Sequestration Report Highlights Detriments of Budgeting by Crisis

Across-the-board budget cuts in fiscal year 2013 affected the ability of agencies to serve the public. In response to these automatic cuts – triggered by the Budget Control Act of 2011 and a lack of consensus regarding changes in spending and revenue policies – agencies were forced to retrofit their budgets to fit these constraints mid-year.

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Politically Driven Fiscal Crises Create Self-Inflicted Economic Wounds

The current political game of chicken that threatens to shut down the government or, even more seriously, could lead to an unprecedented U.S. default on its debt in mid-October is harmful for everyday Americans and businesses. Even getting close to a default can rattle markets, leading to increased borrowing costs for the U.S. and thus higher interest payments, crowding out resources for needs such as infrastructure, education, and scientific research. Economic disruptions caused by political battles in Washington only put more roadblocks in the way of an economic recovery.

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Over $1 Trillion in Tax Breaks Are Detailed in New Report

Tax breaks cost the federal government approximately $1.13 trillion in fiscal year 2013, according to a new report by the National Priorities Project (NPP). That is just slightly less than all federal discretionary spending in FY 2013 combined.

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The U.S. Federal Deficit Continues to Shrink

The federal budget deficit has been plummeting in size over the last few years; however, judging from polls, most Americans do not know that – indeed, their concern over the deficit has grown even as the annual deficit has shrunk significantly. And it continues to do so: the Congressional Budget Office (CBO) estimated yesterday that the deficit for the first eleven months of this fiscal year fell $400 billion from the comparable period last year.

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Nineteen Firefighters Die as Wildfire Prevention Budget Shrinks

While investigators are still working to understand why 19 elite firefighters died in Arizona on June 30 in the deadliest day for wilderness firefighters in 80 years, budget cutbacks may have played a role.

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Paul Ryan's Revenue Reforms Slash Taxes on the Rich

Yesterday, Rep. Paul Ryan (R-WI) released his latest budget proposal, called "The Path to Prosperity," which serves as an update to his plan from last year. The proposal, which is the draft of the fiscal year (FY) 2013 House budget resolution, is supposed to be a fiscal framework for the House for the coming year. However, the congressman's tax plan is not a serious proposal for change.

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House FY 2013 Budget: Another Nail in the Budget Control Act Coffin

Leading up to the release of Rep. Paul Ryan’s (R-WI) fiscal year (FY) 2013 budget resolution proposal, the question has not been whether House Republicans will adhere to the federal spending agreement reached in last year’s debt ceiling deal (they will not), but how far below the previously agreed-upon figures they will go. The House GOP’s abandonment of this agreement is yet another example of actions taken to undermine not only the spirit but also the letter of last summer’s deal.

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House Appropriators Begin Debating FY 2013 Funding Levels for Federal Agencies

Currently, federal officials are being called to explain how the president's FY 2013 budget request would impact our public protections. As it moves forward with the appropriations process, Congress should refrain from using spending bills to enact ideological policy measures.

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Is the President’s Budget Dead on Arrival? Maybe Not

On Feb. 13, budget season officially began with the release of the president’s budget, which was immediately heralded as dead on arrival. “If there was ever a year to ignore the president’s annual budget proposal, this is it,” proclaimed the National Journal (subscription required). While this may be the fate of the president’s tax proposals, many of the program funding levels in his budget have a chance of becoming law.

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Obama Proposes Exempting IRS Enforcement from Budget Caps

One of the main objectives of President Obama’s fiscal year (FY) 2013 budget request for the Internal Revenue Service (IRS) is to reduce the "tax gap," the difference between what taxpayers owe each year and what they actually pay. The president’s IRS budget request seeks funding increases for both taxpayer services and enforcement programs. Recognizing that a dollar spent on collecting revenue more than pays for itself, the Obama administration has proposed to exclude some IRS enforcement spending from the budget caps imposed by 2011's debt ceiling deal (known as the Budget Control Act).

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