Archive for the ‘Budget’ Category

Six Takeaways from CBO’s New Long-Term Budget Outlook

The newest Congressional Budget Office long-term budget outlook, released today, is more evidence that the long-term federal budget problem may be forgotten, but it is not gone. Here are six takeaways. 1. The size of the budget deficit today isn’t a problem, and it’s not much of a problem for the next few years either. […]

President Obama’s FY 2015 Budget

When President Obama proposed his 2015 budget last March, he vowed to cut taxes for working class Americans while making sure high income households pay their “fair share.” New Tax Policy Center estimates show that, like it or not, Obama would do pretty much as he promised. Low-income households would enjoy a tax cut while […]

CRFB’s New Online Budget Simulator

Neither Congress nor the White House seem to care much about the budget deficit these days, but if you do, the Committee for a Responsible Federal Budget has created an updated online budget simulator that lets you try to get a handle on fiscal policy. The goal of this online game is to stabilize the […]

How “Dead Men” Fiscal Policy Is Paralyzing Government

In his new book, Dead Men Ruling, my Tax Policy Center colleague Gene Steuerle delivers a powerful indictment of the current epidemic of irresponsible fiscal policy. But Gene isn’t writing about deficits and today’s economy.  His focus is on the long-term political, social, and economic consequences of mindless budgeting that increasingly functions on policy autopilot. Gene’s […]

A Permanent Slowdown In Health Care Spending Growth Would Ease, But Not End, the Fiscal Problem

Rapidly growing health care costs have been a major driver of actual and projected federal budget deficits and the national debt. In recent years, the rate of growth in medical spending has slowed, leading many to ask whether a permanent decline could solve the nation’s long-term fiscal problem. Along with University of California at Berkeley […]

House Republicans Punt on Tax Reform

The House Republican budget, released today by Budget Committee Chair Paul Ryan (R-WI), kicks the tax reform can down the road yet again. Not only does it fail to enhance chances for a tax code rewrite, it almost certainly sets the effort back. This budget isn’t so much an actual fiscal plan (the framework for […]

Fiscal Reality Check: Will Congress Pay for the Tax Extenders and the Doc Fix?

After it returns from Spring Break next week, Congress may face two big fiscal reality checks. It will have to decide whether to temporarily extend scores of expiring tax provisions and what to do about permanently adjusting the formula Medicare uses to pay physicians (the “doc fix”). Combined, these two measures would add about $65 billion to the […]

Forgotten but Not Gone: The Long-Term Fiscal Imbalance

Over the past few years, the long-term fiscal situation has improved. With the passage of the American Taxpayer Relief Act of 2012 (in early January, 2013), the Budget Control Act of 2011, the subsequent imposition of sequestration, and slowdowns in projections of health care expenditures, there have been a variety of sources of improvement. In […]

A Tale of Three Agendas: Obama, Camp, and Ryan

Over the past week, three senior Washington lawmakers released foundational documents that describe both their agendas and their perspectives on government. On one level, they paint vastly different pictures. Yet, a close reading also pinpoints some surprising and important areas of agreement—more perhaps than the players would publicly admit. President Obama’s fiscal year 2015 budget […]

Individual Income Taxes May Soon Generate Half of All Federal Tax Revenue

Over the next decade, the individual income tax will be the fastest growing source of federal revenue, according to new estimates by the Congressional Budget Office. In fact, the individual income tax will pretty much be the only revenue source likely to increase significantly over the next decade.  As a result, it will generate more […]