Deficits and Projections Archive
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Statement by Robert Greenstein on the Congressional Budget Office’s New Long-Term Budget Forecast
December 13, 2007
The new Congressional Budget Office report shows that rising health care costs are the largest driver of the nation’s long-term budget problems. But CBO’s projections also indicate that the costs of making expiring tax cuts — such as those enacted in 2001 and 2003 … -
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 … -
Testimony of Robert Greenstein on Economic Security and Long-term Budget Projections
January 30, 2007
I appreciate the invitation to appear before you today. I direct the Center on Budget and Policy Priorities, a nonprofit policy institute that conducts research and analysis on fiscal policy matters, as well as on programs and policies for low-income families and individuals. Last winter, the Center was asked by the Carnegie Roundtable on Economic … -
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 … -
There Is No General “Entitlement Crisis”
January 29, 2007
As is well known, the United States will face grave budget challenges in coming decades. In a new set of federal budget projections through 2050, we find that if current policies remain unchanged, federal expenditures will increase substantially as a share of the economy and revenues will fall short of covering expenditures by increasing amounts, leading to exploding … -
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 …
