WASHINGTON DC (February 22, 2019) — The congressional budget resolution should establish the nation’s priorities, the approach to financing them, and a plan to ensure the nation is on a fiscally responsible track. We recommend that Congress adheres to the following principles when crafting a budget resolution:

Set a meaningful fiscal goal, and put forward a plan to achieve it

WASHINGTON DC (February 13, 2019) — Some in Congress reportedly want to revive a package of narrow tax breaks that expired 14 months ago, at the end of 2017, known as “tax extenders.” The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:

The fiscal year began on October 1, 2018, and Congress has passed just five out of 12 appropriations bills setting discretionary spending levels. Lawmakers have until midnight on Feb. 15, 2019, to enact legislation to fund the programs covered by the remaining seven appropriations bills. Before the current funding measure was enacted, the federal government had been partially shut down for 35 days, the longest shutdown in history.

WASHINGTON DC (February 5, 2019) — The new Congress began with a partial government shutdown and a warning last week from the Congressional Budget Office: trillion-dollar deficits are coming. Neither party can afford to ignore the consequences of debt and failed leadership. Our nation’s red ink is headed toward record levels, with interest payments on course to exceed all spending on children or all federal Medicaid spending next year and match total defense spending by 2024.

Congress has passed a minibus appropriations bill containing two of the 12 appropriations bills and a continuing resolution until December 7 covering any appropriations bills that have not yet been passed. The minibus now goes to the President for his signature. Last week, the President signed a separate minibus containing three of the 12 bills.

One of the key elements of the Congressional Budget Control and Impoundment Act of 1974 (Budget Act) was the provision to adopt a budget resolution, which sets out Congressional priorities on the budget and provides a framework for legislation...

The Committee for a Responsible Federal Budget believes this campaign season would benefit from a grown-up conversation about fiscal issues. To push that along, we have assembled a bipartisan packet of information on budget, tax and debt issues.
Click here to see the packet.
The Fiscal Year (FY) 2015 budget deficit totaled $439 billion, according to today's statement from the Treasury Department. Although this is roughly 10 percent below the FY 2014 deficit and nearly 70 percent below its 2009 peak, the country remains on an unsustainable fiscal path.
In this paper, we show:
  • Annual deficits have fallen substantially over the past six years, largely due to rapid increases in revenue (largely from the economic recovery), the reversal of one-time spending during the financial crisis, small decreases in defense spending, and slow growth in other areas.
  • Simply citing the 70 percent fall in deficits over the past six years without context is misleading, since it follows an almost 800 percent increase that brought deficits to record-high levels.
  • Even as deficits have fallen, debt held by the public has continued to rise, growing from $5.0 trillion in 2007 and $7.5 trillion in 2009 to $13.1 trillion today. As a share of GDP, debt rose from 35 percent in 2007 to about 74 percent in 2014 and 2015.
  • Both deficits and debt are projected to rise over the next decade and beyond, with trillion-dollar deficits returning by 2025 or sooner and debt exceeding the size of the economy before 2040, and as soon as 2031.
Unfortunately, the recent fall in deficits is not a sign of fiscal sustainability.
Read the full paper here

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