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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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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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