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  • CBO’s Economic Analysis of the President’s 2013 Budget
    Posted in HBC Publications on April 20, 2012 | Preview rr
    Tags: Economy / Financial

    Following up on its scoring of the fiscal effects of the President’s 2013 budget, CBO today released a separate macroeconomic analysis of the policies in that budget. CBO finds that the President’s budget would shrink the economy over the longer-term, relative to current law, by as much as 2.2 percent. This reduction in economic output would, in turn, exacerbate the already large projected deficits under the President’s budget. CBO also finds that when these macroeconomic effects are taken into ... Read more

  • The Fiscal Effects of Faster Growth
    Posted in HBC Publications on March 22, 2012 | Preview rr
    Tags: Economy / Financial

    KEY POINTS: Experts point to tax reform as an essential remedy for the short-term economic malaise as well as a steady foundation for longer-term growth and prosperity. A better-designed tax system, by incentivizing economic growth, could raise output. The rate of economic growth is one of the most important factors affecting the federal budget – and The Path to Prosperity contains a number of policy changes, such as fundamental tax reform and structural Medicare reforms, with the potential to ... Read more

  • Additional Fiscal Comparisons on The Path to Prosperity
    Posted in HBC Publications on March 20, 2012 | Preview rr
    Tags: Economy / Financial

    The report on the House Republican Budget, The Path to Prosperity, includes summary tables making comparisons to the President’s budget as re-estimated by the Congressional Budget Office (CBO). These tables show the clear choice the country faces between two fiscal futures. To provide additional information on the House Republican Budget, this supplement makes comparisons to CBO’s baseline, as well as a current policy baseline calculated from CBO and JCT data. . To provide full context and the b... Read more

  • Analysis of the President’s Budget for FY2013
    Posted in HBC Publications on February 24, 2012 | Preview rr
    Tags: Entitlements: Health Care / Social Security , Taxes, Economy / Financial

    KEY POINTS The President’s budget spends too much – a net spending increase of $1.5 trillion above current projections. The President’s budget taxes too much – a net tax increase of $1.9 trillion above current projections. The President’s budget borrows too much: It adds over $11 trillion to the national debt. Instead of cutting the deficit in half as promised, it delivers a deficit of over $1 trillion, the fourth in a row during this administration. The President’s budget uses gimmicks to crea... Read more

  • President's Budget Charts Path to Debt and Decline
    Posted in HBC Publications on February 13, 2012 | Preview rr
    Tags: Entitlements: Health Care / Social Security , Taxes, Economy / Financial

    The President has not merely ducked from our fiscal and economic challenges, but—with his fourth straight budget flop—he has advanced policies that dangerously accelerate the crisis before us. His gimmick-filled budget fails to reduce the fast-rising debt, permanently entrenches unsustainable levels of government spending, and erects new barriers to upward mobility. His plan stifles economic growth, threatens the health and retirement security of millions of Americans, and commits the next gener... Read more

  • CBO Confirms Federal Workers Enjoy Advantages Over Private Sector Counterparts
    Posted in HBC Publications on January 30, 2012 | Preview rr
    Tags: Economy / Financial

    Earlier today, the Congressional Budget Office (CBO) released a study confirming the differences in compensation between federal government employees and their private-sector counterparts. While millions of Americans continue to struggle with stagnant wages and high unemployment, government bureaucrats in Washington continue to enjoy significant advantages over those whose tax dollars finance their compensation. Key points from the CBO’s comparison of employee compensation between federal civili... Read more

  • The Budgetary Impact of H.R. 3835
    Posted in HBC Publications on January 30, 2012 | Preview rr
    Tags: Economy / Financial

    The House is currently considering the passage of H.R. 3835, legislation introduced by Rep. Sean Duffy (WI-07), which would freeze federal civilian employees’ and Members of Congress’ pay. A similar provision was included in previous House Republican efforts to extend the payroll tax, in which the pay freeze included a reduction in the statutory discretionary spending caps set by the Budget Control Act [BCA]. During consideration of the payroll tax debate last fall, the CBO scored the pay-freeze... Read more

  • President Obama’s Missed Budget Deadlines
    Posted in HBC Publications on January 27, 2012 | Preview rr
    Tags: Entitlements: Health Care / Social Security , Economy / Financial

    The Budget and Accounting Act of 1921 requires the President to submit his budget request for the upcoming fiscal year no later than the first Monday of February. Earlier this week, the Obama administration announced that for the third time in four years it will not adhere to this legal deadline. The Office of Management and Budget cites “the need to finalize decisions and technical details of the document.”[1] This failure to meet statutory budget obligations has become a pernicious pattern for... Read more