Reports by James R. Horney
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Labor-HHS-Education Bill – What’s at Stake
Revised November 16, 2007
Congress is poised to send the President a bill that provides funding for a broad array of domestic discretionary programs — that is, non-entitlement programs whose funding is provided each year through the annual appropriations process. The Senate on November 7 approved a bill (H.R. 3043) that includes funding for programs … -
The House Has Complied This Year With Its New “Pay-As-You-Go” Rule: But Greater Challenges Lie Ahead
November 7, 2007
In early January, the House of Representatives established a Pay-As-You-Go rule. The rule prohibits the House from considering any tax or entitlement legislation that would increase projected deficits over the coming ten-year period. Proposed entitlement increases must be fully offset, or “paid for,” by reductions in … -
House SCHIP Legislation Would Repeal Dubious “45-Percent Threshold” Provision
July 30, 2007
Legislation to extend the State Children’s Health Insurance Program and make various changes in Medicare, which the House is scheduled to consider this week, would repeal a so-called “45-Percent Threshold” provision affecting Medicare that was slipped into the 2003 Medicare prescription drug bill. Some lawmakers argue … -
Statement by James Horney, Director of Federal Fiscal Policy, Center on Budget and Policy Priorities, on OMB’s Mid-Session Review
Revised July 13, 2007
Today’s increase in estimated federal revenues for the current year, which the Administration says shows its tax cuts are boosting economic growth, isn’t surprising and doesn’t really say anything about the effects of the tax cuts on the economy. Large mid-year increases in … -
CBO Estimate Shows the Senate Immigration Bill's Budget Impact Is Very Modest
Revised June 6, 2007
Yesterday the Congressional Budget Office issued an analysis that clearly refutes claims that the immigration bill being considered by the Senate would “bust the budget” and that indicates the bill would likely have little effect on deficits. CBO’s cost estimate of the legislation concludes that “the net impact on the unified … -
The Congressional Budget Plan
Revised May 29, 2007
On May 16, House and Senate negotiators reached agreement on a Congressional budget plan for fiscal year 2008 (S Con Res 21). Both the House and the Senate passed the conference report (S Rpt 110-153) the next day, and the report has now gone into effect as the approved fiscal year 2008 budget plan. This paper provides a brief overview of the conference … -
Forthcoming Medicare Trustees’ Report May Contain Dubious "Medicare Funding Warning"
April 20, 2007
While Medicare faces a serious long-term financing problem that must be addressed, the annual report of the Social Security and Medicare trustees to be released on April 23 may contain a dubious “Medicare Funding Warning” that is based on a deeply misleading measure of the program’s health. Under a last-minute provision slipped … -
The House Budget Committee's Budget Plan
Revised March 22, 2007
The House Budget Committee voted early this morning along party lines to approve a budget plan that the full House is scheduled to consider next week. This budget, which is very similar to the one approved by the Senate Budget Committee last week, marks an important first step in restoring fiscal responsibility in Congressional budgeting. [1] Restoring … -
Key Argument Against Applying Pay-As-You-Go To Tax Cuts Does Not Withstand Scrutiny
March 22, 2007
In early January the House of Representatives instituted a “pay-as-you-go” rule, under which entitlement expansions and tax cuts — including the extension of expiring provisions of law that expand entitlement programs or cut taxes — must be paid for through offsetting entitlement reductions or tax increases. (PAYGO rules do not … -
The Senate Budget Committee's Budget Plan
Revised March 19, 2007
The Senate is scheduled during the week of March 19 to consider a budget plan that the Senate Budget Committee adopted March 15 on a party-line vote. This budget marks an important first step in restoring fiscal responsibility in Congressional budgeting. Restoring Pay-As-You-Go The budget plan — known as a budget resolution — is notable for … -
The Long-Term Fiscal Outlook Is Bleak
January 29, 2007
In 2006, the federal government ran a deficit of $248 billion, or about 2 percent of the economy. Deficits are projected to average about 2 percent of GDP over the next ten years, assuming the 2001 and 2003 tax cuts are extended. After that, the fiscal situation is expected to deteriorate markedly. In this analysis, we present new projections for the … -
New CBO Report Shows Only Modest Fiscal Improvement
January 24, 2007
Several key findings and conclusions emerge from the new Congressional Budget Office report on the budget and the economy issued today.[1] The CBO report shows significant improvement in the ten-year budget outlook, but the improvement is not nearly as large as a casual reader of the report might think. Part of what appears to be an … -
Statement by James Horney, Director of Federal Fiscal Policy on Reinstatement of the Pay-As-You-Go Rule
January 5, 2007
Today’s House vote to reinstate the pay-as-you-go rule marks a significant and welcome first step in restoring the fiscal discipline that has been sorely lacking in Washington. During the 1990s, a similar pay-as-you-go rule proved to be an important tool in turning deficits into surpluses.…
