CTJ Shows Tax Proposals in Rep. Ryan's 'Roadmap' Lead to Disaster
Mar 10, 2010 by Gary Therkildsen*
In a report released yesterday, Citizens for Tax Justice (CTJ) critically examine the tax policies proposed recently in Rep. Paul Ryan's (R-WI) budget alternative, conventionally titled, "A Roadmap for America's Future." Claims of the proposal "balancing the budget" and "reforming entitlements" have already been thoroughly debunked, but CTJ has contributed a valuable analysis of the young Republican's tax policies, which will actually cost the government "$2 trillion over a decade even while requiring 90 percent of taxpayers to pay more" than they already do in taxes.
read in fullBunning and Co. Jerk American Workers Around
Mar 1, 2010 by Gary Therkildsen*
At the end of last week, Sen. Jim Bunning (R-KY) and the Senate Republican caucus decided to take a stand on government spending by demanding that Congress offset an important tax extenders bill. The bill, which, among other things, sought to extend eligibility for unemployment benefits, COBRA premium assistance, a Medicare doctors' fix, and highway funding, failed to pass because of the GOP's intransigence. While offsetting spending is a sensible policy, this was hardly the appropriate moment to make a point on the issue, as blockage of the extension bill will likely have serious consequences for both jobless Americans and our weak, recovering economy.
read in fullThis Week in Deficit Hawks
Dec 18, 2009 by Gary Therkildsen*
On Thursday, Sen. Joe Lieberman (I-CT), in an attempt to become more "relevant," held a hearing in search of fiscal remedies to the country's growing $12 trillion debt. Rather than provide a platform for exploring different options, though, Lieberman lined up witnesses to trumpet a special congressional commission that could railroad budget "solutions" through Congress. Lieberman, along with several of his hearing witnesses, has joined a small but vocal choir of deficit-hawk-converts that are demanding the government address budget shortfalls immediately, seemingly without regard to current fiscal circumstances.
read in fullCongress Looks to Insert Itself into the Debt *Problem*
Nov 13, 2009 by Gary Therkildsen*
Ugh oh, a recent article in National Journal (subscription required) quotes several members of Congress, including Senate Budget Chair Sen. Kent Conrad (D-ND) and Rep. Frank Wolf (R-VA), expressing strong interest in the creation of a bi-partisan debt-reduction commission with binding recommendation powers to Congress. It seems Conrad, Wolf, and other budget hawks see the administration's need to raise the debt ceiling as the perfect opportunity to press for the creation of such a body. While there's nothing wrong with a debt commission per se, I find the timing and details of this scheme troubling for a number of reasons.
read in fullTwo Conferences on Debt, One Proclaims Debt Good, the Other Declares Debt Bad
Sep 17, 2009 by Gary Therkildsen*
I should mention that the first conference – sponsored by the New America Foundation on Tuesday – discussed the merits of short-term deficit spending in the midst of a recession, while the second academic panel – held yesterday and sponsored by the Peterson-Pew Commission on Budget Reform – discussed the mountainous mid- to long-term debt anticipated with the looming entitlement crisis. The distinction is important, yet often lost in discussions of deficits and debt.
read in fullCBO Jumps to 20-Year Budget Window for Health Care
Sep 15, 2009 by Adam Hughes*
There is an interesting article ($) in CQ this morning about a possible change in forecasting techniques used by the Congressional Budget Office (CBO). Sen. Kent Conrad (D-ND), Chairman of the Senate Budget Committee, announced on Monday that CBO would likely provide cost estimates for the forthcoming Senate health care reform bill beyond the standard 10-year budget window - extending that window to 20 years.
Experts Foresee Disturbing Trend out of Recent Census Data
Sep 11, 2009 by Gary Therkildsen*
With yesterday's release of the Census Bureau's report on income, poverty, and health insurance coverage for Americans in 2008, most economists and analysts agree that while the numbers are bad, next year's numbers will be worse and that trend could continue for a number of years.
read in fullThe CBO's Semi-Regular Social Security Update
Aug 10, 2009 by Jocelyn Yin*
The Congressional Budget Office (CBO) released its latest figures on the long-term finances of Social Security.
read in fullUPDATE: House Passes Statutory PAYGO Legislation 265-166
Jul 22, 2009 by Adam Hughes*
Just a quick update on the House's effort to reinstate Pay-As-You-Go (PAYGO) legislation. The full House passed H.R. 2920 this afternoon by a 265-166 vote. 24 Republicans joined with 241 Democrats to pass the bill by a pretty wide margin. Only 13 Democrats opposed the legislation.
read in full
A Letter to Congress: PAYGO Legislation an Encouraging Start
Jul 21, 2009 by Jocelyn Yin*
This afternoon, OMB Watch submitted a letter to all members of the House of Representatives, encouraging them to support the "Statutory Pay-As-You-Go Act of 2009" ("PAYGO"). Introduced by House Majority Leader, Rep. Steny Hoyer (D-MD), the bill is a crucial first step towards returning to a culture of responsible spending.
read in full
