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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House Budget Committee "Balanced" Budget Resolution for FY 2003

The budget resolution that the House Budget Committee marked up and passed by a party line vote (23-18) on March 13, is expected to head to the Floor for debate this week. The budget resolution is not a law, but is a broad outline for spending and tax cuts for FY 2003, which begins on October 1, 2002 and runs through September 31, 2003.

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The Game of Ping-Pong, or "The Economic Stimulus Package Debate"

Less than two weeks ago, many observers -- including OMB Watch -- were predicting that an end, at least for the foreseeable future, had come for the debate on an economic stimulus package.

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Budget News -- Jan. 1, 2000 -- Dec. 31, 2000

The following are federal budget policy analyses and updates from OMB Watch issued during 2000.

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Daschle's Speech, Fiscal Responsibility and Tax Cuts

Senate Majority Leader outlined the country's urgent domestic and military priorities and compared the pre-tax cut possibilities for domestic investment with the current post-tax cut reality's "unnecessary fiscal bind," but he did not directly call for a delay in the tax cut as a solution to this fiscal conservative's dilemma.

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More Budget Deficit Estimates Released

FY 2002 Appropriations Update Congress completed its work on the last 3 FY 2002 appropriations bills (Defense, Foreign Operations, and Labor-HHS-Education) on December 21 and the President is expected to sign all three of them and bring the appropriations season to an official completion. According to usbudget.com, the bills are being readied for the President's signature and he is expected to sign them on January 10, when the Continuing Resolution - passed on December 20 - expires. Though estimates by Democrats and Republicans of the size of the deficits differ, and will continue to grow substantially depending on the amount of additional homeland security and defense spending approved this year, both sides agree that the deficit will likely be at least $15 billion -- the Democrats are predicting it could be as large as $70 billion.

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