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  • The False Charge of a $5 trillion “tax cut” in the House Republican Budget
    Posted in HBC Publications on October 3, 2012 | Preview rr
    Tags: Economy / Financial

    “You can go on their website, look at Congressman Ryan’s budget. The centerpiece of Governor Romney’s entire economic plan is a new $5 trillion tax cut, a lot of it going to folks like me, a lot of it going to the wealthiest Americans.” – President Barack Obama, August 18, 2012, Rochester, NH. Key Points The House Republican budget proposed revenue neutral tax reform. It did not propose a net tax cut and characterizing the House Republican budget as including a large tax cut is a clear distortio... Read more

  • Summary of OMB Sequester Transparency Act Report
    Posted in HBC Publications on September 14, 2012 | Preview rr
    Tags: Economy / Financial

    On September 14, 2012, over a week after the statutory deadline, the Office of Management and Budget released a report detailing the impacts of the automatic sequester scheduled to take effect on January 2, 2013. The report provides details for the 897 accounts subject to sequester, a description of accounts that are exempt or partially exempt, and the estimated reduction for each account both in nominal terms and as a percentage of budgetary resources subject to sequester. Read full report HERE... Read more

  • The Arithmetic of the President’s $4 Trillion Deficit Reduction Claim
    Posted in HBC Publications on September 7, 2012 | Preview rr
    Tags: Economy / Financial

    Despite claims that the President has a $4 trillion deficit reduction plan, the President’s own budget shows only a $2 trillion reduction in the deficit over 10 years, while the debt increases by $11 trillion. After removing gimmicks and using CBO data, the President’s budget shows only $577 billion in deficit reduction over 10 years. In contrast of the claim of $2.50 in spending reductions for every $1 in tax increases, the President’s own budget actually shows $20 in tax increases for every $... Read more

  • Assessing President Obama's Fiscal Record
    Posted in HBC Publications on August 2, 2012 | Preview rr

    Early in his Administration, President Obama promised to cut the deficit in half. While he clearly did not keep that promise, he has gone on to assert that his budget achieves $4 trillion in deficit reduction, and recently he claimed, “Since I’ve been President, Federal spending has risen at the lowest pace in 60 years.” Many were left wondering how this could be possible with President Obama presiding over unprecedented trillion-dollar deficits for four consecutive years, adding over $5 trillio... Read more

  • America’s Defining Challenge: Will we leave the next generation with more opportunity?
    Posted in HBC Publications on June 8, 2012 | Preview rr
    Tags: Economy / Financial

    In March, CBO did an economic analysis of the House Republican budget – the Path to Prosperity (P2P). That analysis showed that the P2P would increase the economy’s total output (as measured by GNP), relative to the baseline scenario, by as much as 1 percent in 2030, 3 percent in 2040 and a full 6 percent in 2050. In contrast, CBO found that one version of the fiscal status quo – the so-called alternative fiscal scenario (AFS) in which current tax and spending policies are extended indefinitely... Read more

  • The Facts on President Obama’s Budget Record
    Posted in HBC Publications on June 7, 2012 | Preview rr
    Tags: Entitlements: Health Care / Social Security , Taxes, Economy / Financial

    Despite a promise to cut the deficit in half by the end of his first term, the President has run annual deficits in excess of $1 trillion for four years in a row. Since the President took office, annual government spending has increased by 25%, with the federal government spending $3.6 trillion this past year. As a share of the economy – Federal spending has averaged over 24% of gross domestic product – the highest level as a share of the economy since World War II. Actions taken by President O... Read more

  • Correcting Distortions and Myths on Tax Relief and Deficits
    Posted in HBC Publications on June 7, 2012 | Preview rr
    Tags: Taxes, Economy / Financial

    Fueled by the unsustainable growth in government spending, the federal government’s budget deficits have increased sharply in recent years, eclipsing the $1 trillion mark the past three years and are on track to do so for a fourth. Gross public debt has already surpassed the size of the entire U.S. economy, and the debt trajectory in the years ahead, if left uncorrected, will stifle economic growth and ensure a diminished future for generations to come. Some in Washington refuse to curb the gove... Read more

  • How much does the Sequester Replacement Reconciliation Act of 2012 reduce the deficit?
    Posted in HBC Publications on May 9, 2012 | Preview rr
    Tags: Economy / Financial , Reconciliation

    Current CBO cost estimate of SRRA: $242.8 billion in deficit reduction The House plans to consider the Sequester Replacement Reconciliation Act of 2012 (SRRA) on Thursday, May 10. This legislation replaces the deficit reduction from a “sequester” of discretionary spending that is scheduled to occur on January 2, 2013. This sequester would lower the cap on FY 2013 discretionary spending from $1.047 trillion to $949 billion, achieving $98 billion in budget authority savings. The House Republican ... Read more

  • 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