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  • 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

  • The Bipartisan Budget Agreement’s Spending Cuts
    Posted in HBC Publications on December 10, 2013 | Preview rr
    Tags: The Bipartisan Budget Act of 2013

    The bipartisan budget agreement includes specific, concrete spending cuts, which come to a total of $85 billion in savings. Below are the most notable examples: Eliminate waste Stop paying Medicaid bills that dead-beat dads and insurance companies should cover. That’s a $1.4 billion spending cut. Stop sending unemployment checks to criminals. That’s just common sense. Stop sending government checks to dead people. There’s no reason to tolerate fraud. Stop favoritism End the special treatment for... Read more

  • User Fees in the Bipartisan Budget Act of 2013
    Posted in HBC Publications on December 10, 2013 | Preview rr
    Tags: The Bipartisan Budget Act of 2013

    What is a user fee? The Congressional Budget Office (CBO) defines a user fee as “money that the federal government charges for services, or for the sale or use of federal goods or resources, that generally provide benefits to the recipients beyond those that may accrue to the general public. The amount of a user fee is typically related to the cost of the service provided or the value of the good or resource used. . . .”[1] Why is a user fee different from a tax? People can decide whether to use... Read more

  • The Transportation Security Administration and the Aviation-Security Fee
    Posted in HBC Publications on December 10, 2013 | Preview rr
    Tags: The Bipartisan Budget Act of 2013

    Background and Budget The Transportation Security Administration (TSA) was established by the Aviation and Transportation Security Act of 2001 to “protect the nation’s transportation systems to ensure freedom of movement for people and commerce.” Although TSA has security responsibilities in all forms of transportation, its main focus is aviation security. TSA has just over 55,600 full-time equivalents (FTE), the vast majority of which are passenger and baggage screeners in the Aviation Security... Read more

  • The Need to Reform Military Compensation
    Posted in HBC Publications on December 10, 2013 | Preview rr
    Tags: The Bipartisan Budget Act of 2013

    @font-face { font-family: "Arial"; }@font-face { font-family: "Courier New"; }@font-face { font-family: "Wingdings"; }@font-face { font-family: "Cambria Math"; }@font-face { font-family: "Calibri"; }@font-face { font-family: "Georgia"; }@font-face { font-family: "AGaramond-Regular"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0in 0in 10pt; line-height: 115%; font-size: 11pt; font-family: Calibri; }p.MsoFootnoteText, li.MsoFootnoteText, div.MsoFootnoteText { margin: 0in 0in 0.0001pt; fon... Read more

  • The Case for Structural Reform
    Posted in HBC Publications on October 9, 2013 | Preview rr
    Tags: Entitlements: Health Care / Social Security

    Key Points Entitlement programs are driving the national debt. Structural reforms to these programs will help beneficiaries and save the most money. If we wait too long, interest rates will rise, and the debt will spiral out of control. But if we act now, we will pay down our debt and boost our standard of living. Introduction Entitlement programs are growing so large that they could go bankrupt and spark a debt crisis. At their core, they have structural problems. So to both strengthen these c... Read more

  • CBO: Spending Is Still the Problem
    Posted in HBC Publications on May 14, 2013 | Preview rr
    Tags: Taxes, Reconciliation

    Moments ago, the Congressional Budget Office (CBO) provided a fresh reminder of Washington’s out-of-control spending. CBO updated its budget outlook with the following deficit and debt estimates: This year’s budget deficit = $642 billion FY2023 budget deficit = $895 billion Total deficits over the next decade = $6.34 trillion Gross federal debt in 2023 = $25.2 trillion What Drives the Debt? According to CBO’s outlook, revenue is projected to grow each and every year. In 2023, CBO predicts the fe... Read more

  • 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