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Did the Appropriations Bill Provide a Sufficient Increase in Low-Income Energy Assistance to Cover Spiraling Home Heating Costs?
Revised November 23, 2004
Because of large increases in home heating costs in recent months, the funding level that Congress provided for the Low-Income Home Energy Assistance Program (LIHEAP) [1] in the recently enacted omnibus appropriations bill for fiscal year 2005 is not sufficient to cover the expected large increases in home heating costs. Many … -
Official Treasury Report Shows Fourth Year Of Deficit Growth, Despite Economic Recovery
Revised October 14, 2004
Fiscal Year 2004 ended on September 30, and today the Treasury Department reported that the deficit for 2004 was $413 billion, or 3.6 percent of Gross Domestic Product.[1] At 3.6 percent of GDP, the 2004 deficit marks the fourth consecutive year of fiscal deterioration, the first time this has happened since the U.S. … -
Deficits and the Mid-Session Review
Revised October 1, 2004
On July 30, the Office of Management and Budget released new projections stating that the budget deficit will grow to $445 billion in fiscal year 2004. This is $70 billion larger than the 2003 deficit, which stood at $375 billion. Despite the economic recovery, the deficit has continued to rise significantly. 2004 will be the … -
New Congressional Budget Office Estimates Show Continued High Deficits and Further Fiscal Deterioration
Revised October 1, 2004
Executive Summary On September 7, the Congressional Budget Office released new estimates showing that the budget deficit will grow to $422 billion in fiscal year 2004. [1] This is $46 billion higher than the 2003 deficit, which stood at $375 billion. Despite the economic recovery, the deficit has continued to rise. 2004 will … -
New Congressional Budget Office Estimates Show Continued High Deficits and Further Fiscal Deterioration
Revised October 1, 2004
Executive Summary On September 7, the Congressional Budget Office released new estimates showing that the budget deficit will grow to $422 billion in fiscal year 2004. [1] This is $46 billion higher than the 2003 deficit, which stood at $375 billion. Despite the economic recovery, the deficit has continued to rise. 2004 will … -
Official Facts Contradict Administration Statements: Decline In 2004 Deficit Estimate Is Not Due To Faster Economic Growth
Revised October 1, 2004
On September 7, the Congressional Budget Office released a report estimating that the budget deficit will equal $422 billion in fiscal year 2004. Although this is $46 billion larger than the deficit in 2003, the increase in the deficit is smaller than had been projected earlier in the year, when CBO estimated the 2004 deficit … -
Administration's Latest 2004 Deficit Projection Appears Overstated;
August 10, 2004
On August 2, three days after the Office of Management and Budget (OMB) projected that the fiscal year 2004 deficit will total $445 billion, the Treasury Department issued data indicating a deficit of $418 billion, nearly $30 billion below the OMB projection. [1] Similarly, the latest deficit forecast from the Congressional Budget … -
Statement: Robert Greenstein on the Administration’s Mid-Session Review
July 30, 2004
Today, the Administration released new projections showing a fiscal year 2004 budget deficit of $445 billion. This represents an increase in the deficit of $70 billion over its level of $375 billion in 2003, despite the fact that we are in an economic recovery. The continued deterioration … -
Deficit Picture Grimmer Than CBO's March Projections Suggest
June 4, 2004
In March, the Congressional Budget Office issued new budget projections that show the federal government running a large cumulative deficit over the next ten years.[1] As CBO acknowledges, however, its baseline projection is unrealistically optimistic, since it does not include the costs of continuing various policies, … -
Press Release: Excerpts From Joint Statement In Support Of Restoring Pay-As-You-Go
April 20, 2004
Issued Jointly With Growing concerns that large chronic budget deficits once again threaten our economic future have led Members of Congress to consider whether to reinstate the pay-as-you-go rule (PAYGO) and, if so, whether to include an exemption for tax cuts. Our organizations strongly believe that PAYGO should be renewed in its … -
Methodology: The Current Course: Deficits As Far As the Eye Can See
April 20, 2004
Issued Jointly With Last month, the Congressional Budget Office (CBO) issued new budget projections that show the federal government running a large cumulative deficit over the next ten years. As CBO acknowledges, however, its baseline projection is unrealistically optimistic, since it does not include the cost of continuing current … -
Joint Statement In Support Of Restoring Pay-As-You-Go Budget Enforcement For Tax Cuts And Entitlements
April 20, 2004
Issued Jointly With Growing concerns that large chronic budget deficits once again threaten our economic future have led Members of Congress to consider whether to reinstate the pay-as-you-go rule (PAYGO) and, if so, whether to include an exemption for tax cuts. Our organizations strongly believe that PAYGO should be renewed in its … -
Does The Administration's Budget Overstate The Likely 2004 Deficit?
February 2, 2004
The Administration appears to have noticeably overstated the deficit for the current year, 2004, just as it overstated the 2003 deficit last July. In issuing its mid-session budget forecast last July, the Administration projected a considerably larger deficit for fiscal year 2003 than the Congressional Budget Office and other analysts … -
War And Anti-Terrorism Spending Or Rampant Growth In Domestic Programs
February 1, 2004
“[C]onservatives have complained about the 31.5 percent growth in discretionary spending since Bush took office. [1] …the conservative Heritage Foundation's analyst said that "no matter how you massage the numbers it's still a 27 percent increase in two years."… [He] said that with enactment of the … -
Is Domestic Spending Exploding?
Revised February 1, 2004
In recent weeks, a number of newspapers have reported on growing discontent among conservatives who charge that federal spending in general — and domestic spending in particular — are growing at explosive rates and that the President and Congress need to crack down on domestic spending growth. The claims of dramatic … -
The Omnibus Appropriations Bill: Are Appropriations for Domestic Programs Exploding?
Revised February 1, 2004
The President recently signed the omnibus appropriations bill for fiscal year 2004. Debate over this legislation has been accompanied by charges that appropriations in general — and appropriations for domestic programs in particular — are spiraling out of control. This analysis examines the rate of growth in appropriated … -
CBO Figures Indicate Lower Revenues, Not Higher Spending, Account for the Large Deficit
January 26, 2004
The Congressional Budget Office’s new report on the federal budget demonstrates that the return of large budget deficits is more a reflection of diminished revenues than, as some have recently implied, of increased spending. CBO estimates that revenues in 2004 will drop to historically low levels, their lowest level as a …
