October 25, 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.

Stuck in the Deficit Ditch

New projections released on Friday afternoon by the Obama administration show that the nation’s finances remain in a deep deficit ditch. This was hardly “news,” but it served as a pointed reminder that much hard work needs to be done to get us back on the road to fiscal sustainability.

Could U.S. Learn From British Experience?

Prime Minister David Cameron’s visit last week to the United States underscored the important relationship between the U.S. and Britain, both politically and economically.

Britain’s new coalition government faces tremendous challenges, many of which are similar to the United States’ problems.  Britain’s public debt was 68 percent of GDP at the end of 2009; the comparable figure for the U.S. was 53 percent.

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