Posts Tagged ‘Donald Marron’

Seven Tax Issues Facing Small Business

Today I had the chance to testify before the House Small Business Committee on the many tax issues facing small business. Here are my opening remarks. You can find my full testimony here. America’s tax system is needlessly complex, economically harmful, and often unfair. Despite recent revenue gains, it likely will not raise enough money […]

The U.S.May Not Default on Friday But Washington Is Still Playing A Dangerous Game

What’s going to happen on October 18 if Congress doesn’t vote to increase the debt limit? Probably nothing. Make no mistake, Washington is still wading in exceedingly treacherous waters as the President and Congress wrestle over a deal to avoid–at least for now—a breach of the nation’s borrowing authority. The government risks financial calamity if […]

It is Never Good When the U.S. Treasury Gets Compared to Brazil

The other day, I was talking to a guy who closely watches Washington for big foreign investors. Like most of us, his clients are struggling to understand the debate over the fate of the debt limit. He told me about one investor who asked whether it would be considered a default if Treasury made its […]

The Costs of Debt Limit Brinksmanship

Today I had the chance to testify before the Joint Economic Committee about a perennial challenge, the looming debt limit. Here are my opening remarks. You can find my full testimony here. I’d like to make six points about the debt limit today. First, Congress must increase the debt limit. Failure to do so will […]

The Fed and America’s Debt

Is the Federal Reserve part of the government? You might think so, but you wouldn’t know it from the way we talk about America’s debt. When it comes to the debt held by the public, for example, the Fed is just a member of the public. That accounting reflects the Fed’s unusual independence from the […]

Smart Tax Reform Could Shrink the Government

Max Baucus and Dave Camp, leaders of the Senate and House tax-writing committees, are on the road promoting tax simplification. One goal: cleaning out the mess of deductions, exclusions, credits, and other tax breaks that complicate the code. Done well, such house cleaning could make for a simpler, fairer, more pro-growth tax code. It could […]

Uncle Sam’s Trillion-Dollar Portfolio Partly Offsets the Public Debt

When policy folks talk about America’s federal borrowing, their go-to measures are the public debt, currently $12 trillion, and its ratio to gross domestic product, which is approaching 75 percent. Those figures represent the debt that Treasury has sold into public capital markets, pays interest on, and will one day roll over or repay. These […]

Uncle Sam’s Growing Investment Portfolio

The federal government has been borrowing rapidly to finance recent budget deficits. But that’s not the only reason it’s gone deeper into debt. Uncle Sam also borrows to issue loans, build up cash, and make other financial investments. Those financial activities have accounted for an important part of government borrowing in recent years. Since October […]

TPC’s Upcoming Leadership Change

Dear readers, we have two big pieces of TPC news today. First, I will be moving upstairs (both figuratively and literally) as the Urban Institute’s first director of economic policy initiatives, starting in June. I’ve loved my time at TPC, but this is a great chance to work with colleagues throughout Urban on an even […]

Grim Predictions about the Fiscal Cliff II and Deficit Reduction

I spent lunchtime today moderating a thoroughly discouraging Urban Institute panel discussion on the fiscal cliff. The consensus of the speakers—all highly-regarded budget experts—was that the New Year’s cliff deal was pretty lame and the coming round of self-imposed budget crises will be even worse. My Urban Institute colleagues Donald Marron, Rudy Penner, and Bob Reischauer—each of […]