Obama’s Deficit Reduction Plan Has Room for Improvement
Sep 27, 2011
The nation is less than two months away from what could be a seminal moment in its fiscal history. In late November, the new “Super Committee,” formed by the recent debt ceiling deal, will release its set of recommendations to cut the federal budget deficit by $1.2 trillion. In an effort to influence the hectic debate the committee’s recommendations are sure to start, President Obama released on Sept. 19 a $3.3 trillion deficit reduction plan as a package of recommendations for the committee to adopt.
Despite Debt Ceiling Deal, Future Budget Road Looks Bumpy
Sep 13, 2011
Although the recent debt ceiling deal theoretically brings Republicans and Democrats into agreement on spending levels for the next 10 years, the two parties remain miles apart on key budgetary issues. These fissures are likely to become apparent as Congress comes back into session and legislators begin work on a stop-gap continuing resolution over the coming weeks to stave off a government shutdown at the beginning of the next fiscal year, which starts Oct. 1.
read in fullDebt Ceiling Deal Erodes Public Protections, Government Services
Aug 16, 2011
The debt ceiling deal signed into law Aug. 2 will remake the federal budget process in the years to come. The procedures put in place by the new law are complex, and the final budgetary outcome will depend on a variety of factors. With $841 billion in immediate budget cuts, and with up to $2.5 trillion in total deficit reduction over the next 10 years, the law, known as the Budget Control Act (BCA), will have a profound effect on everything from public and environmental protections to education to federal information transparency.
read in fullDemocracy Demands High Level of Super Committee Transparency
Aug 16, 2011
During the past week, leaders of the House and Senate announced the members of the debt ceiling deal's Super Committee. Now, all eyes are turning to the committee's co-chairs, Sen. Patty Murray (D-WA) and Rep. Jeb Hensarling (R-TX), to see if they will institute basic transparency standards that many within and outside government are calling for. With so much decision making power concentrated in the hands of just 12 members of Congress, the country deserves the maximum possible level of transparency in the committee's operations.
read in fullThe Biggest Loser in the Debt Ceiling Deal: American Democracy
Aug 9, 2011
Like everyone else in the country, at OMB Watch, we are trying to find a sliver of hope in the outcome of the debt ceiling debacle. We are relieved that default was avoided, since the immediate repercussions could have been worse than the volatility we've seen in recent days. But the debt deal effectively steals the instruments government has to try to heal our wounded economy. Financial analysts across the globe have noticed, and anxieties about the effects of sputtering U.S. consumer demand are deepening.
Commentary: Why Congress Needs to Pass a Clean Debt Ceiling Bill
Jul 27, 2011
Washington is embroiled in a massive debate over raising the debt ceiling, the statute that sets a limit on the amount of money the federal government can borrow. If the ceiling is not raised before Aug. 2, the nation could default on its debt, which could create immediate and long-term damage to an economy already beset with problems.
read in fullThe Backup Budget
Jul 12, 2011
A bizarre ritual is going on in Congress in advance of fiscal year (FY) 2012. Appropriators are doing their job, writing and passing bills setting the year’s discretionary spending levels, but their efforts might be wasted. With the budget becoming tightly entwined with the looming debt ceiling deadline, all of the recent appropriations activity is probably for naught.
Campaign to Cut Waste Uses Recovery Tools to Improve Performance, but Challenges Remain
Jul 12, 2011
On June 13, President Obama signed an executive order (E.O.) initiating the "Campaign to Cut Waste." The E.O., titled "Delivering an Efficient, Effective, and Accountable Government," builds on many of the administration’s previous reforms while borrowing some of the better tools developed to execute and oversee the American Recovery and Reinvestment Act (Recovery Act). However, its impact may be reduced due to recent budget cuts to a key government transparency fund.
read in fullCommentary: Stronger Estate Tax Should Be Part of Debt Ceiling Deal
Jun 28, 2011
Anti-tax ideologue Grover Norquist of Americans for Tax Reform (ATR) and his allies in Congress are calling for repeal of the estate tax. However, as lawmakers look to address our nation’s long-term fiscal dilemma, they should consider the estate tax a key piece of the puzzle and should include a stronger version of the tax in any deal to raise the debt limit.
Budget Process Stuck at Square One and In Danger of Irrelevance
Jun 1, 2011
From the outside, a great deal seems to be happening with the fiscal year (FY) 2012 budget process. The House debated a "clean" bill to raise the debt ceiling and is starting to vote on its yearly appropriations bills, and the Senate just voted on four budget proposals. But looks can be deceiving: despite these recent actions, the nation's budget process is teetering on the edge of irrelevance.
