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  • Spending is the Problem
    Posted in HBC Publications on December 13, 2012 | Preview rr
    Tags: Economy / Financial

    VIEW AS: PDF JPEG PowerPoint Excel Data President Obama’s most recent budget called for $2 trillion of tax increases on families and job creators. He continues to call for tax increases that are bad for economic growth and bad for jobs. His tax increases won’t expand opportunity for the tens of millions of Americans living in poverty. And as this chart clearly shows, they won’t solve our debt crisis. Spending is the problem. More from Speaker Boehner’s office: http://www.speaker.gov/general/spe... Read more

  • President Obama’s Record on Youth Employment
    Posted in HBC Publications on October 18, 2012 | Preview rr
    Tags: Economy / Financial

    In the 2008 presidential election, President Obama received overwhelming support from young voters. The past four years has produced the following results and prospects for young Americans: Among 16 to 24-year-olds, the unemployment rate is 15.5%. After adjusting for the decline in the labor force participation rate (LFPR), i.e. individuals leaving the labor force, the unemployment rate rises to 20 percent. Student debt now totals nearly $1 trillion dollars, more than all of American credit card... Read more

  • 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