Reports by James R. Horney
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Republican Proposal To Pay For Payroll Tax Extension Would Increase Already Severe Cuts In Discretionary Programs
December 2, 2011
The plan of Senate Republican leaders to extend and expand payroll tax relief includes a smaller payroll tax cut and would provide less than half of the economic boost of the Democratic alternative. The plan claims to offset the costs of its payroll tax cut by freezing federal employee pay and cutting federal employment, but that claim is … -
Latest Democratic Offer Includes Further Compromise,
Matches Overall Numbers of Toomey Proposal;
Republicans Reject It
November 18, 2011
Democratic members of the Joint Select Committee on Deficit Reduction (called by some the Supercommittee) submitted an offer last Friday in response to a plan put forward earlier in the week by Senator Pat Toomey and other Joint Committee Republicans. Various media institutions reported today that this latest Democratic … -
Video: Jared Bernstein and James Horney Discuss the Perils of a Constitutional Balanced Budget Amendment
November 11, 2011
[A Constitutional balanced budget amendment] "is a really bad idea. First of all, we don’t really have to have a balanced budget. We certainly are running deficits right now, that are really large, now that’s largely because of the economic downturn and in fact it helps us to keep from going deeper into the economic hole, but in the long run, under current policies, we’re facing deficits that are way too large. We should get them down. We have to. But we don’t have to balance them."
"What we have to do is bring deficits down to a level, somewhere below 3% of GDP, that would keep our debt from rising constantly as a share of the economy. That’s the danger."
Duration: 6:12
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Plan From Toomey, Other Republicans Not a First Step Toward Balanced Deficit Reduction
November 10, 2011
Senator Pat Toomey and other Republicans on the Joint Select Committee on Deficit Reduction (“Supercommittee”) portray their new offer to raise close to $300 billion in revenues (under a plan to reduce deficits by about $1.5 trillion over ten years) as a significant concession, and some observers have suggested it represents a … -
Statement: James R. Horney, Vice President Of Federal Fiscal Policy, on President Obama’s Budget Package
September 19, 2011
President Obama proposed a balanced and well-designed package today that would boost economic growth and jobs in the short run while stabilizing federal debt as a share of the economy after 2013. By keeping federal debt held by the public from growing as a share of the economy, the President's … -
Statement: James R. Horney, Vice President Of Federal Fiscal Policy, on the Congressional Budget Office Update of Its Budget and Economic Outlook
August 24, 2011
Today’s Congressional Budget Office update of the nation’s budget and economic outlook reinforces the point that policymakers should not let legitimate concerns about deficits and debt in coming decades prevent them from pursuing policies to boost economic growth and increase jobs in … -
Contrary to Speaker Boehner’s Claim, Budget Deal’s “Supercommittee” Can Consider Revenue Increases
August 1, 2011
Speaker of the House John Boehner erroneously claims that the legislation implementing the new debt limit agreement does not allow the joint congressional committee it establishes to propose revenue increases to help reduce deficits. The legislation does no such thing. Rather, it is the speaker's adamant opposition to … -
Balanced Budget Amendment Would Require More Extreme Cuts Than Ryan Plan
Revised July 27, 2011
The constitutional balanced budget amendment that the House is expected to consider this week is a highly ideological measure that would force Congress to enact the Republican Study Committee's extreme budget plan or something similar to it. Even the House-passed budget plan of House Budget Committee Chairman Paul Ryan would not pass … -
Toomey Budget Even More Radical, and Potentially More Damaging, Than Ryan Budget
May 25, 2011
The Senate will likely consider this week a budget proposal for fiscal year 2012 from Senator Patrick J. Toomey that, in several ways, is even more radical than the House-passed plan of House Budget Committee Chairman Paul Ryan.[1] At first blush, the Toomey plan may seem more moderate than the Ryan budget, which the Senate also will … -
Economic Downturn and Bush Policies Continue to Drive Large Projected Deficits
May 10, 2011
We have since updated this paper. To view the new paper, click here. Some lawmakers, pundits, and others continue to say that President George W. Bush’s policies did not drive the projected federal deficits of the coming decade — that, instead, it was the policies of President Obama and Congress in 2009 and 2010. But, the fact remains: the … -
Ryan Budget Plan Produces Far Less Real Deficit Cutting than Reported
April 8, 2011
On April 9, the House Budget Committee announced corrections to Chairman Paul Ryan’s 2012 budget resolution. The Center’s April 13 blog post updates the data reflected in this report to account for the committee’s correction. Even some critics of House Budget Committee Chairman Paul Ryan’s budget plan have praised his “courage” and his willingness to make “hard … -
In Battle Over 2011 Appropriations, Both Sides Calling for Substantial Cuts
Updated March 11, 2011
Public discussions about congressional efforts to agree on a measure to fund the government for the rest of fiscal year 2011 have focused on the difference between the size of the cuts in non-security appropriations recently passed by the House and an alternative proposed by Senate Democrats and voted on yesterday. This … -
House Bill Means Fewer Children in Head Start, Less Help for Students to Attend College, Less Job Training, and Less Funding for Clean Water
Updated March 1, 2011
Some 157,000 at-risk children up to age 5 could lose education, health, nutrition, and other services under Head Start, while funds for Pell Grants that help students go to college would fall by nearly 25 percent, under a bill passed by the House that would cut current-year non-security discretionary funding by an average of 14.3 percent.… -
House GOP Plan Cuts Non-Security Discretionary Programs 15 Percent Through End of Fiscal Year
February 4, 2011
House Republican leaders announced yesterday the next steps in their plan to impose deep cuts in non-security discretionary (annually appropriated) programs. Under the plan, non-security programs would shrink, on average, by 15.4 percent below current funding under the continuing resolution (which expires on March 4) and 19.4 percent below what President Obama proposed … -
Federal Debt on Unsustainable Path Under Current Policies
January 31, 2011
The latest projections from the Congressional Budget Office (CBO) confirm what we already knew: the federal budget is on an unsustainable path. [1] If we continue current policies — including a further extension of the Bush tax cuts, which policymakers recently extended through 2012 — deficits will remain … -
Statement of James Horney, Director of Federal Fiscal Policy, on CBO’s New Budget Estimates
Revised January 28, 2011
Correction: We have revised this statement to correct numbers in the third bullet. The Congressional Budget Office’s new report on the budget and economic outlook suggests three important points that might be lost in the current cacophony of calls to slash federal domestic … -
House Republican Rule Changes Pave the Way For Major Deficit-Increasing Tax Cuts, Despite Anti-Deficit Rhetoric
Updated January 5, 2011
House Republican leaders yesterday unveiled major changes to House procedural rules that are clearly designed to pave the way for more deficit-increasing tax cuts in the next two years. These rules stand in sharp contrast to the strong anti-deficit rhetoric that many Republicans used on the campaign trail this fall. While …
