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  • The President’s Budget: Bad for Economic Growth and Bad for Jobs
    Posted in HBC Publications on April 12, 2013 | Preview rr
    Tags: Entitlements: Health Care / Social Security , Economy / Financial

    In 2010, economists Ken Rogoff and Carmen Reinhart completed a widely cited study that looked at the historical relationship between public debt and GDP growth and inflation in a variety of advanced and developing countries. The study used data from 44 countries and spanned roughly 200 years. It found conclusive empirical evidence that when gross public debt exceeds 90 percent of GDP in these countries, economic growth declines materially. Among the 20 advanced countries in the study, for instan... Read more

  • The Facts About the President’s Budget
    Posted in HBC Publications on April 11, 2013 | Preview rr
    Tags: Economy / Financial

    While there is no dispute that the President’s budget request never achieves balance, the President is making a variety of claims about the amount of deficit reduction that would be achieved if Congress adopted his budget request. As the House Budget Committee has explained before, claims about deficit reduction are always highly dependent on reduction from what starting point (called a baseline in budget parlance). @font-face { font-family: "Cambria Math"; }@font-face { font-family: "Calibri"; ... Read more

  • Joint Statement from Chairman Patty Murray and Chairman Paul Ryan
    Posted in Press Releases on April 10, 2013 | Preview rr
    Tags: Economy / Financial , FY 2014 House Budget

    Following their meeting earlier today, Senate Budget Committee Chairman Patty Murray and House Budget Committee Chairman Paul Ryan released the following joint statement: “We had a constructive discussion about moving forward under regular order. We recognized the many differences between the House and Senate budget resolutions and the challenge we face in reaching an agreement. We are committed to working to find common ground. We look forward to continuing the conversation as we move toward a ... Read more

  • Ryan: The President’s Budget Is a Missed Opportunity
    Posted in Press Releases on April 10, 2013 | Preview rr
    Tags: Entitlements: Health Care / Social Security , Taxes, Economy / Financial

    WASHINGTON—House Budget Committee Chairman Paul Ryan of Wisconsin issued the following statement in response to President Obama’s FY2014 budget proposal: “I’m disappointed by the President’s proposal because it merely ratifies the status quo. It doesn’t break new ground; it goes over old ground: It takes more from families to spend more in Washington. And the White House says they never balance the budget. Instead, it raises taxes by $1.1 trillion. It increases spending by $964 billion. And it ... Read more

  • The President’s Plan Takes More to Spend More
    Posted in HBC Publications on April 10, 2013 | Preview rr
    Tags: Entitlements: Health Care / Social Security , Taxes, Economy / Financial

    Their Budget Never Balances—Ever The House budget balances in ten years, but, like Senate Democrats, the White House says their budget never balances—ever. $8.2 Trillion in New Debt Accounting for the cost of eliminating the sequester and removing the budget gimmicks, net deficit reduction is only $119 billion. Additional deficit increase in FY2013: $61 billion Total U.S. debt in 2023: $25.4 trillion Debt increase per household: $60,980 Interest payments on the debt in 2023: $763 billion Defici... Read more

  • House Passes a Responsible, Balanced Budget
    Posted in Press Releases on March 21, 2013 | Preview rr
    Tags: Economy / Financial , FY 2014 House Budget

    WASHINGTON—Earlier today, the House of Representatives passed H. Con. Res. 25, the budget resolution for fiscal year 2014. The House Republican budget stops spending money Washington doesn’t have and fosters a healthier economy to create jobs. This marks the third consecutive year House Republicans have passed a responsible budget on time. Moments before passage of House Republicans’ responsible, balanced budget, Chairman Paul Ryan of Wisconsin made the following statement on the House floor: “T... Read more

  • Cogan & Taylor: How the House Budget Would Boost the Economy
    Posted in In Case You Missed It on March 18, 2013 | Preview rr
    Tags: Economy / Financial , FY 2014 House Budget

    By John F. Cogan and John B. Taylor Excerpt: This week the House of Representatives will vote on its Budget Committee plan, which would bring federal finances into balance by 2023. The plan would do so by gradually slowing the growth in federal spending without raising taxes. Still, the plan has been denounced by naysayers who assert that it would harm the economic recovery and that, at the least, any spending reductions should be put off until later. This thinking is just as wrong now as it was... Read more

  • A Contrast in Visions
    Posted in HBC Publications on March 15, 2013 | Preview rr
    Tags: Economy / Financial , FY 2014 House Budget

    For the first time since 2009, the Senate Budget Committee met in open session and reported a budget resolution. Their effort this past week reveals why they went so long without a budget. Because they refuse to control spending, their budget imposes massive new tax increases on hardworking families. Despite all the talk of taking a “balanced approach” to the budget, Senate Democrats concede that the federal budget would never balance, ever. This brief summarizes the key differences between the ... Read more

  • House Budget Committee Markup of the Concurrent Resolution on the Budget for FY2014
    Posted in Press Releases on March 13, 2013 | Preview rr
    Tags: Economy / Financial , FY 2014 House Budget

    Welcome, everybody. I want to start by thanking the members of this committee. As you know, writing a budget is a tough job—because you have to make choices. But everybody pitched in this year. And I’m grateful for your help. I’m especially grateful to ranking member Chris Van Hollen. This committee has a long tradition of bipartisan cooperation—which he and his staff have continued. I know we will have some spirited debates in the hours ahead. But we will hold those debates in a spirit of good ... Read more

  • The GOP Plan to Balance the Budget by 2023
    Posted in Commentary on March 12, 2013 | Preview rr
    Tags: Economy / Financial , FY 2014 House Budget

    America's national debt is over $16 trillion. Yet Washington can't figure out how to cut $85 billion—or just 2% of the federal budget—without resorting to arbitrary, across-the-board cuts. Clearly, the budget process is broken. In four of the past five years, the president has missed his budget deadline. Senate Democrats haven't passed a budget in over 1,400 days. By refusing to tackle the drivers of the nation's debt—or simply to write a budget—Washington lurches from crisis to crisis. House Re... Read more