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OMB Announces Amounts of Budget Cuts Under Sequestration

March 4, 2013

The Office of Management and Budget has calculated how deeply the automatic budget cuts — known as sequestration — which began on Friday, will cut programs.  These figures differ slightly from our earlier estimates and are reflected in the table below.
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Three Reasons Why Unused Funds Aren’t a Painless Source of Deficit Savings

March 4, 2013

Senator Marco Rubio (R-FL) and several other congressional Republicans have proposed canceling $45 billion in unused funding that Congress provided for discretionary programs in prior years, using the savings to shrink deficits.  The idea that...

How Big Are the Automatic “Sequestration” Cuts Scheduled for March 1?

February 11, 2013

Update March 4:  Click here for the Office of Management and Budget’s calculations of the cuts under sequestration.

We have slightly revised our estimates of the...

$1.5 Trillion More in Deficit Savings Would Stabilize Debt Over Coming Decade

February 11, 2013

Our updated analysis explains that policymakers could stabilize the public debt as a share of the economy over the coming decade by enacting $1.5 trillion more in deficit reduction, beyond the savings that the 2011 Budget Control Act, the “fiscal cliff” tax...

Here’s How the March 1 Sequester Would Work

January 22, 2013

Update March 4:  Click here for the Office of Management and Budget’s calculations of the cuts under sequestration.

Automatic budget cuts — known as sequestration — had been scheduled for January 2, but the so-called “fiscal cliff” budget deal postponed them...

Why Stabilizing the Debt Is an Appropriate Target

January 18, 2013

CBPP estimates that $1.4 trillion in additional deficit savings — on top of those in the 2011 Budget Control Act, the recent “fiscal cliff” tax deal, and other legislation — would stabilize the public debt as a share of the economy over the next decade (see...

Obama Revenue Figure Well Below Bowles-Simpson

November 16, 2012

11-16-12bud.jpgPresident Obama has called for $1.6 trillion in new revenue over ten years as part of a deficit-reduction package.  Senate Minority Leader Mitch McConnell said yesterday that this is more than the Bowles-Simpson commission...

The Myth of the Exploding Safety Net

October 23, 2012

A new Congressional Research Service (CRS) report shows that federal spending on low-income programs has risen significantly in recent years.  Does this mean that safety net programs are growing out of control and are a major cause of the nation’s long-term budget...

Five Basic Points About Bowles-Simpson

October 4, 2012

Our new report — What Was Actually in Bowles-Simpson? — has the details, but below are five basic points about the budget plan from presidential deficit commission co-chairs Erskine Bowles and Alan Simpson.

  1. Bowles-Simpson called for $6.3 trillion in deficit reduction over fiscal years 2013-
  2. ...

Deficit Reduction, Phase One

September 25, 2012

Debates over how — and how much — to reduce projected deficits often overlook the fact that the first stage of large-scale deficit reduction is already in law.  As our new report explains, legislation enacted last year, most notably the Budget Control Act, will produce $1.5 trillion in savings in discretionary (that is, non-...

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