CBO 10-Year Budget Update Shows $5.6 Trillion Surplus Now Only $1.0 Trillion

The Congressional Budget Office’s (CBO) annual "Budget and Economic Outlook: An Update," released on August 27, reports federal budget deficits through the end of 2005 and a relatively modest 10-year total surplus and has added more fodder to the debate in Washington over who’s to blame for the $5.4 trillion drop in the 10-year surplus forecast since January 2001.

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Freeze The Tax Cuts And Just Say No To More Tax Cuts

It's time to seriously work towards freezing the tax cuts that are scheduled to be phased in 2004, and oppose all new tax cuts. This is one of the most important issues facing us as a nation, and will affect our lives for decades to come.

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We Can No Longer Afford This Wave of Tax Cuts

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.

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OMB?S Mid-Session Budget Review: Rosey Pays Another White House Visit

It comes as no surprise that the budget review issued by the Office of Management and Budget on July 19, 2002, shows a higher deficit for 2002 than predicted in its February 2002 report—from a $106 billion to a $165 billion deficit. In spite of the increasing deficit, OMB is optimistic about a quick return to budget surpluses in 2005, which are estimated to continue to increase over the next decade. In other words, according to OMB, this has been a rough time, but the President’s economic and fiscal policies, particularly the tax cut, insure that the long-term outlook couldn’t be better.

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OMB Watch Opposes Bush Tax Cuts

OMB Watch, a nonprofit research and advocacy group that seeks to promote government accountability and citizen participation, strongly supports the Fair Taxes for All Coalition in its opposition to the Bush tax cut proposal. The Bush tax cut plan is inequitable and too expensive. It will primarily benefit the wealthiest Americans and the cost will unwisely use up the budget surplus without properly investing in our future. In fact, the Bush tax plan is likely to cause actual cuts in important government services and activities that benefit us all.

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Budget Process, October 1, And Tax Cuts

With the expiration of key Senate budget rules on October 1, tax cuts will get easier to pass.

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Stop Permanent Repeal of the Estate Tax

This alert provides background information on the estate tax and 5 action steps you can take to help prevent repeal of the estate tax. Read through the alert and then contact your Senators through this legislative link -- the talking points included in this alert are also available there to provide suggestions for your letter or call to your Senators.

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The Deficit is Growing! The Deficit is Growing!

The Congressional Budget Office (CBO) has issued its latest report on the FY 2002 budget deficit, which is now expected to reach up to $100 billion.

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Tax Day

As people around the country bring last-minute work on their tax returns to a close today, the House Republican leaders are gearing up for their annual "Tax Freedom" day – a time for denigrating government spending and the taxes that enable the government to provide the services that help support the country. This year, the legislative focus of their Tax Freedom day is likely to be the introduction, on April 18, of legislation to make permanent last year’s $1.35 trillion tax cut, which expires (or "sunsets") at the end of 2010.

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Using Social Security's Surplus for Current Needs

Policy adjustments to Social Security – and not locking these surplus funds away – are the key to "saving" Social Security.

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