Federal Debt and Deficit

Feb 8, 2016

Top 400 Taxpayers See Tax Rates Rise, But There’s More to the Story

As Americans were gathering party supplies to greet the New Year, the Internal Revenue Service released their annual report of cumulative tax data reported on the 400 tax r...

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Feb 4, 2016

Chlorine Bleach Plants Needlessly Endanger 63 Million Americans

Chlorine bleach plants across the U.S. put millions of Americans in danger of a chlorine gas release, a substance so toxic it has been used as a chemical weapon. Greenpeace’s new repo...

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Jan 25, 2016

U.S. Industrial Facilities Reported Fewer Toxic Releases in 2014

The Toxics Release Inventory (TRI) data for 2014 is now available. The good news: total toxic releases by reporting facilities decreased by nearly six percent from 2013 levels. Howe...

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Jan 22, 2016

Methane Causes Climate Change. Here's How the President Plans to Cut Emissions by 40-45 Percent.

UPDATE (Jan. 22, 2016): Today, the Bureau of Land Management (BLM) released its proposed rule to reduce methane emissions...

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more news

DAILY FISCAL POLICY REPORT -- Mar. 6, 2008

Mar 6, 2008 by Adam Hughes*

The House budget resolution, legislation and statements

Legislation

Chairman's Mark
Chairman's Mark Summary
Budget resolution funding levels by function

Statements

House Budget Committee Chairman Spratt
House Minority Leader Boehner
Blue Dog Coalition

The Senate budget resolution, legislation and statements

Legislation

Chairman's Mark
Chairman's Mark Summary

Statements

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CBO's Report on Bush's FY09 Budget Projections

Mar 3, 2008 by Dana Chasin

Today, the Congressional Budget Office (CBO) released a publication, Preliminary Analysis of the President's Budget Request for 2009, that showed some key differences with the administration regarding budget deficit projections. If enacted, the report indicates, the president's budget would:

produce growing deficits of $396 billion in 2008 and $342 billion in 2009, 2.8 percent and 2.3 percent, respectively, of gross domestic product (GDP). By comparison, the deficit in 2007 totaled 1.2 percent of GDP

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The $3 Trillion War

Mar 3, 2008 by Craig Jennings

Testifying before the Joint Economic Committee on Thursday, Nobel Laureate economist Joseph Stiglitz said that the wars in Iraq and Afghanistan could cost more than $3 trillion. Stiglitz's testimony is based on research that was released as a book, The Three Trillion Dollar War, on Friday. Coauthored with Harvard University professor Linda Bilmes, the book estimates that when interest expenses on the deficit spending used to finance the war and other costs, like health care benefits for wounded veterans, are calculated, the wars' costs could range from $5 to $7 trillion. McClatchy:

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Bush: Let the Next Guy/Gal Clean It Up

Feb 26, 2008 by Craig Jennings

PGL at Angry Bear flags this Dean Baker post in which Baker notes that We will almost certainly end the Bush years with a higher debt to GDP ratio than we had at the start of the Clinton presidency. That is not a disaster, but the next administration will not have the luxury of allowing the debt to increase in the same way. PGL includes a version of this chart and comments: (click on image to enlarge)

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The Economic Costs of War

Feb 26, 2008 by Dana Chasin

Following Craig's post below covering the Feb. 8 CRS report on the fiscal costs of the wars in Iraq and Afghanistan, today's Center for American Progress (CAP) report on "The Economic Costs of War" is timely. As total war costs rocket toward the $1 trillion mark, it is instructive to recall the reasonable cost projections in the $200-300 billion range offered in 2002 and 2003 by General Shinseki and Senior Economic Advisor Lawrence Lindsey -- and how quickly thereafter they were relieved of their positions. Even more outlandish, the CAP report recalls, are these...

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State Budgets Getting Worse and Worse and Worse...

Feb 25, 2008 by Craig Jennings

The Center on Budget and Policy Priorities continues to churn out updates to their analysis first released in January detailing the increasingly poor state of state budgets around the country, and things are not getting better. The most recent update adds one more state (Oklahoma) to the list of states facing a budget crunch in 2009. Now there are 21 states that are projecting budget gaps in 2009. The updated summary stats from CBPP: More than half of states anticipate budget problems, according to this updated analysis of state fiscal conditions.

21 states now project budget gaps for 2009. Oklahoma joins this list.
The combined budget shortfall for these 21 states is now at least $36 billion due to changes in the estimates for California and Illinois, and the addition of an estimate for Oklahoma.
4 states say they will have 2009 deficits, but have released no further information. Oklahoma leaves this list because it has now released an estimate.
3 other states project budget gaps for 2010 and beyond.

CBPP: 21 STATES FACE TOTAL BUDGET SHORTFALL OF AT LEAST $36 BILLION IN 2009

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Walker Departs GAO to Walk His Talk Elsewhere

Feb 15, 2008 by Dana Chasin

GAO chief and U.S. Comptroller General David Walker announced plans today to become president and CEO of the Peterson Foundation established by renown deficit hawk Pete Peterson, former Commerce Secretary and chair of the Concord Coalition (and, to be fair, beneficiary of millions of federal dollars in carried interest tax breaks). Peterson will contribute $1 billion to the organization over the next several years. Walker had been head of GAO since November 1998. With characteristic modesty, Walker puts his move in perspective:

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Mentioning the Unmentionable

Feb 11, 2008 by Craig Jennings

Writing in The Wall Street Journal, Jesse Drucker notes($) that the full cost of the recently-passed economic stimulus package is slightly underestimated by the Joint Committee on Taxation's score: A round of business tax cuts in Congress's economic-stimulus package passed Thursday will cost nearly triple the official government estimate, tax experts said.

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More Reactions/Analysis of President's Budget

Feb 7, 2008 by Adam Hughes*

More reactions and analysis of the president's budget have emerged since our first round-up post on Tuesday:

CBPP: President's Budget and Medicare "Trigger"
NWLC: Budget Woes: President's FY 2009 Budget
Committee for a Responsible Federal Budget: The President's FY 2009 Budget
The Workforce Alliance: FY 2009 Federal Funding Analyses

There have also been a number of statements and analyses circulated from Capitol Hill:

Senate Budget Committee Dems: Brief Analysis of Bush FY 2009 Budget
Sen. Conrad (D-ND): Statement on FY 2009 Budget Release
Majority Leader Hoyer (D-MD): Bush's Legacy: Fiscal Meltdown, Weak Economy
House Budget Committee: State-by-State Analysis of President's FY 2009 Budget Request
Speaker Pelosi (D-CA): Statement on President Bush's FY 2009 Budget
Majority Leader Hoyer: Statement on Bush's Release of Another Fiscally Irresponsible Budget
Sen. Gregg (R-NH): Statement on FY 2009 Budget Release
Senate Budget Committee Repubs: Overview of President's Budget

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Monthly Budget Review: February, 2008

Feb 7, 2008 by Craig Jennings

The federal government incurred a deficit of $90 billion in the first four months of fiscal year 2008, CBO estimates, about $48 billion more than the shortfall in the same period last year. Shifts in the timing of certain payments and receipts account for about one-third of that increase in the deficit. ... The federal government recorded a surplus of $15 billion in January, CBO estimates, less than half the surplus recorded in the same month last year.

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