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

Time Running Out to Raise Debt Limit

Mar 7, 2006 by Matthew Madia

Secretary of the Treasury John Snow sent a letter to Congress Monday saying he has taken "all prudent and legal actions” to stay under the $8.184 trillion debt limit and again strongly urged passage of an increase “immediately." Congress, which must act or else they could default on payments to bond holders or fail to make other scheduled government payments, will most likely pass a debt limit increase. This will mark the fourth time the debt limit has needed to be increased under President Bush. If this new hike is approved, the limit will have jumped by $3 trillion since he took office.

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Monthly Budget Review Released

Mar 7, 2006 by Matthew Madia

The Congressional Budget Office released the Monthly Budget Review yesterday, reporting that the government incurred a $219 billion deficit in the first five months of FY 2006. The CBO is estimating a total deficit for FY2006 to be $371 billion. The deficit in February was $121 billion, which is $7 billion more than the deficit recorded in February 2005.

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CBO's Analysis of the President's Budget

Mar 6, 2006 by Matthew Madia

The Congressional Budget Office has completed a preliminary analysis of the President's FY07 Budget.

Analysis
Supplemental Data

The report found that the President's proposal will:

Spend about $925 billion on discretionary programs in FY07;
Add $35 billion to the CBO's current deficit projections, putting the deficit projection at $371 billion;
Reduce revenues by nearly $9 billion for FY07;
Reduce revenues by $282 billion from 2007-2011 if some of the President's expiring 2001 and 2003 tax provisions are extended;

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Dem Leadership Send Debt Limit Letter

Mar 3, 2006 by Matthew Madia

Today Sens. Harry Reid (D-NV), Max Baucus (D-MT) and Kent Conrad (D-ND) sent a letter to Majority Leader Bill Frist (R-TN) concerning the Debt Limit. Senators Baucus and Conrad spoke on the floor today to discuss this issue and the letter.

The charts used by Senator Conrad
The letter to Sen. Frist

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Treasury Department Reports Deficit on an Accrual Basis

Mar 2, 2006 by Matthew Madia

The Treasury Department sent a report to Congress in December, reporting the FY05 federal deficit on an accrual basis as being $760 billion, a far higher number than $319 billion, which is what is generally accepted as the deficit level for FY05. The $319 billion number uses the government's accepted barometer of cash outlays versus revenues, while the $760 billion number takes into account accrued benefits owed to veterans and federal employees. Rep. Jim Cooper (D-TN), a member of the Blue Dog Coalition, said:

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Bush's Budget Plan Includes Hidden Cuts, Document Reveals

Feb 9, 2006 by Matthew Madia

An eye-opening article in today's Washington Post says that internal White House documents indicate that meeting the president's goal of cutting the deficit in half will involve a significant amount of cutting to domestic programs -- even to those supposedly "favored" by President Bush.

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U.S. Government in Debt up to its Eyeballs

Feb 8, 2006 by Matthew Madia

President Bush's FY 2007 budget released on Monday allocated $441.3 billion for interest payments on the debt during fiscal year 2007. That's a huge 39 percent increase over the $318 billion spent four years ago and a 25 percent increase from the $352 billion spent last year. The president's allocation is a 11 percent increase over last year's request.

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CBO Projects $337 Billion Deficit for 2006

Jan 26, 2006 by Matthew Madia

Today the Congressional Budget Office projected a $337 billion deficit for 2006. The increase over last year's $318 billion recorded deficit is largely attributed to hurricane costs and the introduction of the Medicare prescription drug benefit this month. $337 billion is far less than the Office of Management and Budget's estimate stating that the deficit will exceed $400 billion this year.

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White House Called Out on Manipulating Budget Forecasts

Jan 24, 2006 by Matthew Madia

Stan Collender, contributing editor of the National Journal, makes two excellent points calling out the White House for their faulty and ideological budget projections in his January 17 column Wolf! (subscription only).

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Bush's Priorities: Entitlements vs. Tax Cuts

Jan 17, 2006 by Guest Blogger

As this excellent column from Bloomberg.com highlights, there is a gap between the administration's rhetoric and reality when it comes to tackling the long-term budget implications of the rising costs of entitlement spending. Bush spent a lot of time last year making a big deal about the unfunded Social Security liability, and the liability for Medicare is expected to be even greater, with the administration estimating an $11 trillion shortfall.

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