April 18, 2014

Blogs

Budget and Appropriations Update

Below are several developments we have been following since the last edition of the Washington Budget Report (sign up here) was published.

Round Two for Jack Lew

Last week President Obama nominated Jacob “Jack” Lew to be the new head of the Office of Management and Budget (OMB), replacing Peter Orszag, who is stepping down at the end of July. OMB is primarily responsible for developing the President’s budget.

If confirmed by the Senate, as expected, Lew will become OMB director for the second time. He served as President Clinton’s director from 1998 through the end of the Clinton administration in 2001.

IMF Prescribes Both Spending Cuts and Tax Increases for the United States

The International Monetary Fund has given Americans a tough-minded analysis of the challenges we face in putting the country on a more responsible fiscal course. While a recent IMF report points to some bright spots in the U.S. economy and praises federal policies in some key areas, it offers less upbeat predictions than the Obama administration has issued. More belt-tightening, the international organization warns, will be needed in the next few years and beyond.

Budget and Appropriations Update

Below are several developments we have been following since the last edition of the Washington Budget Report (sign up here) was published. 

Budget and Appropriations Update

As Congress returns from its July 4th recess, below are some of the budget stories we have been following since the last edition of the Washington Budget Report (sign up here) was published. 

Congress might pass a bill to increase the deficit by over $4 trillion

Imagine if Congress held a vote in the next few months on a bill that cut nearly $3.7 trillion in income taxes, added $350 billion worth of loopholes and deductions to the tax code, and increased Medicare spending by $236 billion.

There might be quite an uproar. After all, we are experiencing the largest deficits in history with increasing awareness of our clearly unsustainable long-term outlook.

Congressional Leaders Make it Official: No Budget Resolution for FY 2011

Last week congressional leaders confirmed what many have long suspected: Congress will not meet its obligation to pass a budget resolution for FY 2011. At a public forum, House Majority Leader Steny Hoyer said "It isn’t possible to debate and pass a realistic, long-term budget until we’ve considered the bipartisan commission’s deficit-reduction plan, which is expected in December." According to Hoyer, Congress w

How and when to get "Back in Black"

A Washington Post editorial today sums up a bunch of different strands of thinking about the federal budget that Concord has been writing about and talking about a lot recently.

Good Lesson at the Naval War College: A Strong Defense and Fiscal Responsibility Are Not Mutually Exclusive

Last month I participated in a conference of mostly military officials and national security experts at the Naval War College in Newport, RI. The conference title was “Economics and Security: Resourcing National Priorities.” 

Kill the Extenders!

Debate on the so-called “extenders” bill has focused on the size and duration of unemployment benefits, health insurance assistance for those who recently lost their jobs, Medicare physician payments, state aid for health care and various offsets to mitigate the overall effect on the deficit.