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Assessing President Obama's Fiscal Record
August 2, 2012
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Early in his Administration, President Obama promised to cut the deficit in half. While he clearly did not keep that promise, he has gone on to assert that his budget achieves $4 trillion in deficit reduction, and recently he claimed, “Since I’ve been President, Federal spending has risen at the low...
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America’s Defining Challenge: Will we leave the next generation with more opportunity?
June 8, 2012
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In March, CBO did an economic analysis of the House Republican budget – the Path to Prosperity (P2P). That analysis showed that the P2P would increase the economy’s total output (as measured by GNP), relative to the baseline scenario, by as much as 1 percent in 2030, 3 percent in 2040 and a full 6 ...
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The Facts on President Obama’s Budget Record
June 7, 2012
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Despite a promise to cut the deficit in half by the end of his first term, the President has run annual deficits in excess of $1 trillion for four years in a row. Since the President took office, annual government spending has increased by 25%, with the federal government spending $3.6 trillion thi...
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Correcting Distortions and Myths on Tax Relief and Deficits
June 7, 2012
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Fueled by the unsustainable growth in government spending, the federal government’s budget deficits have increased sharply in recent years, eclipsing the $1 trillion mark the past three years and are on track to do so for a fourth. Gross public debt has already surpassed the size of the entire U.S. ...
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How much does the Sequester Replacement Reconciliation Act of 2012 reduce the deficit?
May 9, 2012
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Current CBO cost estimate of SRRA: $242.8 billion in deficit reduction The House plans to consider the Sequester Replacement Reconciliation Act of 2012 (SRRA) on Thursday, May 10. This legislation replaces the deficit reduction from a “sequester” of discretionary spending that is scheduled to occur...
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CBO’s Economic Analysis of the President’s 2013 Budget
April 20, 2012
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Following up on its scoring of the fiscal effects of the President’s 2013 budget, CBO today released a separate macroeconomic analysis of the policies in that budget. CBO finds that the President’s budget would shrink the economy over the longer-term, relative to current law, by as much as 2.2 perce...
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The Fiscal Effects of Faster Growth
March 22, 2012
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KEY POINTS: Experts point to tax reform as an essential remedy for the short-term economic malaise as well as a steady foundation for longer-term growth and prosperity. A better-designed tax system, by incentivizing economic growth, could raise output. The rate of economic growth is one of the most...
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Additional Fiscal Comparisons on The Path to Prosperity
March 20, 2012
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The report on the House Republican Budget, The Path to Prosperity, includes summary tables making comparisons to the President’s budget as re-estimated by the Congressional Budget Office (CBO). These tables show the clear choice the country faces between two fiscal futures. To provide additional inf...
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Analysis of the President’s Budget for FY2013
February 24, 2012
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KEY POINTS The President’s budget spends too much – a net spending increase of $1.5 trillion above current projections. The President’s budget taxes too much – a net tax increase of $1.9 trillion above current projections. The President’s budget borrows too much: It adds over $11 trillion to the na...
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President's Budget Charts Path to Debt and Decline
February 13, 2012
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The President has not merely ducked from our fiscal and economic challenges, but—with his fourth straight budget flop—he has advanced policies that dangerously accelerate the crisis before us. His gimmick-filled budget fails to reduce the fast-rising debt, permanently entrenches unsustainable levels...
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