Budget Process Reform Principles
Here are principles for reform to help ensure that our budget process is conducive to fiscally responsible policymaking.
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Here are principles for reform to help ensure that our budget process is conducive to fiscally responsible policymaking.
The legislation is fiscally irresponsible and will add significantly to America's national debt.
https://www.pgpf.org/analysis/congress-passes-costly-and-unfunded-tax-legislation
The long-term budget outlook has deteriorated significantly since last year, when CBO projected debt would reach 111% of GDP in 30 years under current law.
https://www.pgpf.org/analysis/2016/07/cbo-long-term-budget-outlook-worse-than-last-year
The latest budget outlook released by CBO is the first to fully capture the budgetary impact of the pandemic.
Over the next 10 years, the spending caps are projected to reduce deficits by approximately $900 billion, and the Supercommittee is charged with finding $1.5 trillion of additional savings.
https://www.pgpf.org/analysis/long-term-implications-of-the-budget-control-act-of-2011
Though the economy continues its recovery and we have made some progress on deficits, our deficits will begin growing again soon, and major long-term fiscal challenges remain.
The CBO provides two projections of the nation's fiscal future over the next 75 years: one based upon laws currently on the books; and one that reflects selected changes to those laws that lawmakers are widely expected to make.
https://www.pgpf.org/analysis/cbo-releases-the-2010-long-term-budget-outlook
Similar to previous years, this budget largely relies on very optimistic projections of economic growth and unlikely budget cuts to reduce the deficit.
Over the next several weeks, as the President and Congress confront the "fiscal cliff," they will have a big opportunity to make the right choice.
The president's budget misses an opportunity to address the structural causes of our debt and relies instead on overly optimistic economic assumptions.