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  • The Long-Term Fiscal Outlook Is Bleak
    Richard Kogan, Kris Cox, and James R. Horney
    December 16, 2008

    This report updates the Center on Budget and Policy Priorities’ projections of federal spending, revenues, deficits, and debt through 2050. These projections — like the projections the Center issued in January 2007 and the projections by other institutions such as the Congressional Budget Office (CBO), Government Accountability …
  • Podcast: Long Term Deficit Projections Highlight Need for Action
    Featuring: Robert Greenstein
    December 16, 2008

    This podcast discusses a report that provides updated long-term federal budget projections. The report describes the factors driving the big increases in deficits and debt projected for the next several decades, such as rapidly rising health care costs and revenues that are inadequate to cover even current expenditures. This podcast features the Center's Executive Director Robert …
  • Press Release: New Long-Term Deficit Projections Paint Grim Picture
    December 16, 2008

    The nation faces a grim long-term budget outlook even after the economy recovers from the current recession, with the prospect of skyrocketing deficits and debt in the coming decades that will far eclipse all previous levels, the Center on Budget and Policy Priorities reported today. Driving this grim outlook are at least three factors: (1) …
  • How Projected Surpluses Became Deficits
    Gillian Brunet and Richard Kogan
    September 12, 2008

    The federal budget is projected to run a $546 billion deficit in 2009, compared with the $710 billion surplus that budget experts projected for 2009 back when President Bush took office nearly eight years ago. This $1.3 trillion deterioration in the nation’s fiscal finances for 2009 can be seen by comparing estimates that the …
  • A Balanced Approach to Restoring Fiscal Responsibility
    Henry Aaron, Nancy Altman, Kenneth Apfel, James Blum, Peter Diamond, Robert Greenstein, Richard Kogan, Jack Lew, Marilyn Moon, Van Doorn Ooms, Uwe Reinhardt, Charles Schultz, Robert Solow, and Paul Van de Water
    July 9, 2008

    In a recent paper, “Taking Back Our Fiscal Future,” a group of policy analysts from several Washington think tanks proposed a radical change in budget procedures related to Social Security, Medicare, and Medicaid as a way to address budget deficits projected for future decades. They urged Congress to establish 30-year budgets, or caps, for these programs. The White House would conduct a review every five years. If it projected that expenditures would exceed the caps, the programs would face automatic cuts or related tax increases.

  • Testimony of James Horney on Addressing the Nation's Financial Challenges
    Featuring: James R. Horney
    June 26, 2008

    Chairman Carper, Senator Coburn, Members of the Committee, thank you for the opportunity to appear here today to talk about the long-term fiscal problems facing the United States. My name is James Horney. I am the Director of Federal Fiscal Policy at the Center on Budget and Policy Priorities, which is a non-partisan, non-profit …
  • Testimony of Robert Greenstein at the Hearing on the SAFE Commission Act and the Long-Term Fiscal Challenge
    Featuring: Robert Greenstein
    June 24, 2008

    Mr. Chairman and Mr. Ryan, thank you for inviting me to testify today. My testimony will focus primarily on the general question of whether a “budget commission” would be useful at this point as a way to address the serious long-term fiscal problems the nation faces. I would like to make three principal observations. First, the …
  • Policy Points: "Tax Extenders" Bill the Latest Test of Congress's Commitment to Fiscal Discipline
    June 10, 2008

    “Tax extenders” legislation now before the Senate has become the latest battleground in the intensifying debate over whether Congress should abide by its “pay-as-you-go” (PAYGO) rules and pay for new tax and budget measures so they don’t expand the deficit.  Opposition to abiding by PAYGO is also impeding congressional action to extend Alternative Minimum Tax relief …
  • The Congressional Budget Plan
    James R. Horney and Richard Kogan
    May 22, 2008

    On May 20, House and Senate negotiators reached agreement on a congressional budget plan for fiscal year 2009 (S.Con.Res. 70), which the House and Senate plan to vote on by the end of this week. This paper provides a brief analysis of the plan and how it compares with the budget President Bush submitted earlier this year. Current …
  • Statement by Robert Greenstein, on Misleading Claims That Congressional Budget Plan Calls For "Largest Tax Increase In History"
    Robert Greenstein
    May 20, 2008

    Some claim that the budget plan of the conferees — which the House and Senate are scheduled to consider this week — would constitute “the largest tax increase in history.”  This claim is inaccurate, just as the same claim was inaccurate with regard to the budget …
  • Federal Spending, 2001-2008: Defense Is a Rapidly Growing Share of the Budget, While Domestic Appropriations Have Shrunk
    Richard Kogan
    Revised March 6, 2008

    Both last year and this year, President Bush called for large funding increases for defense and related programs while demanding considerable restraint in domestic appropriations. And this year, like last year, he has threatened to veto appropriations bills if Congress does not adhere to his tight domestic levels. Some may think …
  • Fact-Checking the Budget Resolution Debate
    Aviva Aron-Dine
    Revised March 13, 2008

    In the ongoing debates over the House and Senate budget resolutions, some members of Congress have made questionable or inaccurate statements regarding various issues.  This brief factsheet, which will be updated as needed throughout the debates, corrects the record regarding some of the most egregious examples. 1.  “Eighteen million seniors will see their …
  • Administration's Budget Does Not Reflect Administration Policies
    Kris Cox
    March 5, 2008

    Administration’s fiscal year 2009 budget released on February 4 did not fully reflect the Bush Administration’s policies. While claiming to reach a surplus of $48 billion by 2012, the budget projections omitted the costs of two policies central to the Administration. The Administration says it is committed …
  • Bush Budget Would Cut Domestic Discretionary Programs by $20 Billion In 2009
    Sharon Parrott, Kris Cox, Danilo Trisi, and Douglas Rice
    February 20, 2008

    The President’s 2009 budget would provide some $20.5 billion [1] less for domestic discretionary programs outside of homeland security — a broad category of programs that includes everything from child care to environmental protection to medical research — than the 2008 level, adjusted for inflation.[2] The …
  • Testimony of Robert Greenstein on the Long- and Short-Term Budget Outlook
    Featuring: Robert Greenstein
    February 13, 2008

    I am Robert Greenstein, executive director of the Center on Budget and Policy Priorities.  The Center is an independent, nonprofit policy institute that conducts research and analysis on a range of federal and state policy issues, with particular emphasis on fiscal policies and policies …
  • The Dubious Priorities of the President's FY 2009 Budget
    Robert Greenstein, James R. Horney, Richard Kogan and Edwin Park
    Revised February 7, 2008

    The President’s budget would provide more tax cuts heavily skewed to the most well-off while cutting vital services for low- and moderate-income Americans, generating large deficits, and increasing the strain on states already confronting budget problems as a result of the economic downturn.  The budget …
  • 2008 Omnibus Appropriations Bill Cuts Funding for Head Start
    Sharon Parrott
    Revised February 6, 2008

    This year, as in 2007, Congress and the President are likely to have a contentious debate about the appropriate level of overall funding for “appropriated” programs — the programs funded through the annual appropriations process, including most education, environmental, veterans, defense, and transportation …
  • Statement by Robert Greenstein: Reported Stimulus Package Would Provide Little Immediate Boost Due to Removal of Most Effective Provisions
    Robert Greenstein
    January 24, 2008

    Changes reportedly made last night in the stimulus package would reduce its effectiveness as stimulus. Although the package includes a reasonably designed tax rebate, the two most targeted and economically effective measures under consideration — a temporary extension of unemployment benefits and a temporary boost in food stamp …
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