Social Security is the largest program in the federal budget. It provides monthly income to more than 60 million Americans — 75.8% of Social Security recipients are retirees. That spending is financed by a tax on workers’ wages. As the…
Most Americans know that the defense budget constitutes a substantial portion of federal spending, but there remains plenty of confusion as to just how much. While a quick search can answer that for you (spoiler alert: $850 billion in FY…
Federal expenditures fall into two basic categories: mandatory spending and discretionary spending. Entitlement programs, such as Social Security and Medicare, and programs whose funding is authorized automatically by existing law are considered mandatory spending because, once enacted, they do not…
The official federal budget process currently in statute was established by the Congressional Budget and Impoundment Control Act of 1974. The Act outlined a structure and timeline to more formally coordinate lawmakers’ crafting of the federal budget. However, the legislation…
Every year, Congress is responsible for funding the federal government. To do so, lawmakers must approve 12 separate appropriations bills by the start of the fiscal year on October 1st. For the 28th year in a row, Congress has failed…
I. What’s the Debt? How big is the U.S. national debt? Some reports say that it’s $36 trillion and others say it’s $29 trillion. The two numbers may cause some confusion but both are correct. They simply measure two different…
This week the Senate Budget Committee released a plan that would add nearly $6 trillion to the national debt and simply ignore the roughly $4 trillion cost of extending several expiring tax cuts because they are “current policy,” while tacking…
September 4, 2024 Download PDF In 1994, President Clinton appointed us to co-chair the Bipartisan Commission on Entitlement and Tax Reform. We were hopeful that Congress and the President would come together on a plan to put the budget on…
Introduction According to the Congressional Budget Office (CBO), the federal government will continue to face a large and growing shortfall between taxes and spending, resulting in a rising level of federal debt held by the public.[1] This debt will crowd…
Introduction According to public opinion polls, most Americans believe the rich do not pay their fair share of taxes.[1] While these polls do not reveal what the public believes a fair share would be, many pundits and politicians suggest history…
On March 11, President Biden transmitted to Congress his proposed budget for FY 2025. Although a Republican-controlled House means the Biden budget has little chance of enactment without significant modification, it represents an important starting point for negotiations and is…
A Panel Discussion on January 19, 2024, hosted by the Warren B. Rudman Center for Justice, Leadership & Public Service at the UNH Franklin Pierce School of Law When: January 19, 2024, 12:00 to 1:30 pm Where: Panel discussion in Room G85…
