Budget Basics Archive

Reconciliation provides for expedited consideration of certain legislation; its use is particularly important in the Senate because it limits the time allowed for debate and prevents the inclusion of non-budgetary provisions.
The child tax credit (CTC) is a measure administered though the tax code that is designed to make raising children more affordable by easing the financial burden faced by families.
The earned income tax credit (EITC) is a measure administered through the tax code to address poverty. It was first enacted in 1975 on a temporary basis amid broader debates about welfare reform and had the primary goal of encouraging people to obtain employment.
Climate and weather-related natural disasters are becoming increasingly frequent. In addition to endangering lives, they are economically costly.
Estate and gift taxes are levied on the transfer of assets. Two areas of the tax code that are relatively small in dollar terms, but can generate a significant amount of attention and even controversy in the broader conversation about wealth.
Mar 9, 2020
Capitol Building Washington DC
PAYGO is a budget enforcement mechanism intended to prevent passage of legislation that increases deficits.
The National Flood Insurance Program (NFIP) is run by the federal government to reduce the impact of flooding on private and public structures.
A key assessment of poverty in America is the Official Poverty Measure (OPM), which is calculated by the United States Census Bureau using a range of income and economic data.
There is one cap for national defense and another cap for non-defense programs.
CBO plays a vitally important role in the federal budget process.

Bipartisan Policymaking under Divided Government

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National Debt Clock

See the latest numbers and learn more about the causes of our high and rising debt.