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President Obama’s Record on Youth Employment
October 18, 2012
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In the 2008 presidential election, President Obama received overwhelming support from young voters. The past four years has produced the following results and prospects for young Americans: Among 16 to 24-year-olds, the unemployment rate is 15.5%. After adjusting for the decline in the labor force p...
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The False Charge of a $5 trillion “tax cut” in the House Republican Budget
October 3, 2012
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“You can go on their website, look at Congressman Ryan’s budget. The centerpiece of Governor Romney’s entire economic plan is a new $5 trillion tax cut, a lot of it going to folks like me, a lot of it going to the wealthiest Americans.” – President Barack Obama, August 18, 2012, Rochester, NH. Key P...
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Summary of OMB Sequester Transparency Act Report
September 14, 2012
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On September 14, 2012, over a week after the statutory deadline, the Office of Management and Budget released a report detailing the impacts of the automatic sequester scheduled to take effect on January 2, 2013. The report provides details for the 897 accounts subject to sequester, a description of...
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The Arithmetic of the President’s $4 Trillion Deficit Reduction Claim
September 7, 2012
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Despite claims that the President has a $4 trillion deficit reduction plan, the President’s own budget shows only a $2 trillion reduction in the deficit over 10 years, while the debt increases by $11 trillion. After removing gimmicks and using CBO data, the President’s budget shows only $577 billio...
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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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