“[T]he nation’s budget outlook over the coming decade has not changed materially in the five months since [the Congressional Budget Office] released its previous projections,” according to CBO’s update of the federal budget released today. The estimated deficit for the fiscal year that will end on September 30 is $1.342 trillion — just 2 percent ($27 billion) smaller than CBO’s March estimate.
BEYOND THE NUMBERS
Rep. Paul Ryan and his budget plan are getting a lot of respectful attention in the press. (See here and here.) New York Times columnist Matt Bai suggests Ryan’s plan might represent “the starting point in what could be a serious negotiation about entitlements and spending.” But a careful look at the plan shows it to be a radical blueprint to shift massive resources from the broad majority of Americans to the very wealthy, while leaving the budget on an unsustainable course for decades.
Today’s the final day of our countdown of the top ten facts about Social Security in honor of its 75th anniversary this weekend. We released a report today summarizing all ten.
Who stands to gain the most if Congress extends the middle-class Bush tax cuts: a middle-income worker or a millionaire? The millionaire (see graph). That’s one more reason — on top of those listed here — why Congress shouldn’t add a trillion dollars in deficits and debt over the next decade by also extending the tax cuts exclusively for the richest 2 percent of families.
The Heritage Foundation’s Brian Riedl continues to defend his claim that the Bush tax cuts aren’t a major contributor to current and future deficits. Our analysis shows otherwise.
Last week, 42 senators voted for a proposal by Senator Jim DeMint (R-SC) to permanently extend all of the Bush income tax rate cuts while cutting programs to pay for it (though they didn’t specify which ones). Supporters included all Senate Republicans except Senator George Voinovich, plus two Democrats — Senators Ben Nelson and Blanche Lincoln. This vote, which has received little media attention, constitutes a major warning to anyone concerned about the nation’s fiscal future and its basic priorities.
The National League’s home run leader, Washington Nationals slugger Adam Dunn, hit two homers on Wednesday in the Nats’ 7-2 win over the Arizona Diamondbacks. What would you do if a disgruntled Diamondback suggested that Major League Baseball should not count those homers toward his individual home run total and toward the Nats’ run total in their 7-2 win because, somehow, this amounted to “double counting”? You’d laugh, right?
Listen below to Executive Director Robert Greenstein and Senior Fellow Paul Van de Water discuss the new annual reports, released today, of the Social Security and Medicare trustees.
The trustees of the Social Security and Medicare trust funds will release their annual reports tomorrow. Although these reports generally come out by April 15, the trustees often miss that deadline. This year, the trustees delayed the reports to give the actuaries at the Social Security Administration and the Centers for Medicare & Medicaid Services time to incorporate the effects of the Affordable Care Act (the recently enacted health reform legislation).
Here are a few things to anticipate and keep in mind about the reports to come tomorrow:
Today, we sat down with Chuck Marr, the Center’s Director of Federal Tax Policy, to discuss the tax cuts that are set to expire at the end of the year.