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spending increases.
AN OVERVIEW OF THE PRESIDENT’S FY 2022 BUDGET Moments ago, President Joe Biden unveiled his Fiscal Year (FY) 2022 budget proposal, outlining his tax and spending proposals and their effects on the federal budget over the next decade. The budget proposes roughly $5 trillion of new initiatives, partially offset by almost $3.6 trillion of tax increases and $214 billion of spending reductions. With $163 billion of new interest costs, the DEBTFIXER | COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET The national debt continues to rise while our leaders struggle to pass a federal budget. Can you do better? Here’s your chance to find out. INTEREST PAYMENTS IN THE FEDERAL BUDGET At a projected cost of over $300 billion this fiscal year, interest payments are a significant part of the federal budget. Net interest is currently the fifth-largest federal line item and costs more than federal spending on food and nutrition services, transportation, housing, education, or refundable tax credits. This is true despite the record-low borrowing rates the federal government has THE REFORMER: AN INTERACTIVE TOOL TO FIX SOCIAL SECURITY Social Security provides vital income security to millions of beneficiaries, but is on a road toward insolvency. The Social Security program currently pays more in benefits than it collects in revenue, and under the latest official projections its trust funds will run out in 2034. At that point, all RSC RELEASES ITS FY 2022 BUDGET PROPOSAL The Republican Study Committee (RSC), a group of over 150 House Republicans, released its annual budget proposal for Fiscal Year (FY) 2022 on Wednesday. Like other Congressional caucuses that tend to produce budgets with their policy agendas around the time the Budget Committees are supposed to be working on a budget resolution, the RSC presents its view for spending, revenue, HOW MUCH COVID RELIEF MONEY IS LEFT? Note: Data updates on February 3, 2021 reduce the difference between legislative amount allowed and committed/disbursed from $1.3 trillion to $1.1 trillion. Most of the additional disbursal is from the end-of-year Response and Relief Act. Our newly updated COVID Money Tracker tool estimates that Congress has allocated $4 trillion of gross fiscal support, of which at least $2.7 WHAT'S IN PRESIDENT BIDEN'S AMERICAN FAMILIES PLAN This evening, President Joe Biden will unveil the third part of his ambitious “Build Back Better” agenda, the American Families Plan. According to the Administration, the plan will cost roughly $1.8 trillion and includes $1.5 trillion of offsets, resulting in a $300 billion net deficit impact over a COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET The Committee for a Responsible Federal Budget is a non-partisan, non-profit organization committed to educating the public on issues with significant fiscal policy impact. PRESIDENT BIDEN'S FULL FY 2022 BUDGET BREAKING DOWN THE PROPOSALS IN THE PRESIDENT'S FY 2022 Last week, the Biden Administration released its first full budget, laying out its proposals for Fiscal Year (FY) 2022 and the subsequent decade. The President’s budget proposes about $5 trillion in new spending and tax breaks, reflecting the previously proposed American Jobs Plan, American Families Plan, and non-defense discretionaryspending increases.
AN OVERVIEW OF THE PRESIDENT’S FY 2022 BUDGET Moments ago, President Joe Biden unveiled his Fiscal Year (FY) 2022 budget proposal, outlining his tax and spending proposals and their effects on the federal budget over the next decade. The budget proposes roughly $5 trillion of new initiatives, partially offset by almost $3.6 trillion of tax increases and $214 billion of spending reductions. With $163 billion of new interest costs, the DEBTFIXER | COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET The national debt continues to rise while our leaders struggle to pass a federal budget. Can you do better? Here’s your chance to find out. INTEREST PAYMENTS IN THE FEDERAL BUDGET At a projected cost of over $300 billion this fiscal year, interest payments are a significant part of the federal budget. Net interest is currently the fifth-largest federal line item and costs more than federal spending on food and nutrition services, transportation, housing, education, or refundable tax credits. This is true despite the record-low borrowing rates the federal government has THE REFORMER: AN INTERACTIVE TOOL TO FIX SOCIAL SECURITY Social Security provides vital income security to millions of beneficiaries, but is on a road toward insolvency. The Social Security program currently pays more in benefits than it collects in revenue, and under the latest official projections its trust funds will run out in 2034. At that point, all RSC RELEASES ITS FY 2022 BUDGET PROPOSAL The Republican Study Committee (RSC), a group of over 150 House Republicans, released its annual budget proposal for Fiscal Year (FY) 2022 on Wednesday. Like other Congressional caucuses that tend to produce budgets with their policy agendas around the time the Budget Committees are supposed to be working on a budget resolution, the RSC presents its view for spending, revenue, HOW MUCH COVID RELIEF MONEY IS LEFT? Note: Data updates on February 3, 2021 reduce the difference between legislative amount allowed and committed/disbursed from $1.3 trillion to $1.1 trillion. Most of the additional disbursal is from the end-of-year Response and Relief Act. Our newly updated COVID Money Tracker tool estimates that Congress has allocated $4 trillion of gross fiscal support, of which at least $2.7 WHAT'S IN PRESIDENT BIDEN'S AMERICAN FAMILIES PLAN This evening, President Joe Biden will unveil the third part of his ambitious “Build Back Better” agenda, the American Families Plan. According to the Administration, the plan will cost roughly $1.8 trillion and includes $1.5 trillion of offsets, resulting in a $300 billion net deficit impact over a CBO REPORTS $2.1 TRILLION DEFICIT FOR FIRST EIGHT MONTHS For Immediate Release The United States borrowed nearly $2.1 trillion in the first eight months of fiscal year 2021, according to the latest Monthly Budget Review from the Congressional Budget Office. The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget: The COVID-19 pandemic and economic downturn called for a fast, large, COVID RELIEF CONTINUES TO BOLSTER PERSONAL INCOME New data from the Bureau of Economic Analysis (BEA) for the month of April shows that disposable personal income (DPI) was 12.0 percent above pre-pandemic levels, or 3.8 percent above pre-pandemic levels excluding COVID relief. We have documented in a number of analyses how the $5.9 trillion ($5.2 trillion net) of enacted COVID relief to date has propelled personal income to WHAT'S IN THE $2 TRILLION CORONAVIRUS RELIEF PACKAGE Updated on 4/21/2020 and 4/29/2020 to reflect the Congressional Budget Office's (CBO) estimate and subsequent revisions. Lawmakers recently approved the Coronavirus Aid, Relief, and Economic Security (CARES) Act – the third and most expansive package designed to address the public health and economic crisis brought on by the novel coronavirus (COVID-19) pandemic. HOW MUCH COVID RELIEF MONEY IS LEFT? Note: Data updates on February 3, 2021 reduce the difference between legislative amount allowed and committed/disbursed from $1.3 trillion to $1.1 trillion. Most of the additional disbursal is from the end-of-year Response and Relief Act. Our newly updated COVID Money Tracker tool estimates that Congress has allocated $4 trillion of gross fiscal support, of which at least $2.7 THE COST OF THE TRUMP AND BIDEN COVID RESPONSE PLANS Though there is a small amount of overlap and interaction, this plan would generally be enacted on top of Biden’s campaign agenda, which we outline and estimate in our recent paper, The Cost of the Trump and Biden Campaign Plans.In that analysis, we found Biden’s non-COVID proposals would cost $5.6 trillion through 2030 and increase debt to 127 percent of GDP, under our central estimate.PRESS RELEASES
The Committee for a Responsible Federal Budget is a non-partisan, non-profit organization committed to educating the public on issues with significant fiscal policy impact. COMMITTEE IS ENCOURAGED BY DISCUSSIONS OF OFFSETS 1 day ago · For Immediate Release A bipartisan group of senators appears to be close to reaching an infrastructure spending deal that would be fully paid for with offsetting tax and spending adjustments and reallocations. Meanwhile, Representative Don Young (R-AK), Senator Tom Carper (D-DE), Representative Earl Blumenauer (D-OR), Representative Mike Gallagher (R-WI), and the White House, amongothers
JOB OPPORTUNITIES
We also welcome interns with a focus other than fiscal policy. Other opportunities exist for those who would like experience in a fast-paced communications department or experience engaging with stakeholders and like-minded policy organizations. SENATE FINANCE COMMITTEE HEARING HIGHLIGHTS NEED TO SECURE The Senate Finance Committee held a hearing last month titled “Funding and Financing Options to Bolster American Infrastructure,” covering the need to sustainably fund our infrastructure, the consequences of the impending insolvency of the Highway Trust Fund (HTF), and ways to finance new investments.The hearing included testimony from Joseph Kile, Director of MicroeconomicAnalysis at
DIRECTOR OF MEDIA RELATIONS The Committee for a Responsible Federal Budget is a bipartisan, non-profit organization committed to educating the public about issues that have significant fiscal policy impact. The Committee is made up of some of the nation's leading budget experts including many of the past Chairmen and Directors of the Budget Committees, the Congressional Budget Office, the Office of BREAKING DOWN THE PROPOSALS IN THE PRESIDENT'S FY 2022 Last week, the Biden Administration released its first full budget, laying out its proposals for Fiscal Year (FY) 2022 and the subsequent decade. The President’s budget proposes about $5 trillion in new spending and tax breaks, reflecting the previously proposed American Jobs Plan, American Families Plan, and non-defense discretionaryspending increases.
AN OVERVIEW OF THE PRESIDENT’S FY 2022 BUDGET Moments ago, President Joe Biden unveiled his Fiscal Year (FY) 2022 budget proposal, outlining his tax and spending proposals and their effects on the federal budget over the next decade. The budget proposes roughly $5 trillion of new initiatives, partially offset by almost $3.6 trillion of tax increases and $214 billion of spending reductions. With $163 billion of new interest costs, the PRESIDENT BIDEN'S FULL FY 2022 BUDGET WHAT'S IN THE $2 TRILLION CORONAVIRUS RELIEF PACKAGE Updated on 4/21/2020 and 4/29/2020 to reflect the Congressional Budget Office's (CBO) estimate and subsequent revisions. Lawmakers recently approved the Coronavirus Aid, Relief, and Economic Security (CARES) Act – the third and most expansive package designed to address the public health and economic crisis brought on by the novel coronavirus (COVID-19) pandemic. DEBTFIXER | COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET Make the hard budget choices to stabilize U.S. debt at 90% of the economy by 2031 by identifying $7.7 trillion of deficit reduction and bring it down to 60% by 2050. $ 0 billion to go. Your goal is to cut $7,720 billion from the Federal Budget to stabilize the debt at 90% of GDP by 2031. Congratulations! THE REFORMER: AN INTERACTIVE TOOL TO FIX SOCIAL SECURITY CRFB’s The Reformer is an interactive tool designed to help users understand the choices and trade-offs in designing a package to make Social Security financially solvent. The options available in the tool represent versions of many of the most frequently discussed options, but are by no means exhaustive. A more comprehensive, but still far WHAT'S IN PRESIDENT BIDEN'S AMERICAN FAMILIES PLAN This evening, President Joe Biden will unveil the third part of his ambitious “Build Back Better” agenda, the American Families Plan. According to the Administration, the plan will cost roughly $1.8 trillion and includes $1.5 trillion of offsets, resulting in a $300 billion net deficit impact over a THE COST OF THE TRUMP AND BIDEN COVID RESPONSE PLANS The COVID pandemic has caused considerable economic damage and human suffering. Policymakers responded aggressively this spring to address the economic fallout, as detailed at COVIDMoneyTracker.org, but have not agreed on further steps. Both President Donald Trump and former Vice President Joe Biden have proposed additional actions. Our recent paper The Cost of the Trump and FOUR KEY ELEMENTS OF THE AMERICAN RESCUE PLAN SPENDING HAS INCREASED $800 BILLION UNDER PRESIDENT TRUMP President Trump's Fiscal Year (FY) 2021 budget calls for about $3.2 trillion in net deficit reduction over the next decade by our estimate, including nearly $2 trillion in cuts to discretionary spending. The Administration cites the need to restrain spending as its way to address our unsustainable debt trajectory. Yet, since President Trump's election in 2016, total spending has grown by BREAKING DOWN THE PROPOSALS IN THE PRESIDENT'S FY 2022 Last week, the Biden Administration released its first full budget, laying out its proposals for Fiscal Year (FY) 2022 and the subsequent decade. The President’s budget proposes about $5 trillion in new spending and tax breaks, reflecting the previously proposed American Jobs Plan, American Families Plan, and non-defense discretionaryspending increases.
AN OVERVIEW OF THE PRESIDENT’S FY 2022 BUDGET Moments ago, President Joe Biden unveiled his Fiscal Year (FY) 2022 budget proposal, outlining his tax and spending proposals and their effects on the federal budget over the next decade. The budget proposes roughly $5 trillion of new initiatives, partially offset by almost $3.6 trillion of tax increases and $214 billion of spending reductions. With $163 billion of new interest costs, the PRESIDENT BIDEN'S FULL FY 2022 BUDGET WHAT'S IN THE $2 TRILLION CORONAVIRUS RELIEF PACKAGE Updated on 4/21/2020 and 4/29/2020 to reflect the Congressional Budget Office's (CBO) estimate and subsequent revisions. Lawmakers recently approved the Coronavirus Aid, Relief, and Economic Security (CARES) Act – the third and most expansive package designed to address the public health and economic crisis brought on by the novel coronavirus (COVID-19) pandemic. DEBTFIXER | COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET Make the hard budget choices to stabilize U.S. debt at 90% of the economy by 2031 by identifying $7.7 trillion of deficit reduction and bring it down to 60% by 2050. $ 0 billion to go. Your goal is to cut $7,720 billion from the Federal Budget to stabilize the debt at 90% of GDP by 2031. Congratulations! THE REFORMER: AN INTERACTIVE TOOL TO FIX SOCIAL SECURITY CRFB’s The Reformer is an interactive tool designed to help users understand the choices and trade-offs in designing a package to make Social Security financially solvent. The options available in the tool represent versions of many of the most frequently discussed options, but are by no means exhaustive. A more comprehensive, but still far WHAT'S IN PRESIDENT BIDEN'S AMERICAN FAMILIES PLAN This evening, President Joe Biden will unveil the third part of his ambitious “Build Back Better” agenda, the American Families Plan. According to the Administration, the plan will cost roughly $1.8 trillion and includes $1.5 trillion of offsets, resulting in a $300 billion net deficit impact over a THE COST OF THE TRUMP AND BIDEN COVID RESPONSE PLANS The COVID pandemic has caused considerable economic damage and human suffering. Policymakers responded aggressively this spring to address the economic fallout, as detailed at COVIDMoneyTracker.org, but have not agreed on further steps. Both President Donald Trump and former Vice President Joe Biden have proposed additional actions. Our recent paper The Cost of the Trump and FOUR KEY ELEMENTS OF THE AMERICAN RESCUE PLAN SPENDING HAS INCREASED $800 BILLION UNDER PRESIDENT TRUMP President Trump's Fiscal Year (FY) 2021 budget calls for about $3.2 trillion in net deficit reduction over the next decade by our estimate, including nearly $2 trillion in cuts to discretionary spending. The Administration cites the need to restrain spending as its way to address our unsustainable debt trajectory. Yet, since President Trump's election in 2016, total spending has grown by CBO REPORTS $2.1 TRILLION DEFICIT FOR FIRST EIGHT MONTHS For Immediate Release The United States borrowed nearly $2.1 trillion in the first eight months of fiscal year 2021, according to the latest Monthly Budget Review from the Congressional Budget Office. The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget: The COVID-19 pandemic and economic downturn called for a fast, large, WHAT'S IN THE $2 TRILLION CORONAVIRUS RELIEF PACKAGE Updated on 4/21/2020 and 4/29/2020 to reflect the Congressional Budget Office's (CBO) estimate and subsequent revisions. Lawmakers recently approved the Coronavirus Aid, Relief, and Economic Security (CARES) Act – the third and most expansive package designed to address the public health and economic crisis brought on by the novel coronavirus (COVID-19) pandemic. DEBTFIXER | COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET Make the hard budget choices to stabilize U.S. debt at 90% of the economy by 2031 by identifying $7.7 trillion of deficit reduction and bring it down to 60% by 2050. $ 0 billion to go. Your goal is to cut $7,720 billion from the Federal Budget to stabilize the debt at 90% of GDP by 2031. Congratulations! THE COST OF THE TRUMP AND BIDEN COVID RESPONSE PLANS Though there is a small amount of overlap and interaction, this plan would generally be enacted on top of Biden’s campaign agenda, which we outline and estimate in our recent paper, The Cost of the Trump and Biden Campaign Plans.In that analysis, we found Biden’s non-COVID proposals would cost $5.6 trillion through 2030 and increase debt to 127 percent of GDP, under our central estimate. COVID RELIEF CONTINUES TO BOLSTER PERSONAL INCOME New data from the Bureau of Economic Analysis (BEA) for the month of April shows that disposable personal income (DPI) was 12.0 percent above pre-pandemic levels, or 3.8 percent above pre-pandemic levels excluding COVID relief. We have documented in a number of analyses how the $5.9 trillion ($5.2 trillion net) of enacted COVID relief to date has propelled personal income toJOB OPPORTUNITIES
Current job opportunities at the Committee for a Responsible Federal Budget include: Deputy Legislative Director. Director of Media Relations. Media Relations Manager. Policy Analyst. Research Associate. The Ed Lorenzen Fiscal Internship (Summer Only) Fiscal Policy Intern. We also welcome interns with a focus other than fiscalpolicy.
COMMITTEE IS ENCOURAGED BY DISCUSSIONS OF OFFSETS 21 hours ago · For Immediate Release A bipartisan group of senators appears to be close to reaching an infrastructure spending deal that would be fully paid for with offsetting tax and spending adjustments and reallocations. Meanwhile, Representative Don Young (R-AK), Senator Tom Carper (D-DE), Representative Earl Blumenauer (D-OR), Representative Mike Gallagher (R-WI), and the White House, amongothers
PRESS RELEASES
The Committee for a Responsible Federal Budget is a non-partisan, non-profit organization committed to educating the public on issues with significant fiscal policy impact. SENATE FINANCE COMMITTEE HEARING HIGHLIGHTS NEED TO SECURE The Senate Finance Committee held a hearing last month titled “Funding and Financing Options to Bolster American Infrastructure,” covering the need to sustainably fund our infrastructure, the consequences of the impending insolvency of the Highway Trust Fund (HTF), and ways to finance new investments.The hearing included testimony from Joseph Kile, Director of MicroeconomicAnalysis at
THE REFORMER: AN INTERACTIVE TOOL TO FIX SOCIAL SECURITY CRFB’s The Reformer is an interactive tool designed to help users understand the choices and trade-offs in designing a package to make Social Security financially solvent. The options available in the tool represent versions of many of the most frequently discussed options, but are by no means exhaustive. A more comprehensive, but still far COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET The Committee for a Responsible Federal Budget is a non-partisan, non-profit organization committed to educating the public on issues with significant fiscal policy impact. PRESIDENT BIDEN'S FULL FY 2022 BUDGET BREAKING DOWN THE PROPOSALS IN THE PRESIDENT'S FY 2022 Last week, the Biden Administration released its first full budget, laying out its proposals for Fiscal Year (FY) 2022 and the subsequent decade. The President’s budget proposes about $5 trillion in new spending and tax breaks, reflecting the previously proposed American Jobs Plan, American Families Plan, and non-defense discretionaryspending increases.
AN OVERVIEW OF THE PRESIDENT’S FY 2022 BUDGET Moments ago, President Joe Biden unveiled his Fiscal Year (FY) 2022 budget proposal, outlining his tax and spending proposals and their effects on the federal budget over the next decade. The budget proposes roughly $5 trillion of new initiatives, partially offset by almost $3.6 trillion of tax increases and $214 billion of spending reductions. With $163 billion of new interest costs, the DEBTFIXER | COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET Make the hard budget choices to stabilize U.S. debt at 90% of the economy by 2031 by identifying $7.7 trillion of deficit reduction and bring it down to 60% by 2050. $ 0 billion to go. Your goal is to cut $7,720 billion from the Federal Budget to stabilize the debt at 90% of GDP by 2031. Congratulations! RSC RELEASES ITS FY 2022 BUDGET PROPOSAL The Republican Study Committee (RSC), a group of over 150 House Republicans, released its annual budget proposal for Fiscal Year (FY) 2022 on Wednesday. Like other Congressional caucuses that tend to produce budgets with their policy agendas around the time the Budget Committees are supposed to be working on a budget resolution, the RSC presents its view for spending, revenue, INTEREST PAYMENTS IN THE FEDERAL BUDGET At a projected cost of over $300 billion this fiscal year, interest payments are a significant part of the federal budget. Net interest is currently the fifth-largest federal line item and costs more than federal spending on food and nutrition services, transportation, housing, education, or refundable tax credits. This is true despite the record-low borrowing rates the THE REFORMER: AN INTERACTIVE TOOL TO FIX SOCIAL SECURITY CRFB’s The Reformer is an interactive tool designed to help users understand the choices and trade-offs in designing a package to make Social Security financially solvent. The options available in the tool represent versions of many of the most frequently discussed options, but are by no means exhaustive. A more comprehensive, but still far WHAT'S IN THE $2 TRILLION CORONAVIRUS RELIEF PACKAGE Updated on 4/21/2020 and 4/29/2020 to reflect the Congressional Budget Office's (CBO) estimate and subsequent revisions. Lawmakers recently approved the Coronavirus Aid, Relief, and Economic Security (CARES) Act – the third and most expansive package designed to address the public health and economic crisis brought on by the novel coronavirus (COVID-19) pandemic. HOW MUCH COVID RELIEF MONEY IS LEFT? Note: Data updates on February 3, 2021 reduce the difference between legislative amount allowed and committed/disbursed from $1.3 trillion to $1.1 trillion. Most of the additional disbursal is from the end-of-year Response and Relief Act. Our newly updated COVID Money Tracker tool estimates that Congress has allocated $4 trillion of gross fiscal support, of which at least $2.7 COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET The Committee for a Responsible Federal Budget is a non-partisan, non-profit organization committed to educating the public on issues with significant fiscal policy impact. PRESIDENT BIDEN'S FULL FY 2022 BUDGET BREAKING DOWN THE PROPOSALS IN THE PRESIDENT'S FY 2022 Last week, the Biden Administration released its first full budget, laying out its proposals for Fiscal Year (FY) 2022 and the subsequent decade. The President’s budget proposes about $5 trillion in new spending and tax breaks, reflecting the previously proposed American Jobs Plan, American Families Plan, and non-defense discretionaryspending increases.
AN OVERVIEW OF THE PRESIDENT’S FY 2022 BUDGET Moments ago, President Joe Biden unveiled his Fiscal Year (FY) 2022 budget proposal, outlining his tax and spending proposals and their effects on the federal budget over the next decade. The budget proposes roughly $5 trillion of new initiatives, partially offset by almost $3.6 trillion of tax increases and $214 billion of spending reductions. With $163 billion of new interest costs, the DEBTFIXER | COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET Make the hard budget choices to stabilize U.S. debt at 90% of the economy by 2031 by identifying $7.7 trillion of deficit reduction and bring it down to 60% by 2050. $ 0 billion to go. Your goal is to cut $7,720 billion from the Federal Budget to stabilize the debt at 90% of GDP by 2031. Congratulations! RSC RELEASES ITS FY 2022 BUDGET PROPOSAL The Republican Study Committee (RSC), a group of over 150 House Republicans, released its annual budget proposal for Fiscal Year (FY) 2022 on Wednesday. Like other Congressional caucuses that tend to produce budgets with their policy agendas around the time the Budget Committees are supposed to be working on a budget resolution, the RSC presents its view for spending, revenue, INTEREST PAYMENTS IN THE FEDERAL BUDGET At a projected cost of over $300 billion this fiscal year, interest payments are a significant part of the federal budget. Net interest is currently the fifth-largest federal line item and costs more than federal spending on food and nutrition services, transportation, housing, education, or refundable tax credits. This is true despite the record-low borrowing rates the THE REFORMER: AN INTERACTIVE TOOL TO FIX SOCIAL SECURITY CRFB’s The Reformer is an interactive tool designed to help users understand the choices and trade-offs in designing a package to make Social Security financially solvent. The options available in the tool represent versions of many of the most frequently discussed options, but are by no means exhaustive. A more comprehensive, but still far WHAT'S IN THE $2 TRILLION CORONAVIRUS RELIEF PACKAGE Updated on 4/21/2020 and 4/29/2020 to reflect the Congressional Budget Office's (CBO) estimate and subsequent revisions. Lawmakers recently approved the Coronavirus Aid, Relief, and Economic Security (CARES) Act – the third and most expansive package designed to address the public health and economic crisis brought on by the novel coronavirus (COVID-19) pandemic. HOW MUCH COVID RELIEF MONEY IS LEFT? Note: Data updates on February 3, 2021 reduce the difference between legislative amount allowed and committed/disbursed from $1.3 trillion to $1.1 trillion. Most of the additional disbursal is from the end-of-year Response and Relief Act. Our newly updated COVID Money Tracker tool estimates that Congress has allocated $4 trillion of gross fiscal support, of which at least $2.7 COVID RELIEF CONTINUES TO BOLSTER PERSONAL INCOME New data from the Bureau of Economic Analysis (BEA) for the month of April shows that disposable personal income (DPI) was 12.0 percent above pre-pandemic levels, or 3.8 percent above pre-pandemic levels excluding COVID relief. We have documented in a number of analyses how the $5.9 trillion ($5.2 trillion net) of enacted COVID relief to date has propelled personal income to record levels. SENATE FINANCE COMMITTEE HEARING HIGHLIGHTS NEED TO SECURE 1 day ago · The Senate Finance Committee held a hearing last month titled “Funding and Financing Options to Bolster American Infrastructure,” covering the need to sustainably fund our infrastructure, the consequences of the impending insolvency of the Highway Trust Fund (HTF), and ways to finance new investments.The hearing included testimony from Joseph Kile, Director of MicroeconomicAnalysis at
PRESS RELEASES
The Committee for a Responsible Federal Budget is a non-partisan, non-profit organization committed to educating the public on issues with significant fiscal policy impact. HOW MUCH COVID RELIEF MONEY IS LEFT? Note: Data updates on February 3, 2021 reduce the difference between legislative amount allowed and committed/disbursed from $1.3 trillion to $1.1 trillion. Most of the additional disbursal is from the end-of-year Response and Relief Act. Our newly updated COVID Money Tracker tool estimates that Congress has allocated $4 trillion of gross fiscal support, of which at least $2.7 WHAT'S IN THE FINAL COVID RELIEF DEAL OF 2020? Lawmakers passed a new COVID relief deal on December 21, 2020, which was subsequently signed into law by the President on December 27. The deal in many ways resembles recent proposals from a bipartisan group of lawmakers and from Treasury Secretary Mnuchin, both of which cost over $900 billion. It is the fifth major bill enacted in response to the COVID pandemic and economic THE REFORMER: AN INTERACTIVE TOOL TO FIX SOCIAL SECURITY CRFB’s The Reformer is an interactive tool designed to help users understand the choices and trade-offs in designing a package to make Social Security financially solvent. The options available in the tool represent versions of many of the most frequently discussed options, but are by no means exhaustive. A more comprehensive, but still far BIPARTISAN SENATE HIGHWAY BILL NEEDS OFFSETS The Senate Environment and Public Works (EPW) Committee recently marked up and unanimously passed a bipartisan highway reauthorization bill. The bill spends $303.5 billion over five years on highway programs, billed as a 34 percent increase over the last long-term highway bill in 2015. The Highway Trust Fund (HTF) is set to become insolvent next year after the latest general THE COST OF THE TRUMP AND BIDEN COVID RESPONSE PLANS The COVID pandemic has caused considerable economic damage and human suffering. Policymakers responded aggressively this spring to address the economic fallout, as detailed at COVIDMoneyTracker.org, but have not agreed on further steps. Both President Donald Trump and former Vice President Joe Biden have proposed additional actions. Our recent paper The Cost of the Trump and FOUR KEY ELEMENTS OF THE AMERICAN RESCUE PLAN In light of the ongoing pandemic and economic crisis, there has been strong interest in pursuing further spending to expand vaccinations, contain the pandemic, reopen schools, and extend expiring unemployment benefits. About a quarter of the House version of the American Rescue Plan would be spent on these four key elements, including less than 1 percent on vaccines and IS THE FED BUYING OUR NEW DEBT? The short answer: the Federal Reserve has indirectly bought the vast majority of debt issued since the crisis began. Whether this is debt monetization or more conventional quantitative easing is up for debate. This blog post is a product of the COVID Money Tracker, a new initiative of the Committee for a Responsible Federal Budget focusedon
COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET The Committee for a Responsible Federal Budget is a non-partisan, non-profit organization committed to educating the public on issues with significant fiscal policy impact. PRESIDENT BIDEN'S FULL FY 2022 BUDGET BREAKING DOWN THE PROPOSALS IN THE PRESIDENT'S FY 2022 Last week, the Biden Administration released its first full budget, laying out its proposals for Fiscal Year (FY) 2022 and the subsequent decade. The President’s budget proposes about $5 trillion in new spending and tax breaks, reflecting the previously proposed American Jobs Plan, American Families Plan, and non-defense discretionaryspending increases.
AN OVERVIEW OF THE PRESIDENT’S FY 2022 BUDGET Moments ago, President Joe Biden unveiled his Fiscal Year (FY) 2022 budget proposal, outlining his tax and spending proposals and their effects on the federal budget over the next decade. The budget proposes roughly $5 trillion of new initiatives, partially offset by almost $3.6 trillion of tax increases and $214 billion of spending reductions. With $163 billion of new interest costs, the DEBTFIXER | COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET Make the hard budget choices to stabilize U.S. debt at 90% of the economy by 2031 by identifying $7.7 trillion of deficit reduction and bring it down to 60% by 2050. $ 0 billion to go. Your goal is to cut $7,720 billion from the Federal Budget to stabilize the debt at 90% of GDP by 2031. Congratulations! RSC RELEASES ITS FY 2022 BUDGET PROPOSAL The Republican Study Committee (RSC), a group of over 150 House Republicans, released its annual budget proposal for Fiscal Year (FY) 2022 on Wednesday. Like other Congressional caucuses that tend to produce budgets with their policy agendas around the time the Budget Committees are supposed to be working on a budget resolution, the RSC presents its view for spending, revenue, INTEREST PAYMENTS IN THE FEDERAL BUDGET At a projected cost of over $300 billion this fiscal year, interest payments are a significant part of the federal budget. Net interest is currently the fifth-largest federal line item and costs more than federal spending on food and nutrition services, transportation, housing, education, or refundable tax credits. This is true despite the record-low borrowing rates the THE REFORMER: AN INTERACTIVE TOOL TO FIX SOCIAL SECURITY CRFB’s The Reformer is an interactive tool designed to help users understand the choices and trade-offs in designing a package to make Social Security financially solvent. The options available in the tool represent versions of many of the most frequently discussed options, but are by no means exhaustive. A more comprehensive, but still far WHAT'S IN THE $2 TRILLION CORONAVIRUS RELIEF PACKAGE Updated on 4/21/2020 and 4/29/2020 to reflect the Congressional Budget Office's (CBO) estimate and subsequent revisions. Lawmakers recently approved the Coronavirus Aid, Relief, and Economic Security (CARES) Act – the third and most expansive package designed to address the public health and economic crisis brought on by the novel coronavirus (COVID-19) pandemic. HOW MUCH COVID RELIEF MONEY IS LEFT? Note: Data updates on February 3, 2021 reduce the difference between legislative amount allowed and committed/disbursed from $1.3 trillion to $1.1 trillion. Most of the additional disbursal is from the end-of-year Response and Relief Act. Our newly updated COVID Money Tracker tool estimates that Congress has allocated $4 trillion of gross fiscal support, of which at least $2.7 COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET The Committee for a Responsible Federal Budget is a non-partisan, non-profit organization committed to educating the public on issues with significant fiscal policy impact. PRESIDENT BIDEN'S FULL FY 2022 BUDGET BREAKING DOWN THE PROPOSALS IN THE PRESIDENT'S FY 2022 Last week, the Biden Administration released its first full budget, laying out its proposals for Fiscal Year (FY) 2022 and the subsequent decade. The President’s budget proposes about $5 trillion in new spending and tax breaks, reflecting the previously proposed American Jobs Plan, American Families Plan, and non-defense discretionaryspending increases.
AN OVERVIEW OF THE PRESIDENT’S FY 2022 BUDGET Moments ago, President Joe Biden unveiled his Fiscal Year (FY) 2022 budget proposal, outlining his tax and spending proposals and their effects on the federal budget over the next decade. The budget proposes roughly $5 trillion of new initiatives, partially offset by almost $3.6 trillion of tax increases and $214 billion of spending reductions. With $163 billion of new interest costs, the DEBTFIXER | COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET Make the hard budget choices to stabilize U.S. debt at 90% of the economy by 2031 by identifying $7.7 trillion of deficit reduction and bring it down to 60% by 2050. $ 0 billion to go. Your goal is to cut $7,720 billion from the Federal Budget to stabilize the debt at 90% of GDP by 2031. Congratulations! RSC RELEASES ITS FY 2022 BUDGET PROPOSAL The Republican Study Committee (RSC), a group of over 150 House Republicans, released its annual budget proposal for Fiscal Year (FY) 2022 on Wednesday. Like other Congressional caucuses that tend to produce budgets with their policy agendas around the time the Budget Committees are supposed to be working on a budget resolution, the RSC presents its view for spending, revenue, INTEREST PAYMENTS IN THE FEDERAL BUDGET At a projected cost of over $300 billion this fiscal year, interest payments are a significant part of the federal budget. Net interest is currently the fifth-largest federal line item and costs more than federal spending on food and nutrition services, transportation, housing, education, or refundable tax credits. This is true despite the record-low borrowing rates the THE REFORMER: AN INTERACTIVE TOOL TO FIX SOCIAL SECURITY CRFB’s The Reformer is an interactive tool designed to help users understand the choices and trade-offs in designing a package to make Social Security financially solvent. The options available in the tool represent versions of many of the most frequently discussed options, but are by no means exhaustive. A more comprehensive, but still far WHAT'S IN THE $2 TRILLION CORONAVIRUS RELIEF PACKAGE Updated on 4/21/2020 and 4/29/2020 to reflect the Congressional Budget Office's (CBO) estimate and subsequent revisions. Lawmakers recently approved the Coronavirus Aid, Relief, and Economic Security (CARES) Act – the third and most expansive package designed to address the public health and economic crisis brought on by the novel coronavirus (COVID-19) pandemic. HOW MUCH COVID RELIEF MONEY IS LEFT? Note: Data updates on February 3, 2021 reduce the difference between legislative amount allowed and committed/disbursed from $1.3 trillion to $1.1 trillion. Most of the additional disbursal is from the end-of-year Response and Relief Act. Our newly updated COVID Money Tracker tool estimates that Congress has allocated $4 trillion of gross fiscal support, of which at least $2.7 COVID RELIEF CONTINUES TO BOLSTER PERSONAL INCOME New data from the Bureau of Economic Analysis (BEA) for the month of April shows that disposable personal income (DPI) was 12.0 percent above pre-pandemic levels, or 3.8 percent above pre-pandemic levels excluding COVID relief. We have documented in a number of analyses how the $5.9 trillion ($5.2 trillion net) of enacted COVID relief to date has propelled personal income to record levels. SENATE FINANCE COMMITTEE HEARING HIGHLIGHTS NEED TO SECURE 1 day ago · The Senate Finance Committee held a hearing last month titled “Funding and Financing Options to Bolster American Infrastructure,” covering the need to sustainably fund our infrastructure, the consequences of the impending insolvency of the Highway Trust Fund (HTF), and ways to finance new investments.The hearing included testimony from Joseph Kile, Director of MicroeconomicAnalysis at
PRESS RELEASES
The Committee for a Responsible Federal Budget is a non-partisan, non-profit organization committed to educating the public on issues with significant fiscal policy impact. HOW MUCH COVID RELIEF MONEY IS LEFT? Note: Data updates on February 3, 2021 reduce the difference between legislative amount allowed and committed/disbursed from $1.3 trillion to $1.1 trillion. Most of the additional disbursal is from the end-of-year Response and Relief Act. Our newly updated COVID Money Tracker tool estimates that Congress has allocated $4 trillion of gross fiscal support, of which at least $2.7 WHAT'S IN THE FINAL COVID RELIEF DEAL OF 2020? Lawmakers passed a new COVID relief deal on December 21, 2020, which was subsequently signed into law by the President on December 27. The deal in many ways resembles recent proposals from a bipartisan group of lawmakers and from Treasury Secretary Mnuchin, both of which cost over $900 billion. It is the fifth major bill enacted in response to the COVID pandemic and economic THE REFORMER: AN INTERACTIVE TOOL TO FIX SOCIAL SECURITY CRFB’s The Reformer is an interactive tool designed to help users understand the choices and trade-offs in designing a package to make Social Security financially solvent. The options available in the tool represent versions of many of the most frequently discussed options, but are by no means exhaustive. A more comprehensive, but still far BIPARTISAN SENATE HIGHWAY BILL NEEDS OFFSETS The Senate Environment and Public Works (EPW) Committee recently marked up and unanimously passed a bipartisan highway reauthorization bill. The bill spends $303.5 billion over five years on highway programs, billed as a 34 percent increase over the last long-term highway bill in 2015. The Highway Trust Fund (HTF) is set to become insolvent next year after the latest general THE COST OF THE TRUMP AND BIDEN COVID RESPONSE PLANS The COVID pandemic has caused considerable economic damage and human suffering. Policymakers responded aggressively this spring to address the economic fallout, as detailed at COVIDMoneyTracker.org, but have not agreed on further steps. Both President Donald Trump and former Vice President Joe Biden have proposed additional actions. Our recent paper The Cost of the Trump and FOUR KEY ELEMENTS OF THE AMERICAN RESCUE PLAN In light of the ongoing pandemic and economic crisis, there has been strong interest in pursuing further spending to expand vaccinations, contain the pandemic, reopen schools, and extend expiring unemployment benefits. About a quarter of the House version of the American Rescue Plan would be spent on these four key elements, including less than 1 percent on vaccines and IS THE FED BUYING OUR NEW DEBT? The short answer: the Federal Reserve has indirectly bought the vast majority of debt issued since the crisis began. Whether this is debt monetization or more conventional quantitative easing is up for debate. This blog post is a product of the COVID Money Tracker, a new initiative of the Committee for a Responsible Federal Budget focusedon
COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET The Committee for a Responsible Federal Budget is a non-partisan, non-profit organization committed to educating the public on issues with significant fiscal policy impact. PRESIDENT BIDEN'S FULL FY 2022 BUDGET AN OVERVIEW OF THE PRESIDENT’S FY 2022 BUDGET Moments ago, President Joe Biden unveiled his Fiscal Year (FY) 2022 budget proposal, outlining his tax and spending proposals and their effects on the federal budget over the next decade. The budget proposes roughly $5 trillion of new initiatives, partially offset by almost $3.6 trillion of tax increases and $214 billion of spending reductions. With $163 billion of new interest costs, the DEBTFIXER | COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET The national debt continues to rise while our leaders struggle to pass a federal budget. Can you do better? Here’s your chance to find out. INTEREST PAYMENTS IN THE FEDERAL BUDGET At a projected cost of over $300 billion this fiscal year, interest payments are a significant part of the federal budget. Net interest is currently the fifth-largest federal line item and costs more than federal spending on food and nutrition services, transportation, housing, education, or refundable tax credits. This is true despite the record-low borrowing rates the federal government has THE REFORMER: AN INTERACTIVE TOOL TO FIX SOCIAL SECURITY Social Security provides vital income security to millions of beneficiaries, but is on a road toward insolvency. The Social Security program currently pays more in benefits than it collects in revenue, and under the latest official projections its trust funds will run out in 2034. At that point, all WHAT'S IN THE FINAL COVID RELIEF DEAL OF 2020? Lawmakers passed a new COVID relief deal on December 21, 2020, which was subsequently signed into law by the President on December 27. The deal in many ways resembles recent proposals from a bipartisan group of lawmakers and from Treasury Secretary Mnuchin, both of which cost over $900 billion. It is the fifth major bill enacted in response to the COVID pandemic and economicMAYA MACGUINEAS
Maya MacGuineas is the president of the bipartisan Committee for a Responsible Federal Budget. Her areas of expertise include budget, tax, and economic policy. As a leading budget expert and a political independent, she has worked closely with members of both parties and serves as a trusted resource on Capitol Hill. MacGuineas testifies regularly before Congress and has OPTIONS TO PAY FOR THE AMERICAN JOBS PLAN SPENDING HAS INCREASED $800 BILLION UNDER PRESIDENT TRUMP President Trump's Fiscal Year (FY) 2021 budget calls for about $3.2 trillion in net deficit reduction over the next decade by our estimate, including nearly $2 trillion in cuts to discretionary spending. The Administration cites the need to restrain spending as its way to address our unsustainable debt trajectory. Yet, since President Trump's election in 2016, total spending has grown by COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET The Committee for a Responsible Federal Budget is a non-partisan, non-profit organization committed to educating the public on issues with significant fiscal policy impact. PRESIDENT BIDEN'S FULL FY 2022 BUDGET AN OVERVIEW OF THE PRESIDENT’S FY 2022 BUDGET Moments ago, President Joe Biden unveiled his Fiscal Year (FY) 2022 budget proposal, outlining his tax and spending proposals and their effects on the federal budget over the next decade. The budget proposes roughly $5 trillion of new initiatives, partially offset by almost $3.6 trillion of tax increases and $214 billion of spending reductions. With $163 billion of new interest costs, the DEBTFIXER | COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET The national debt continues to rise while our leaders struggle to pass a federal budget. Can you do better? Here’s your chance to find out. INTEREST PAYMENTS IN THE FEDERAL BUDGET At a projected cost of over $300 billion this fiscal year, interest payments are a significant part of the federal budget. Net interest is currently the fifth-largest federal line item and costs more than federal spending on food and nutrition services, transportation, housing, education, or refundable tax credits. This is true despite the record-low borrowing rates the federal government has THE REFORMER: AN INTERACTIVE TOOL TO FIX SOCIAL SECURITY Social Security provides vital income security to millions of beneficiaries, but is on a road toward insolvency. The Social Security program currently pays more in benefits than it collects in revenue, and under the latest official projections its trust funds will run out in 2034. At that point, all WHAT'S IN THE FINAL COVID RELIEF DEAL OF 2020? Lawmakers passed a new COVID relief deal on December 21, 2020, which was subsequently signed into law by the President on December 27. The deal in many ways resembles recent proposals from a bipartisan group of lawmakers and from Treasury Secretary Mnuchin, both of which cost over $900 billion. It is the fifth major bill enacted in response to the COVID pandemic and economicMAYA MACGUINEAS
Maya MacGuineas is the president of the bipartisan Committee for a Responsible Federal Budget. Her areas of expertise include budget, tax, and economic policy. As a leading budget expert and a political independent, she has worked closely with members of both parties and serves as a trusted resource on Capitol Hill. MacGuineas testifies regularly before Congress and has OPTIONS TO PAY FOR THE AMERICAN JOBS PLAN SPENDING HAS INCREASED $800 BILLION UNDER PRESIDENT TRUMP President Trump's Fiscal Year (FY) 2021 budget calls for about $3.2 trillion in net deficit reduction over the next decade by our estimate, including nearly $2 trillion in cuts to discretionary spending. The Administration cites the need to restrain spending as its way to address our unsustainable debt trajectory. Yet, since President Trump's election in 2016, total spending has grown by COVID RELIEF CONTINUES TO BOLSTER PERSONAL INCOME New data from the Bureau of Economic Analysis (BEA) for the month of April shows that disposable personal income (DPI) was 12.0 percent above pre-pandemic levels, or 3.8 percent above pre-pandemic levels excluding COVID relief. We have documented in a number of analyses how the $5.9 trillion ($5.2 trillion net) of enacted COVID relief to date has propelled personal income to record levels. CBO REPORTS $2.1 TRILLION DEFICIT FOR FIRST EIGHT MONTHS For Immediate Release The United States borrowed nearly $2.1 trillion in the first eight months of fiscal year 2021, according to the latest Monthly Budget Review from the Congressional Budget Office. The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget: The COVID-19 pandemic and economic downturn called for a fast, large, WHAT'S IN THE $2 TRILLION CORONAVIRUS RELIEF PACKAGE Updated on 4/21/2020 and 4/29/2020 to reflect the Congressional Budget Office's (CBO) estimate and subsequent revisions. Lawmakers recently approved the Coronavirus Aid, Relief, and Economic Security (CARES) Act – the third and most expansive package designed to address the public health and economic crisis brought on by the novel coronavirus (COVID-19) pandemic. WHAT'S IN THE FINAL COVID RELIEF DEAL OF 2020? Lawmakers passed a new COVID relief deal on December 21, 2020, which was subsequently signed into law by the President on December 27. The deal in many ways resembles recent proposals from a bipartisan group of lawmakers and from Treasury Secretary Mnuchin, both of which cost over $900 billion. It is the fifth major bill enacted in response to the COVID pandemic and economic HOW MUCH COVID RELIEF MONEY IS LEFT? Note: Data updates on February 3, 2021 reduce the difference between legislative amount allowed and committed/disbursed from $1.3 trillion to $1.1 trillion. Most of the additional disbursal is from the end-of-year Response and Relief Act. Our newly updated COVID Money Tracker tool estimates that Congress has allocated $4 trillion of gross fiscal support, of which at least $2.7 HOW MUCH COVID RELIEF HAS BEEN SPENT SO FAR? Our brand new, state-of-the-art interactive COVID Money Tracker tool follows every dollar authorized and spent by Congress, the Federal Reserve, and the Administration in response to the coronavirus public health and economic crisis. To date, we estimate policymakers have committed trillions of financial support — including $587 billion through administrative actions, $3.8 trillionPRESS RELEASES
The Committee for a Responsible Federal Budget is a non-partisan, non-profit organization committed to educating the public on issues with significant fiscal policy impact. SENATE FINANCE COMMITTEE HEARING HIGHLIGHTS NEED TO SECURE 1 day ago · The Senate Finance Committee held a hearing last month titled “Funding and Financing Options to Bolster American Infrastructure,” covering the need to sustainably fund our infrastructure, the consequences of the impending insolvency of the Highway Trust Fund (HTF), and ways to finance new investments.The hearing included testimony from Joseph Kile, Director of MicroeconomicAnalysis at
IS THE FED BUYING OUR NEW DEBT? This blog post is a product of the COVID Money Tracker, a new initiative of the Committee for a Responsible Federal Budget focused on identifying and tracking the disbursement of the trillions being poured into the economy to combat the crisis through legislative, administrative, and Federal Reserve actions.. When the federal government runs deficits, it must sell bonds in order finance its BIPARTISAN SENATE HIGHWAY BILL NEEDS OFFSETS The Senate Environment and Public Works (EPW) Committee recently marked up and unanimously passed a bipartisan highway reauthorization bill. The bill spends $303.5 billion over five years on highway programs, billed as a 34 percent increase over the last long-term highway bill in 2015. The Highway Trust Fund (HTF) is set to become insolvent next year after the latest general COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET The Committee for a Responsible Federal Budget is a non-partisan, non-profit organization committed to educating the public on issues with significant fiscal policy impact. PRESIDENT BIDEN'S FULL FY 2022 BUDGET AN OVERVIEW OF THE PRESIDENT’S FY 2022 BUDGET Moments ago, President Joe Biden unveiled his Fiscal Year (FY) 2022 budget proposal, outlining his tax and spending proposals and their effects on the federal budget over the next decade. The budget proposes roughly $5 trillion of new initiatives, partially offset by almost $3.6 trillion of tax increases and $214 billion of spending reductions. With $163 billion of new interest costs, the DEBTFIXER | COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET Make the hard budget choices to stabilize U.S. debt at 90% of the economy by 2031 by identifying $7.7 trillion of deficit reduction and bring it down to 60% by 2050. $ 0 billion to go. Your goal is to cut $7,720 billion from the Federal Budget to stabilize the debt at 90% of GDP by 2031. Congratulations! INTEREST PAYMENTS IN THE FEDERAL BUDGET At a projected cost of over $300 billion this fiscal year, interest payments are a significant part of the federal budget. Net interest is currently the fifth-largest federal line item and costs more than federal spending on food and nutrition services, transportation, housing, education, or refundable tax credits. This is true despite the record-low borrowing rates the THE REFORMER: AN INTERACTIVE TOOL TO FIX SOCIAL SECURITY CRFB’s The Reformer is an interactive tool designed to help users understand the choices and trade-offs in designing a package to make Social Security financially solvent. The options available in the tool represent versions of many of the most frequently discussed options, but are by no means exhaustive. A more comprehensive, but still far WELCOME TO THE NEW COVID MONEY TRACKER The Committee for a Responsible Federal Budget is excited to announce the launch of our interactive COVID Money Tracker tool. The COVID Money Tracker follows every major action taken by Congress, the Federal Reserve, the executive branch, and various federal agencies in response to the coronavirus pandemic and economic crisis.MAYA MACGUINEAS
Maya MacGuineas is the president of the bipartisan Committee for a Responsible Federal Budget. Her areas of expertise include budget, tax, and economic policy. As a leading budget expert and a political independent, she has worked closely with members of both parties and serves as a trusted resource on Capitol Hill. MacGuineas testifies regularly before Congress and has IS THE FED BUYING OUR NEW DEBT? The short answer: the Federal Reserve has indirectly bought the vast majority of debt issued since the crisis began. Whether this is debt monetization or more conventional quantitative easing is up for debate. This blog post is a product of the COVID Money Tracker, a new initiative of the Committee for a Responsible Federal Budget focusedon
OPTIONS TO PAY FOR THE AMERICAN JOBS PLAN COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET The Committee for a Responsible Federal Budget is a non-partisan, non-profit organization committed to educating the public on issues with significant fiscal policy impact. PRESIDENT BIDEN'S FULL FY 2022 BUDGET AN OVERVIEW OF THE PRESIDENT’S FY 2022 BUDGET Moments ago, President Joe Biden unveiled his Fiscal Year (FY) 2022 budget proposal, outlining his tax and spending proposals and their effects on the federal budget over the next decade. The budget proposes roughly $5 trillion of new initiatives, partially offset by almost $3.6 trillion of tax increases and $214 billion of spending reductions. With $163 billion of new interest costs, the DEBTFIXER | COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET Make the hard budget choices to stabilize U.S. debt at 90% of the economy by 2031 by identifying $7.7 trillion of deficit reduction and bring it down to 60% by 2050. $ 0 billion to go. Your goal is to cut $7,720 billion from the Federal Budget to stabilize the debt at 90% of GDP by 2031. Congratulations! INTEREST PAYMENTS IN THE FEDERAL BUDGET At a projected cost of over $300 billion this fiscal year, interest payments are a significant part of the federal budget. Net interest is currently the fifth-largest federal line item and costs more than federal spending on food and nutrition services, transportation, housing, education, or refundable tax credits. This is true despite the record-low borrowing rates the THE REFORMER: AN INTERACTIVE TOOL TO FIX SOCIAL SECURITY CRFB’s The Reformer is an interactive tool designed to help users understand the choices and trade-offs in designing a package to make Social Security financially solvent. The options available in the tool represent versions of many of the most frequently discussed options, but are by no means exhaustive. A more comprehensive, but still far WELCOME TO THE NEW COVID MONEY TRACKER The Committee for a Responsible Federal Budget is excited to announce the launch of our interactive COVID Money Tracker tool. The COVID Money Tracker follows every major action taken by Congress, the Federal Reserve, the executive branch, and various federal agencies in response to the coronavirus pandemic and economic crisis.MAYA MACGUINEAS
Maya MacGuineas is the president of the bipartisan Committee for a Responsible Federal Budget. Her areas of expertise include budget, tax, and economic policy. As a leading budget expert and a political independent, she has worked closely with members of both parties and serves as a trusted resource on Capitol Hill. MacGuineas testifies regularly before Congress and has IS THE FED BUYING OUR NEW DEBT? The short answer: the Federal Reserve has indirectly bought the vast majority of debt issued since the crisis began. Whether this is debt monetization or more conventional quantitative easing is up for debate. This blog post is a product of the COVID Money Tracker, a new initiative of the Committee for a Responsible Federal Budget focusedon
OPTIONS TO PAY FOR THE AMERICAN JOBS PLAN COVID RELIEF CONTINUES TO BOLSTER PERSONAL INCOME 1 day ago · New data from the Bureau of Economic Analysis (BEA) for the month of April shows that disposable personal income (DPI) was 12.0 percent above pre-pandemic levels, or 3.8 percent above pre-pandemic levels excluding COVID relief. We have documented in a number of analyses how the $5.9 trillion ($5.2 trillion net) of enacted COVID relief to date has propelled personal income to recordlevels.
CBO REPORTS $2.1 TRILLION DEFICIT FOR FIRST EIGHT MONTHS For Immediate Release The United States borrowed nearly $2.1 trillion in the first eight months of fiscal year 2021, according to the latest Monthly Budget Review from the Congressional Budget Office. The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget: The COVID-19 pandemic and economic downturn called for a fast, large, WHAT'S IN THE $2 TRILLION CORONAVIRUS RELIEF PACKAGE Updated on 4/21/2020 and 4/29/2020 to reflect the Congressional Budget Office's (CBO) estimate and subsequent revisions. Lawmakers recently approved the Coronavirus Aid, Relief, and Economic Security (CARES) Act – the third and most expansive package designed to address the public health and economic crisis brought on by the novel coronavirus (COVID-19) pandemic. WELCOME TO THE NEW COVID MONEY TRACKER The Committee for a Responsible Federal Budget is excited to announce the launch of our interactive COVID Money Tracker tool. The COVID Money Tracker follows every major action taken by Congress, the Federal Reserve, the executive branch, and various federal agencies in response to the coronavirus pandemic and economic crisis. SENATE FINANCE COMMITTEE HEARING HIGHLIGHTS NEED TO SECURE 8 hours ago · The Senate Finance Committee held a hearing last month titled “Funding and Financing Options to Bolster American Infrastructure,” covering the need to sustainably fund our infrastructure, the consequences of the impending insolvency of the Highway Trust Fund (HTF), and ways to finance new investments.The hearing included testimony from Joseph Kile, Director of MicroeconomicAnalysis at
PRESS RELEASES
The Committee for a Responsible Federal Budget is a non-partisan, non-profit organization committed to educating the public on issues with significant fiscal policy impact. BLOG | COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET Blog. Welcome to our blog – The Bottom Line, where you’ll find up-to-date commentary and analysis on the most important news in the fiscal world. Below is a list of our blog posts. Title. Issue Area. - Any - Budgets & Projections Health Care Social Security Other Spending Taxes Budget Process Economics. - HOW MUCH COVID RELIEF HAS BEEN SPENT SO FAR? Our brand new, state-of-the-art interactive COVID Money Tracker tool follows every dollar authorized and spent by Congress, the Federal Reserve, and the Administration in response to the coronavirus public health and economic crisis. To date, we estimate policymakers have committed trillions of financial support — including $587 billion through administrative actions, $3.8 trillion IS THE FED BUYING OUR NEW DEBT? This blog post is a product of the COVID Money Tracker, a new initiative of the Committee for a Responsible Federal Budget focused on identifying and tracking the disbursement of the trillions being poured into the economy to combat the crisis through legislative, administrative, and Federal Reserve actions.. When the federal government runs deficits, it must sell bonds in order finance its BIPARTISAN SENATE HIGHWAY BILL NEEDS OFFSETS The Senate Environment and Public Works (EPW) Committee recently marked up and unanimously passed a bipartisan highway reauthorization bill. The bill spends $303.5 billion over five years on highway programs, billed as a 34 percent increase over the last long-term highway bill in 2015. The Highway Trust Fund (HTF) is set to become insolvent next year after the latest general*
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OBJECTIVE. NONPARTISAN. COMMITTED TO FISCAL RESPONSIBILITY. Jun 3, 2021 | Blog Paper Event Press Release | Budgets & Projections| Other Spending
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Jun 4, 2021 | Blog Paper Press Release Event | Social Security TIME IS RUNNING OUT TO SAVE SOCIAL SECURITY Social Security, the nation's largest and arguably most important government program, is only a few years from insolvency . EconomistsJeffrey Brown...
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Jun 4, 2021 | Blog Paper Press Release Event | Budgets & Projections BREAKING DOWN THE PROPOSALS IN THE PRESIDENT'S FY 2022 BUDGET Last week, the Biden Administration released its first full budget , laying out its proposals for Fiscal Year (FY) 2022 and the subsequentdecade...
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Jun 2, 2021 | Blog Paper Press Release Event | Other Spending BIPARTISAN SENATE HIGHWAY BILL NEEDS OFFSETS The Senate Environment and Public Works (EPW) Committee recently marked up and unanimously passed a bipartisan highway reauthorizationbill. The bill...
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May 28, 2021 | Blog Paper Press Release Event | Budgets & Projections AN OVERVIEW OF THE PRESIDENT’S FY 2022 BUDGET Moments ago, President Joe Biden unveiled his Fiscal Year (FY) 2022 budget proposal , outlining his tax and spending proposals and theireffects on...
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May 28, 2021 | Blog Paper Press Release Event | Budgets & Projections PRESIDENT'S BUDGET DOES LITTLE TO ADDRESS HIGH AND RISING DEBT For Immediate Release President Biden just released his Fiscal Year (FY) 2022 budget, the first full budget of his presidency, which laysout his tax...
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May 26, 2021 | Blog Paper Press Release Event | Budgets & Projections WHAT WE HOPE TO SEE IN THE PRESIDENT'S FY 2022 BUDGET The White House is slated to release President Biden’s first full budget proposal this Friday. Although the Fiscal Year (FY) 2022 budgetrequest will...
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