Showing posts with label deficit. Show all posts
Showing posts with label deficit. Show all posts

Wednesday, April 10, 2013

Michael Linden: The President’s budget is another attempt to reach a fiscal deal

  President Barack Obama’s fiscal year 2014 budget is unlike any previous presidential budget request in recent history. It is not a statement of the president’s vision for the federal budget. It does not represent what he thinks is the best course of action for spending, taxation, and broader federal fiscal policy. It is not, in short, his preferred budget plan. Rather, for the first time ever, it is a preemptive compromise budget.

  It includes more than $1 trillion in additional spending cuts, on top of the $1.9 trillion that the president has already accepted and signed into law. It includes significant changes to entitlement programs, as well as further cuts to a portion of the budget that was already cut down to historic lows. And it includes far less new revenue than the president has called for in the past. All told, President Obama’s compromise budget would raise less revenue and set government spending at approximately the same levels as the much-ballyhooed bipartisan plan proposed by former Republican Sen. Alan Simpson and former White House Chief of Staff Erskine Bowles in 2010. By that standard, the president’s compromise budget is to the right of Simpson-Bowles.

Wednesday, March 13, 2013

Michael Linden: Rep. Paul Ryan’s fantasy budget

  The newly released House Republican budget plan, authored by Rep. Paul Ryan (R-WI), claims to achieve balance by 2023, but that’s only true if you ignore the $7 trillion tax hole, and the utterly unrealistic cuts to a category of federal spending that’s already set to decline to historic lows. Without these egregious gimmicks and magic asterisks, Rep. Ryan’s plan not only fails to balance the budget but would actually dramatically increase the deficit and debt.

Monday, December 10, 2012

Ian M. MacIsaac: Freeze, this is a stickup: hostage negotiations in the fiscal cliff crisis

  "We're nowhere."

  That was House Speaker John Boehner's summation of the fiscal cliff negotiations as of this time last week, in an interview on Fox News Sunday.

  Boehner said that plan proposed by President Obama and Treasury Secretary Tim Geithner to avoid the fiscal cliff, which included an end to Congress's control of the debt ceiling limit along with $1.6 trillion in new revenue, was "a non-serious proposal;" particularly because, as Boehner portrayed it, the proposal contained federal spending that outweighed its proposed budget cuts.