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  • The House Democratic Budget: Real Tax Hikes, Real People
    Posted in HBC Publications on March 12, 2008 | Preview rr

    The Democratic budget for fiscal year 2009 will impose the largest tax increase in American history – roughly $683 billion over 5 years – mainly to finance the Majority’s hundreds of billions in new spending. Here are some examples of how the Democrats’ tax hikes would affect workers, families, and small businesses. Raising the 10-Percent Tax Rate Bracket to 15 Percent. More than 6 million individuals and families who previously owed no taxes would become subject to the individual income tax in ... Read more

  • The House Democratic Budget: Spend Now, Spend Later
    Posted in HBC Publications on March 12, 2008 | Preview rr

    The Democratic budget is full of spending increases, and ideas for spending even more. Here are some facts: Proposes a Record-Setting 1-Year Appropriations Increase. The budget promotes an astonishing 8.8-percent ($82 billion) year-to-year increase in total nonemergency discretionary spending. This annually appropriated spending rises from the $933-billion enacted level in fiscal year 2008 to $1.015 trillion in 2009. The figure also reflects a $23.4-billion increase over the President’s request ... Read more

  • Republican Substitute: The Budget Resolution for Fiscal Year 2009
    Posted in HBC Publications on March 11, 2008 | Preview rr

    The Republican budget achieves balance by 2012 without raising taxes, and achieves repeal of the alternative minimum tax [AMT] by 2013. It supports the President’s request for national defense, boosts homeland security and veterans’ funding, and takes steps toward rescuing the Federal Government’s major entitlement programs – especially Medicare and Medicaid – from their currently unsustainable spending path. The budget also promotes accountability, imposing a moratorium on earmarks, and requiri... Read more

  • Budget Demorats Choose Pork Over Paychecks
    Posted in HBC Publications on March 6, 2008 | Preview rr

    House Budget Committee Democrats yesterday rejected numerous attempts by Republicans to reduce wasteful spending and strike tax hikes from their reckless $3.1-trillion budget. Here is a sampling of the Democrats’ party-line votes for reckless spending and tax hikes, and against common-sense budget process reforms. Pork Over Paychecks: Democrats unanimously voted against a 1-year earmark moratorium, once again choosing pork over the paychecks of American workers. Pork Over Veterans: Democrats una... Read more

  • The House Democratic Budget: The Status Quo - and Then Some
    Posted in HBC Publications on March 6, 2008 | Preview rr

    The Democratic budget introduced yesterday contains the usual mix of higher taxes and higher spending – only more so. The Majority’s “new” fiscal blueprint, as reported by the Budget Committee, calls for an even larger tax increase than last year, totaling $683 billion over 5 years. But the budget still manages to soak up the additional revenue with an array of proposals to expand government, setting in motion a vicious cycle of ever-higher spending chased by ever-higher taxes. Further, the Demo... Read more

  • Fiscal Overview of the President's Budget
    Posted in HBC Publications on February 4, 2008 | Preview rr

    Although the administration projects an increase in this year’s deficit due to the slowing economy, the President’s 2009 budget submission still balances the budget by 2012 – as it did last year – through a near freeze on non-Defense and non-Homeland Security discretionary spending and reforms to entitlement programs. Overall spending increases at an average of 3.0 percent per year over the next 5 years, which is well below the projected increase in real gross domestic product [GDP]. The budget ... Read more

  • The Presidents FY09 Budget
    Posted in HBC Publications on February 4, 2008 | Preview rr

    While the President’s fiscal year 2009 budget proposal projects an increase in this year’s deficit due to the slowing economy, it achieves balance by 2012 – without raising taxes – by maintaining pro-growth policies, holding non-security discretionary spending to a near freeze, and reforming some of the largest, and least sustainable, entitlement programs. Read the full report here. Read more

  • Hearing: The Congressional Budget Office's Budget and Economic Outlook
    Posted in Speeches and Statements on January 23, 2008 | Preview rr

    Thank Chairman Spratt, welcome back Director Orszag. Short-Term Forecast Over the past few years, I think we’ve almost come to expect good news when it comes to our near-term deficit projections. We’ve seen dramatic declines in the federal deficit – well below projections – for each of the past three years. In fact, last year at this time, we even found ourselves on what many described as a “glide path” to near-term balance as a result of our economy’s performance. So it’s no surprise that many ... Read more

  • Hearing:The Near-Term Outlook for the U.S. Economy
    Posted in Speeches and Statements on January 17, 2008 | Preview rr

    Thank you Chairman Spratt for organizing this hearing - it is well timed, and I can’t think of a more authoritative witness to discuss the state of the economy than Chairman Bernanke. Clearly, the Fed faces a particularly challenging environment right now. Americans have genuine, and legitimate, concern about the expectations of slower economic growth in the months ahead. Last week, I held 15 listening sessions with my constituents back in Wisconsin. And – as I would imagine was the case in most... Read more