Analysis: Happy Fiscal New Year 2016
Lawmakers should use the opportunities presented by the annual budgetary process to set policy priorities and provide more certainty about our nation’s fiscal policy.
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Lawmakers should use the opportunities presented by the annual budgetary process to set policy priorities and provide more certainty about our nation’s fiscal policy.
While a 10-year window is currently the standard, the number of years covered by budget resolutions has varied.
2013 Fall Fiscal Agenda: A Critical Time for Action; 4 upcoming milestones
https://www.pgpf.org/budget-basics/2013-fall-fiscal-agenda-%E2%80%94-conclusion
CBO projects that, on our current path, deficits will reach $1 trillion by 2023 and total $9.4 trillion over the next ten years.
https://www.pgpf.org/analysis/2017/01/CBO-warns-deficits-will-reach-1-trillion-in-2023
As a federal program, Social Security cannot be any stronger financially than the overall federal government, and looming financial problems in Social Security will have a negative impact on the Federal budget as a whole.
https://www.pgpf.org/analysis/the-financial-condition-of-social-security
The Peter G. Peterson Foundation’s March Fiscal Confidence Index shows that Americans remain highly concerned about the nation’s long-term fiscal outlook.
https://www.pgpf.org/press-release/2015/03/fci-press-release
CBO projects that the federal budget deficit will increase as a share of GDP for the first year since 2009.
https://www.pgpf.org/analysis/2016/08/CBO-deficits-are-back-on-the-rise
Reconciliation is a powerful process, whereby legislation drafted to meet those instructions has an easier path to passage.
Sequestration was designed to be a blunt instrument, whose arbitrary effects would be so undesirable that they would compel policymakers to reach compromise on budget legislation rather than allow the cuts to go into effect.
CBO plays a vitally important role in the federal budget process.