Budget — Federal Archive
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With Fully Offset Tax Extender Bill, House Advances Important Fiscal Principle; Senate Should Follow
December 9, 2009
The House tax extender bill represents a step forward in the important effort to reinstate a pay-as-you-go norm to federal legislation — a norm that played a key role in enabling the White House and Congress to turn large deficits into substantial surpluses in the 1990s The nation is on an unsustainable fiscal path, and … -
Podcast: Disproving Claims That Medicare Cuts Don’t Stick
December 4, 2009
James Horney and Paul Van de Water, former senior CBO officials now at the Center, discuss their new analysis, which finds that recent claims that the House and Senate health bills are not really paid for — because the track record shows that Congress will never allow the bills’ Medicare savings to take effect — are belied by the historical record. MIT health economist Jonathan Gruber assesses measures in the bills to restrain health care costs.
Duration: 26:10
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Press Release: Congress Has Allowed Most Previous Medicare Cuts to Take Effect, New Study Shows
December 4, 2009
Despite claims that the pending health reform bills aren’t really paid for because Congress never lets Medicare savings take effect, Congress has allowed the vast majority of Medicare cuts that it enacted in the past two decades to take effect and produce significant savings, a new study shows. The analysis, by James Horney and Paul Van de Water, … -
House-Passed and Senate Health Bills Reduce Deficit, Slow Health Care Costs, and Include Realistic Medicare Savings
December 4, 2009
Health reform legislation that has passed the House in one form and is before the Senate in another is facing a series of attacks that, taken together, suggest the legislation would do little to control health care costs and would increase budget deficits. Many of these charges are exaggerated or simply … -
Video: CNBC Interviews Jim Horney on the Economy and the Federal Budget Deficit
November 12, 2009
Duration: 6:02
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Washington Times Op-Ed: Robert Greenstein on the Deficit — Don't Make Things Worse
October 27, 2009
We recently updated our long-term projections of federal spending, revenues and deficits, and they confirm what budget experts both inside and outside the government have concluded: The nation is on an unsustainable fiscal course, facing unprecedented deficits that, if left unaddressed, will seriously weaken our economy.
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Video Highlights from the Conference “Progressives and the National Debt: Consequences and Solutions”
October 8, 2009
Click here to view the conference videos. -
CBPP’s Updated Long-Term Fiscal Deficit and Debt Projections
September 30, 2009
For a number of years, the Center on Budget and Policy Priorities (CBPP) has projected the long-term path of federal spending, revenues, deficits, and debt if current policies remain unchanged. These projections have shown that deficits and debt will grow in coming decades to unprecedented levels that will not only … -
Correcting Five Myths About the Stimulus Bill
Updated September 23, 2009
Some critics of the economic recovery law (or “stimulus” bill) that President Obama and Congress enacted early this year continue to mischaracterize how it was supposed to work and what it was supposed to do. For instance, some critics complain that, because unemployment has risen in recent months, the law is not working. Others claim … -
Podcast: The Deficit, Debt, and Interest
September 22, 2009
In this podcast, the federal government deficit, debt, and interest is explained by Director of Federal Fiscal Policy, Jim Horney.
Duration: 5:45
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Podcast: The Budget Reconciliation Process
September 15, 2009
The budget reconciliation process in Congress is explained by Director of Federal Fiscal Policy, Jim Horney.
Duration: 4:43
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Podcast: Understanding the New Budget Deficit Updates
August 27, 2009
The new budget deficit updates from CBO and OMB are explained by the Center’s Director of Federal Fiscal Policy, Jim Horney.
Duration: 3:28
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New OMB and CBO Reports Show Continuing Current Policies Would Produce Large Deficits
August 27, 2009
On August 25, both the Office of Management and Budget (OMB) and the Congressional Budget Office (CBO) released updated budget projections. Some observers, comparing OMB’s estimate of the deficit over the next ten years under the President’s proposed policies ($9.1 trillion) to CBO’s “baseline” estimate of the deficit under … -
Statement: James R. Horney, Director of Federal Fiscal Policy, on the Deficit Reports by the Office of Management and Budget and the Congressional Budget Office
August 25, 2009
Today’s budget reports provide no evidence that federal budget policies over the last year have failed or that a drastic new direction in short-term fiscal policy is needed. While they also provide little new information about the nation’s longer-run budget path, the reports … -
Video: James Horney Discusses New CBO and OMB Deficit Projections on Bloomberg TV
August 25, 2009
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Video: James Horney Discusses 2009 Deficits and 10-Year Deficit Projections on C-SPAN's Washington Journal
August 24, 2009
Duration: 30:55
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Five Keys to Understanding New 2009 Deficit Estimates
August 21, 2009
Next week, the President’s Office of Management and Budget (OMB) and the Congressional Budget Office (CBO) will update their economic and budget projections for fiscal year 2009, which ends on September 30, and the next ten fiscal years.[1] Some analysts and pundits will try to use the new projections to support their arguments … -
Ryan Substitute for Statutory Pay-As-You-Go
July 22, 2009
The House of Representatives is today considering legislation (H.R. 2920, as amended by a substitute proposed by Majority Leader Steny Hoyer) that would reinstate a statutory Pay-As-You-Go rule similar to the rule that helped produce the first federal budget surpluses in decades in fiscal years 1998 through 2001. Under the … -
Podcast: Robert Greenstein Testifies Before the House Budget Committee on PAYGO Legislation
June 26, 2009
Robert Greenstein testified June 26th on why..."pay-as-you-go discipline is important, why enactment of a statutory pay-as-you-go rule to reinforce Congressional rules can be beneficial, and why enactment of a statutory pay-as-you-go rule is not itself sufficient to achieve fiscal sustainability."
Duration: 7:11
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Testimony: Robert Greenstein on the “Pay As You Go” Budget Rule
Updated June 25, 2009
Mr. Chairman, Congressman Ryan, and members of the Committee, I appreciate the opportunity to appear here today to explain why I think pay-as-you-go discipline is important, why enactment of a statutory pay-as-you-go rule to reinforce Congressional rules can be beneficial, and why enactment of a statutory pay-as-you-go rule is … -
Joint Statement: Robert Greenstein and James Horney on the President’s “Pay As You Go” Budget Proposal
June 10, 2009
President Obama’s proposal to require policymakers to fully pay for all new entitlement increases and tax cuts, rather than deficit-finance them, is an important first step to restore fiscal responsibility. Critics charge that the pay-as-you-go, or PAYGO, proposal is riddled with … -
Video: Robert Greenstein Discusses the President's Budget on Washington Journal
May 8, 2009
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A Brief Analysis of the Congressional Budget Plan
May 4, 2009
The budget resolution Congress adopted last week for fiscal year 2010[1] largely reflects the proposals in the preliminary budget President Obama submitted to Congress in February. Under the budget resolution: Deficits will be very high by historical standards in the next several years … -
Huffington Post Op-Ed: Senate to Uber-Rich: “Help Is on the Way”
April 13, 2009
"...Is this the time to spend about $90 billion over the next decade to give the nation's wealthiest households a new, multi-million-dollar tax cut? The U.S. Senate apparently thinks so." Read more -
Lincoln-Kyl Estate Tax Amendment is Both Unnecessary and Unaffordable
Revised April 10, 2009
On April 2 the Senate narrowly adopted (by a 51-48 vote) an amendment to the budget resolution by Senators Blanche Lincoln and Jon Kyl that would substantially weaken the estate tax. This proposal is both fiscally irresponsible — it would pave the way for a significant increase in … -
Policy Points: Congressional Budgets Pass Early Tests on Deficits and Economy, but Questions Remain
April 3, 2009
On the whole, the budget plans that the House and Senate approved yesterday pass the twin tests of: (1) beginning to address long-term deficits, or at least not making these deficits worse; and (2) not undermining the fiscal stimulus Congress recently passed. [i] The … -
House Republican Budget Would Aid Wealthy Individuals and Corporations, Cut Public Services, Slow Economic Recovery
April 2, 2009
The House Republican budget, introduced April 1 by Rep. Paul Ryan (R-WI), calls for a massive transfer of resources from the broad majority of Americans to the nation’s wealthiest individuals and corporations.[1] It provides the richest households with a new round of very costly tax reductions by extending the Bush high-income tax cuts and adding another set of tax cuts that … -
An Analysis of the House and Senate Budget Plans
April 1, 2009
The congressional budget resolutions that the House and Senate are considering this week are essentially consistent with the budget blueprint that President Obama submitted to the Congress in February.[1] The President’s budget and the House and Senate plans (which their … -
Scoring Health Legislation
April 1, 2009
The National Institute for Health Care Management Foundation has released a new edition of Expert Voices, Scoring Health Legislation by Paul N. Van de Water, PhD, Senior Fellow, Center on Budget and Policy Priorities. The fate of legislative proposals in the U.S. Congress often hinges on how much they are estimated to increase or decrease the federal budget deficit. Currently, the Congressional Budget Office … -
Obama Budget Reduces Deficit by $900 Billion Compared to Current Budget Policies
March 31, 2009
Contrary to some claims, President Obama’s 2010 budget would reduce federal deficits by about $900 billion over the next ten years compared to current budget policies. The $900 billion is the difference between deficits over the next decade under the President’s budget, as estimated by the Congressional Budget Office (CBO), and projected deficits … -
Two Key Tests for House and Senate Action on Congressional Budget Resolution
March 31, 2009
As Congress prepares a budget resolution for fiscal year 2010, it should apply two key tests to any proposed change in the plans approved by the House and Senate Budget Committees: Would the proposal support economic recovery in the near term? Would … -
High-Income Households Would Face Lower Tax Burden under Obama Budget than In Clinton Years, When Economy Performed Well
March 26, 2009
Despite claims that President Obama would impose a massive, damaging tax increase on wealthy Americans, the top 1 percent of Americans would actually pay a slightly smaller share of their income in federal taxes under the President’s proposals than during the Clinton Administration, when the economy grew strongly. Specifically, the top … -
History Contradicts Claim That President’s Budget Would Harm Small Business Job Creation
March 26, 2009
Critics have claimed that President Obama’s proposal to roll back tax cuts for families with incomes above $250,000 would kill job growth in the small business sector. But under the Clinton Administration, when the tax treatment of high-income families was very similar to what President Obama has proposed, small businesses … -
Testimony: Robert Greenstein on Tax Proposals in the President's Budget before the Senate Committee on Finance
March 26, 2009
I appreciate the invitation to appear before the Committee today. I am Robert Greenstein, Executive Director of the Center on Budget and Policy Priorities, a policy institute that focuses on fiscal policy issues and issues affecting low- and moderate-income families. This testimony makes the following points: As the Congressional … -
Statement of Robert Greenstein, Executive Director, on the New Report From the Congressional Budget Office
March 20, 2009
Today’s disturbing report from the Congressional Budget Office projects larger budget deficits over the next ten years than the President’s budget estimates, mainly because the economy is weaker than the Obama Administration and many private forecasters projected just a few months ago. These … -
Limiting Itemized Deductions for Upper-Income Taxpayers Would Have Little Effect on Small Business, Charities, Housing
March 12, 2009
Despite persistent claims to the contrary, the President’s proposal to cap the value of itemized deductions at 28 percent would have only small effects on small business, charitable giving, and homeownership. That’s because the proposal, which would save $318 billion over the next ten years to help finance health care reform, would affect only those tax … -
Policy Basics: Congress's “Pay-As-You-Go” Budget Rule
March 5, 2009
The pay-as-you-go rule, also known as PAYGO, is designed to encourage Congress to offset the cost of any legislation that increases spending on entitlement programs or reduces revenues so it doesn’t expand the deficit. Under PAYGO, Congress must pay for such legislation by reducing other entitlement spending or increasing other revenues. … -
Cap and Trade Can Fight Global Warming Effectively While Also Protecting Consumers
March 3, 2009
Some critics of President Obama’s budget have argued that the proposal to place a cap on greenhouse gas emissions to combat global warming represents a tax increase for virtually all Americans. That claim is misleading because it focuses on just one aspect of the Administration’s cap-and-trade proposal. It ignores … -
Very Few Small Business Owners Would Face Tax Increases Under President's Budget
February 28, 2009
Some critics of the President’s budget charge that his proposals to roll back tax breaks for taxpayers with incomes over $250,000 would harm small businesses. In fact, only 8.9 percent of people with any small business income have incomes of over $250,000 and, thus, would even potentially be affected by these provisions. (See … -
Podcast: Examining the Administration's 2010 Budget
February 27, 2009
This podcast discusses the President’s budget outline for fiscal year 2010.
Robert Greenstein discusses the priorities in the budget, as well as specific initiatives in major areas such as health care, taxes, and climate change. They also examine the budget’s implications for the federal deficit and debt and fiscal responsibility, and evaluate whether the budget’s numbers are honest or rely on gimmicks.
Duration: 20:54
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Statement by Robert Greenstein, Executive Director, on the President's 2010 Budget Proposal
February 27, 2009
The President’s budget represents a bold and courageous proposal to make progress in restoring fiscal discipline while addressing two central problems of our time — a broken health care system and the threat of catastrophic global warming — and other national needs. … -
Economic Recovery Package Would Give 3.8 Million Low- and Moderate-Income Students — Thousands in Every State —Access to Higher-Education Tax Credit
Revised February 26, 2009
The “Hope Credit,” which provides a tax subsidy for college tuition costs, was established in 1997. Its goal, in part, was to enable students who could not otherwise afford to attend college to do so. Yet until now, 3.8 million prospective college students — more than a fifth of all high-school-age children nationwide … -
Trillion-Dollar Deficits Greet New Administration: CBO Analyzes Current Budget Policies
February 26, 2009
The Congressional Budget Office (CBO) has recently issued three scenarios that offer alternative views of the current budgetary situation.[1] Assuming continuation of the budget policies that were in effect in January 2009, CBO’s analysis shows that the federal budget deficit would average more than $1 trillion a year over the next ten years and climb higher in the … -
Video: Greenstein Debates the Budget Plan on the Newshour with Jim Lehrer
February 26, 2009
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New Analysis Shows "Tax Expenditures" Overall Are Costly and Regressive
February 23, 2009
“Tax expenditures” for individuals totaled about $760.5 billion in 2007, topping what the federal government spent on either national defense or all non-defense discretionary programs, a new analysis by the Urban Institute-Brookings Institution Tax Policy Center (TPC) shows.[1] In most cases, these tax expenditures are also regressive — that is, they benefit … -
Video: Statement by Robert Greenstein, Executive Director, at President Obama's Fiscal Responsibility Summit
February 23, 2009
Mr. President, Mr. Vice President, distinguished guests — I am honored to be here. I have a lot to cover in just a few minutes with your indulgence, so I’ll get right to it. The Center on Budget and Policy Priorities recently analyzed the fiscal outlook through mid-century, and our results are similar … -
Podcast: Key Differences in the House and Senate Stimulus Plans
February 10, 2009
This podcast featuring Robert Greenstein and Len Burman (Co-director, Urban Institute-Brookings Institution Tax Policy Center and Senior Fellow, Urban Institute) discusses the key differences between the House and Senate economic recovery packages in both the tax and spending areas and address how Congress should resolve them.
Duration: 25:23
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Podcast: Reality Check on the Stimulus Debate
February 5, 2009
This podcast featuring Robert Greenstein discusses whether stimulus proposals being offered in the Senate this week would make the overall recovery package more or less effective in boosting the economy. He also addresses a number of misconceptions circulating around the House and Senate recovery packages.
Duration: 16:50
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Economic Recovery Bill Would Add Little to Long-Run Fiscal Problem
January 16, 2009
The $825 billion economic recovery package offered by congressional leaders will have only a very small impact on the nation’s long-term fiscal problem, adding just 3 percent to the budget shortfall through 2050. While the package aims to put millions of unemployed Americans back to work, some question whether the nation can afford to add such a large amount …
