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  • Updated Budget Estimates Growing Deficits and Debt
    Posted in HBC Publications on August 25, 2009 | Preview rr

    The Office of Management and Budget [OMB] and the Congressional Budget Office [CBO] today released their updated budget and economic forecasts. The bottom line is as follows: Ten-Year Deficits. OMB shows a deficit $1.9 trillion higher over the next 10 years; CBO’s deficit is $1.6 trillion higher. The largest factor in the deficit increase is the economy, with both OMB and CBO showing a weaker recovery in 2010. CBO shows the unemployment rate averaging 10.2 percent in 2010; OMB shows a 9.8- perce... Read more

  • Points to Consider
    Posted in HBC Publications on August 20, 2009 | Preview rr
    Tags: Economy / Financial

    The administration’s Mid-Session Review, scheduled for release next Tuesday (25 August 2009), will provide an update of budget and economic projections. Key issues to consider when evaluating the report include the following: The 2009 Deficit. Because spending has been higher, and tax revenue lower, the deficit is rising this year to three times the previous record. But if the administration’s claims of deficit “reduction” appear to defy reality, consider its handling of its $250-billion “placeh... Read more

  • $3.4 Trillion and Counting
    Posted in HBC Publications on July 31, 2009 | Preview rr

    SUMMARY Although health care legislation has been delayed, Congress is still likely to consider, before the end of the year, a bill to create a new $1-trillion health care entitlement and begin the Federal Government’s takeover of the health care sector. But this would only add to the President’s wellestablished pattern of huge increases in spending, taxes, and deficits. In just the first 6 months of his administration, the President has pushed legislation that will boost spending $3.4 trillion ... Read more

  • New Programs, More Spending in Student Aid 'Deficit Reduction' Bill
    Posted in HBC Publications on July 30, 2009 | Preview rr

    SUMMARY On the same day the Federal Reserve Chairman was warning Congress about Federal spending and deficits, the Education and Labor Committee reported legislation that: Nationalizes all Federal student loans. Creates ten new entitlement programs. Expands Washington’s role in education. Distorts the budget reconciliation process to create new entitlement spending that will add to the already unsustainable budget commitments of the Federal Government. Increases the deficit by $39 billion, when ... Read more

  • Defense Appropriations
    Posted in HBC Publications on July 28, 2009 | Preview rr

    The Defense appropriations bill – the twelfth and final House appropriations measure to be brought to the floor – provides $636.3 billion in discretionary budget authority [BA] primarily to the Department of Defense [DoD], including $128.3 billion to support “overseas contingency operations” in Iraq and Afghanistan. When those war funds are excluded, the bill represents a 4- percent increase in base DoD spending over the 2009 enacted non-emergency level. The reported bill cuts the President’s re... Read more

  • Hearing: The Recovery Act: Strengthening Our Economy
    Posted in Speeches and Statements on July 24, 2009 | Preview rr

    Thank Chairman Spratt, welcome witnesses (Transportation Secretary LaHood; Interior Secretary Salazar; and Agriculture Secretary Vilsack). I appreciate the opportunity for this Committee to, once again, meet on the subject of the “stimulus” bill. Committee hearings are a key component of Congress’ fact-finding and oversight responsibilities. And I’ll note that I am genuinely disappointed that we have not – and apparently will not – review in this Committee the trillion-dollar health care expansi... Read more

  • Hiding the Cost of the 'Doc Fix'
    Posted in HBC Publications on July 24, 2009 | Preview rr

    Faced with a Congressional Budget Office [CBO] cost estimate showing a $239-billion deficit increase in their health care bill, the Democratic Majority appears to be trying to make their problem disappear. The discussion below explains the maneuvers the Majority is likely to attempt to get that result; but in the end, the issue is simple. If Congress passes the health care bill including higher Medicare physician payments than scheduled under current law, Federal spending will be a trillion doll... Read more

  • Labor-HHS-Education Appropriations
    Posted in HBC Publications on July 24, 2009 | Preview rr

    The fiscal year 2010 appropriations bill for the Departments of Labor, Health and Human Services, and Education, and Related Agencies provides $715 billion in total budget authority [BA] and $775 billion in outlays. This includes $163 billion in new discretionary BA and $219 billion in budget year outlays. This is an increase of $11 billion in BA, or 7.3 percent, over the enacted (scored) 2009 level, and $53 million below the President’s 2010 request (assuming the administration’s proposed shift... Read more

  • Transportation and HUD Appropriations (H.R. 3288)
    Posted in HBC Publications on July 23, 2009 | Preview rr

    A day after rejecting the use of caps to control discretionary spending, the House Majority is bringing to the floor a 25-percent increase for the fiscal year 2010 Transportation, Housing and Urban Development [THUD] appropriations bill (H.R. 3288). The bill provides $68.9 billion in discretionary budget authority [BA]. This represents an increase of $14 billion in BA above the scored 2009 level, and just $46 million less than the President’s 2010 budget request. The large gap between budget aut... Read more

  • Republican Pay-Go Substitute
    Posted in HBC Publications on July 22, 2009 | Preview rr

    The Republican substitute to the Democrats’ pay-as-you-go [pay-go] bill focuses on the fundamental problem with the budget: spending and deficits. It ensures that Federal spending cannot grow faster than the economy; it establishes a cap on discretionary spending, rather than exempting it as the Democrats do; it rejects the practice of chasing higher spending with higher taxes; and it reduces deficits. The bill assumes the permanent extension of all tax relief provisions enacted in 2001 and 2003... Read more