified over $1 trillion in common ground deficit reduction measures, which suggest that negotiations should continue to move forward.

Tags

Trending

Blog

Recent Student Loan Actions Forgo $5 Billion in Repayments

The Department of Education announced last week a six-month extension of automatic forbearance to all borrowers enrolled in the SAVE income-driven repayment plan while it is being challenged in courts, adding that they will forgive any unpaid accrued interest during that time. We estimate that the Department of Education is forgoing roughly $500 million of repayments per month, meaning that this extension would result in $3 billion in forgone payments, bringing the total amount up to $5 billion. Importantly, much of those payments will instead be paid later, and so the net cost would be some fraction of that $5 billion.

Read more

What's Next