The Committee for Economic Development (CED), an influential organization of business leaders and educators, released a report on March 5, 2003, titled "Exploding Deficits, Declining Growth: The Federal Budget and the Aging of America."

The President issued his FY 2004 budget proposal February 3, which was received with accolades by some and with great criticism by others worried that several key education, housing and environmental programs would suffer under his proposed funding levels. Included in this article are links to OMB Watch analyses, as well as the responses of other organizations and Members of Congress.

With the shake-up in the Administration’s economic team, the recent rise in the unemployment rate to 6% (the highest rate in eight years), and absolutely no evidence that the massive Bush tax cut has done anything but send the federal budget on a rapid spiral into deficit, a reasonable person might think that it was time for the Administration to reevaluate the idea that tax cuts are the solution to everything. The President’s economic stimulus plan, currently in the design phase, however, is expected to consist of tax cuts aimed at corporations and individuals in the higher tax brackets.

Given the decade of budget deficits facing the federal government, the fiscal crises being experienced by most of the states, and the need for resources to accomplish the priorities that many Americans identify as much more important than tax cuts, the following organizations came together to urge Congress to act during the coming year to stop the next phase-in of the tax cuts (which will occur in 2004). We urge people to begin a debate about what our national priorities are and whether we can afford more tax cuts, which will primarily only benefit wealthier Americans, as we face the challenges ahead.