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  • The Need for Macroeconomic Scoring
    Posted in HBC Publications on December 23, 2014 | Preview rr

    Elected officials can’t strengthen the economy if they don’t even know how their decisions affect the economy. For that very reason, Congress relies on two nonpartisan organizations to prepare cost estimates of legislation: the Congressional Budget Office and the Joint Committee on Taxation.[1] And for that same reason, the House is modifying one of its rules to make greater use of their work. A cost estimate is like a price tag. It adds up all the expected changes in revenue and outlays over a ... Read more

  • Higher Education: A Contrast in Commitment
    Posted in HBC Publications on May 21, 2014 | Preview rr
    Tags: Education

    Higher Education in Brief Pell Grants: Maintains the current maximum award ($5,730). Income-Based Repayment: Caps loan payments to 15 percent of discretionary income and forgives loan balance after 25 years. Stafford Loans: Eliminates the subsidy for interest costs that accrue while students are in school. Pell Grants The House-passed budget maintains the current maximum award ($5,730) for the Pell Grant program. The Pell Grant program is on an unsustainable course. Costs have skyrocketed in rec... Read more

  • President Obama’s Tax-Hike Hypocrisy
    Posted in HBC Publications on April 8, 2014 | Preview rr
    Tags: FY 2015 House Budget

    In Brief: President Obama proposed a $1.8 trillion tax increase on hardworking families. House Republicans proposed revenue-neutral tax reform to create jobs. President Obama invents phony statistics to mask his tax-hike hypocrisy. __________________________ The President claims the House Republican budget hands out “massive tax cuts to households making more than $1 million a year.” But that’s simply not true. This budget calls for revenue-neutral tax reform that both broadens the tax base and ... Read more

  • Responsible Spending Restraint and Reform
    Posted in HBC Publications on April 7, 2014 | Preview rr
    Tags: FY 2015 House Budget

    In Brief A smaller increase is not a spending cut. Under this budget, spending will grow, on average, by 3.5 percent a year over the next decade—on the current path, it will grow by 5.2 percent. This budget spends $3.5 trillion on Medicaid over the next ten years. We increase spending every year from fiscal year 2016 onward. This budget spends $600 billion on food stamps over the next decade. And it does not convert SNAP into a block grant until 2019, when the economy will have recovered. This b... Read more

  • National Security: A Contrast in Commitment
    Posted in HBC Publications on April 1, 2014 | Preview rr
    Tags: FY 2015 House Budget

    The first job of the federal government is securing the safety and liberty of its citizens from threats at home and abroad. Whether defeating the terrorists who attacked this country on September 11, 2001, deterring the proliferation of weapons of mass destruction, or battling insurgents who would harbor terrorist networks that threaten Americans’ lives and livelihoods, the men and women of the United States military have performed superbly. The House Republican budget provides for the best equi... Read more

  • CBO and the Macroeconomics Benefits of Deficit Reduction
    Posted in HBC Publications on April 1, 2014 | Preview rr

    Economic growth is one of the major factors behind federal revenue and spending levels—and therefore the size of budget deficits—over a given period. So the Congressional Budget Office has a long history of analyzing the macroeconomic and budgetary effects of deficit reduction, and this year, CBO has estimated the economic impact of the deficit reduction in the House Republican budget resolution. CBO concludes that reining in government spending and paying down the debt have a positive and lasti... Read more

  • House Republicans’ Commitment to Oversight and Accountability
    Posted in HBC Publications on April 1, 2014 | Preview rr
    Tags: FY 2015 House Budget

    This budget makes a renewed effort to reduce waste, fraud, and abuse throughout the federal government. It calls upon the President and Congress to work together to enhance oversight and increase transparency. And with any additional savings, Congress can reinvest in essential federal services and help pay down the national debt. Addressing improper payments. According to U.S. Comptroller General Gene L. Dodaro, there were approximately $106 billion in government-wide improper payments in fiscal... Read more

  • The Threat to National Security
    Posted in HBC Publications on April 1, 2014 | Preview rr
    Tags: FY 2015 House Budget

    Defense Spending Is Shrinking as a Share of the Federal Budget In 1962,[1] defense spending was roughly 50 percent of the federal budget. Today, defense spending is just 18 percent. And on our current path, CBO estimates defense will eventually fall below 10 percent. Non-Defense Spending Is Growing Non-defense spending, on the other hand, now consumes 75 percent of every federal dollar. And the bulk of that spending is now classified as “mandatory.” Social Security, Medicare, and Medicaid have ... Read more

  • The Bipartisan Budget Act Builds on Fiscal Discipline
    Posted in HBC Publications on December 12, 2013 | Preview rr
    Tags: The Bipartisan Budget Act of 2013

    Background The Budget Control Act (BCA) did two things: First, it put caps on discretionary spending, saving about $1 trillion. Then, it created a Joint Select Committee on Deficit Reduction (“super committee”) and tasked it with finding at least $1.2 trillion in additional deficit reduction by 2021. In case the committee failed to report such a bill or Congress failed to pass it, the BCA directed the President to order an automatic sequestration of non-exempt funds to achieve that $1.2 trillio... Read more

  • Setting the Record Straight
    The Bipartisan Budget Agreement

    Posted in HBC Publications on December 10, 2013 | Preview rr
    Tags: Taxes, Reconciliation, The Bipartisan Budget Act of 2013

    Q: Does this agreement reduce the deficit? A: Yes. This agreement provides for $63 billion in additional discretionary spending in 2014 and 2015—in return for a permanent deficit reduction of $85 billion. On net, this bill reduces the deficit by $23 billion. Q: Is the deficit reduction that significant? A: The House-passed budget cut over $4 trillion in spending and balanced the budget. The Senate-passed budget increased spending by $1 trillion and never balanced. This budget agreement represent... Read more