Blog: The Fine Print / Open, Accountable Government

The Baseline

Aug 24, 2007 by Craig Jennings

CBO's The Budget and Economic Outlook: An Update is a statute-directed baseline: "In accordance with long-standing procedures, CBO's projections assume that current laws and policies remain in place." So, the revenue figures in years 2010-2017 reflect a scenario in which the 2001/2003 tax cuts expire (as legislated). If Congress does nothing - that is let the sun set on tax cuts, the Treasury will see surpluses starting in 2012. But if those tax cuts are extended, it's a river of red ink. Federal Budget Surplus/Deficit(-) (billions of dollars) 2012 2013 2014 2015 2016 2017

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CBO Undercuts Bush Claims on Tax Cuts

Aug 23, 2007 by Dana Chasin

What Was the Point ... Is Not at this Point To follow up on Craig's post below on the CBO budget outlook released today, the Center on Budget points out that CBO flatly contradicts the President's claim that "tax cuts are boosting the economy and significantly improving the budget outlook for coming years."

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Rising Pre- and Post-Tax Inequality "not a very interesting story"

Aug 23, 2007 by Craig Jennings

I, however, beg to differ with White House spokesmodel spokesman Tony "Unsurprised" Fratto.

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Seventy-Cent Min Wage Boost Makes a Difference

Aug 23, 2007 by Craig Jennings

Because of the copious amount of media attention the July 23rd minimum wage hike has received, it's possible you missed - what we here at the Budget Blog consider the best reporting on the subject to date - The Onion's coverage: WASHINGTON, DC—Two weeks after the hourly federal minimum wage was raised from $5.15 to $5.85, families across the country were still celebrating the historic increase by running their electric fans, buying coveted half-gallons of milk, and, like Charice Williams of Shreveport, LA, purchasing name-brand ketchup to share with loved ones.

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CBO: Budget and Economic Outlook, an Update

Aug 23, 2007 by Craig Jennings

CBO has released the August update to its Budget and Economic Outlook. The nickel version:
  • FY 2007 deficit is expected to be $158 billion - about $90 billion less than last year's deficit
    • FY 2007 deficit is expected to be $158 billion - about $90 billion less than last year's deficit
    • Revenues are higher than were projected in March due to higher-than-expected income from personal income taxes

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    Meet You at the Corner of Wall and Main

    Aug 22, 2007 by Dana Chasin

    There's a complex relationship between the condition of the nation's capital markets and its macroeconomic performance. Equally complex is the parallel relationship between monetary policy set by the Fed the via interest rates and money supply and the far broader distributive fiscal policy options at the disposal of lawmakers. The past month's heavy losses among big, institutional investors coming at a time when the GDP has been contracting over the last couple of quarters are generating a spate of thought and opinion about this relationship.

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    Links

    Aug 22, 2007 by Matt Lewis

    Lots of good stuff came out today.
    • A Congressional Research Service (CRS, aka the super-authoritative researchers who members of Congress ask to do reports for them, but typically the reports aren't available to the public) comparison of the House and Senate SCHIP bills
    • The House Budget Committee's breakdown of how some of Bush's proposed budget cuts would impact each state
    • A knowledgeable article in the Washington Post about the

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    Calling The President's Bluff

    Aug 22, 2007 by Matt Lewis

    A popular topic of discussion among the budget folk here at OMB Watch is the mystery of President Bush's veto threats, which he's made against just about every remotely progressive piece of legislation being considered by Congress. His party just lost an election, and President Nixon was better liked. Where does he get off trying to stymie Congress?

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    Unprecedented Drop in Incomes "Not Surprising"

    Aug 21, 2007 by Craig Jennings

    The always-edifying David Cay Johnston writes about the latest income data from IRS: Americans earned a smaller average income in 2005 than in 2000, the fifth consecutive year that they had to make ends meet with less money than at the peak of the last economic expansion, new government data shows.

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    Bush: Insured Children Are an Abomination

    Aug 21, 2007 by Craig Jennings

    What is with this guy? The Bush administration, engaged in a battle with Congress over whether a popular children's health insurance program should be expanded, has announced new policies that will make it harder for states to insure all but the lowest-income children.

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