During last year’s debate on the Prescription Drug and Medicare Improvement Act of 2003, Congress used an outlay cost estimate of $395 billion for the new program. However, in the president’s 2005 budget, the 10-year outlay cost was estimated to be $534 billion – 35 percent greater than the initial estimate. See Table S-13, Page 387, 2005 budget..

The Congressional Budget Office (CBO) today released their baseline budget estimates for 2005-2014. The analysis shows that in 2004 deficits will likely reach $477 billion - which is 4.2% of GDP - and that deficits will continue over the next decade, reaching a cumulative $1.9 trillion baseline over the next 10 years.

We are conducting an exciting new Internet survey that explores tax and budget issues and will be used in an offensive strategic campaign. Respondents have until Feb. 4 to complete the survey.