Today’s Washington Post urges Congress to let the Bush tax cuts for people making over $250,000 expire. We agree. As our recent report on this issue noted, the high-income tax cuts are simply unaffordable given the huge projected deficits we face. Federal revenues would be $680 billion lower over the next ten years than if Congress lets them largely expire, as the President has proposed.
BEYOND THE NUMBERS
Today, we sat down with Jim Horney, Director of Federal Fiscal Policy at the Center, to discuss myths about health reform and its impact on the federal budget deficit.
Jim, let’s start off at the broadest level. Some opponents of the new health reform law claim that it will increase the federal deficit. Are they correct?
No, they are not correct. The nonpartisan, highly-regarded Congressional Budget Office, or CBO, estimates that the health reform law will reduce deficits by $143 billion over the next 10 years.
Welcome to “Off the Charts,” the new blog of the Center on Budget and Policy Priorities.
We face historic challenges that will shape our future — from ensuring that the economic recovery grows much stronger and produces broadly shared prosperity, to addressing unsustainable long-term budget deficits, to implementing the new health reform law, to reducing poverty. With this blog, we...
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