Committee for a Responsible Federal Budget

Media Coverage

Apr 11, 2017|The Guardian

Universal healthcare supporters see their chance: 'There’s never been more support'

Not all projections are rosy. The non-partisan Committee for a Responsible Federal Budget analyzed Sanders’ plan for universal health coverage in 2016, and found it would add $19tn to the federal debt.

Apr 10, 2017|The Fiscal Times

All Those Warnings About the National Debt May Understate the Problem

The CBO outlook paints a fairly grim picture, but a well-known spending watchdog says the national debt may be in even worse shape. A new analysis by the Committee for a Responsible Federal Budget finds that given the right set of policies and economic circumstances, the debt could actually rise as high as 225 percent of GDP over the next three decades.

Apr 10, 2017|Vox

Republicans have huge ambitions for this Congress. They’re already running short on time.

But some experts were not so confident the rest of the Senate would go along with what the appropriations committee wants, suggesting another delay in passing the budget. “Congress would have to act quickly, it would have to be forced through and rank-and-file members wouldn’t have much of a chance to review or change it,” said Ed Lorenzen, senior adviser for the Committee for a Responsible Federal Budget. “So they may prefer to kick the can down the road with a CR instead.”

Apr 7, 2017|CBS News

Budget watchdog: "Worst" ever political environment will hinder fiscal reform

“I don’t think it’s going out on a limb to say that the political environment is the worst that I’ve ever seen in my entire time working in Washington,” Maya MacGuineas, the president of the non-partisan Committee for a Responsible Federal Budget told CBS News Chief White House Correspondent Major Garrett on this week’s episode of “The Takeout” podcast.

Apr 5, 2017|MarketWatch

Here’s how the U.S. got to $20 trillion in debt

With the U.S. still reeling from the Great Recession, President Barack Obama signed the American Recovery and Reinvestment Act in February 2009. In addition to tax cuts, Obama’s stimulus bill spent billions of dollars on unemployment benefits and infrastructure projects. Obama said the plan would be “a major milestone on our road to recovery,” but Republicans trashed the measure as a waste of government money. Originally scored at $787 billion, the Congressional Budget Office in 2015 put its price tag higher, at $836 billion. Including interest payments, it added $1 trillion to the debt through fiscal 2016, according to the Committee for a Responsible Federal Budget.

Apr 5, 2017|CBS News

Little appetite for a government shutdown, poll says

“Government shutdowns are not leverage—they are failure. Barely keeping the lights on should not be considered a budgeting success,” warned Maya MacGuineas, the president of the Committee for a Responsible Federal Budget, in a statement on Wednesday. “Our nation needs a budget process that works every time and does not use gimmicks or smokescreens to hide a rapidly rising and historically high national debt.

Apr 4, 2017|Huffington Post

GOP Plans Obamacare Replacement as Unite For America Resists

Overall, experts seem to agree that repeal of the Affordable Care Act would cost $350 billion over the next decade. This is based on an analysis report from the bipartisan Committee for a Responsible Federal Budget. The January 4, 2017 report outlines the cost of a full repeal. The ACA, which has been in in place for over 6 years, was designed to expand healthcare coverage and slow the growth of Medicare spending while providing offsets that raise taxes to reduce additional debt. Dismantling such a system is believed to be an extremely complicated and costly endeavor.

Apr 4, 2017|Washington Post

Paul Ryan’s tax plan depends on Trump not keeping his trade promise

“It’s definitely possible that a border adjustment tax helps a plan achieve revenue neutrality over 10 years, but leaves in place a shortfall,” said Ed Lorenzen of the Committee for a Responsible Federal Budget, which advocates reducing federal borrowing.

Apr 3, 2017|Washington Examiner

Conservatives gun for a debt ceiling win under Trump

"We still reserve judgment to see what he does in May, but he's definitely limiting his options," said Ed Lorenzen, a senior adviser for the bipartisan Committee for a Responsible Federal Budget. Trump's fully formed budget is expected to be released next month.

Apr 3, 2017|Washington Examiner

The coming Republican fight on spending

"It's the president's suggestions essentially to Congress," said Marc Goldwein of the Committee for a Responsible Budget. He added it "doesn't give them a lot of details to start their own budget resolution."

Apr 2, 2017|Fox News

Failure to repeal, replace ObamaCare could impact tax reform

President of the Committee for a Responsible Federal Budget provides insight on America's News HQ.

Click below to watch segment.

Mar 31, 2017|Bloomberg BNA

Long-Term U.S. Budget Picture Still Filled With Red Ink: CBO

“Putting debt on a sustainable path will require significant spending cuts, revenue increases, or more likely both,” the bipartisan Committee for a Responsible Federal Budget said in an analysis. “However, delaying action will increase the size of the needed adjustment for a given fiscal target. Waiting 10 years will increase the needed adjustment by about 50 percent.”

Mar 31, 2017|NewsMax

CBO: Record Federal Deficit Outlook Bleak, Getting Worse

Former Sen. Judd Gregg, R-N.H., and former Gov. Ed Rendell, D-Pa., the co-chairmen of the Campaign to Fix the Debt, highlighted the impact of those increased interest payments, per CBS News.

"This year, we will spend as much on interest as on the Departments of Homeland Security and Veterans Affairs combined, and in 30 years we will spend more on interest than on Medicare," Gregg and Rendell said in a statement.

"Meanwhile, an aging population and rising health costs means that Social Security, Medicare, and Medicaid will grow significantly while revenue fails to keep up. This formula means higher debt, lower household incomes, endangered trust funds, and a future where policymakers have little wiggle room to invest in important priorities or respond to a crisis."

Mar 31, 2017|The Fiscal Times

Mounting Interest Costs Will Shrink Federal Revenues and Harm the Economy

“Rising interest costs is responsible for half of all spending growth over the next three decades, and it’s not only driving up debt levels but crowding out investments in education, infrastructure, and national defense in the process,” said Marc Goldwein, senior vice president and policy director for the Committee for a Responsible Federal Budget, a prominent budget watchdog.

Mar 31, 2017|ThinkAdvisor

CBO: Social Security, Medicare to Eat Up More Federal Spending

As the Committee for a Responsible Federal Budget notes, the CBO outlook also finds that a number of major federal trust funds face exhaustion in the coming years, including the Highway Trust Fund in 2021, the Social Security Disability Insurance Trust Fund in 2023, the Medicare Part A (Hospital Insurance) Trust Fund in 2025, and the Social Security Old-Age and Survivors Insurance Trust Fund in 2031. "Exhaustion of these trust funds would spell deep across-the-board cuts for their beneficiaries," the committee said.

Mar 31, 2017|The Fiscal Times

Mounting Interest Costs Will Shrink Federal Revenues and Harm the Economy

“Rising interest costs is responsible for half of all spending growth over the next three decades, and it’s not only driving up debt levels but crowding out investments in education, infrastructure, and national defense in the process,” said Marc Goldwein, senior vice president and policy director for the Committee for a Responsible Federal Budget, a prominent budget watchdog.

Mar 30, 2017|MarketWatch

Here’s how the U.S. got to $20 trillion in debt

Originally scored at $787 billion, the Congressional Budget Office in 2015 put its price tag higher, at $836 billion. Including interest payments, it added $1 trillion to the debt through fiscal 2016, according to the Committee for a Responsible Federal Budget.

Mar 30, 2017|Financial Times

Shutdown feared if Trump spending plans hit wall

Some analysts argue a re-run is unlikely this year. “I don’t think there will be enough people who want to shut down the government,” says Marc Goldwein, senior policy director for the Committee for a Responsible Federal Budget. “Usually we find a way to make a deal”.

Mar 29, 2017|Washington Post

After Obamacare defeat, Trump advisers want the White House to delay child-care plan

Marc Goldwein, senior policy director at the Committee for a Responsible Federal Budget, a nonpartisan research organization, said lawmakers for years have debated the best approach to tax reform. “We keep going in a policy circle on this,” he said.

Economists have long debated if and how tax tweaks could lift the economy. The political landscape is easier to read.

“There’s some left-right agreement that the corporate rate should be lower,” Goldwein said, “but there’s not even an agreement on the direction of the individual rate.”

Mar 29, 2017|Market Watch

Why tax reform is not as simple as it sounds

The Joint Committee on Taxation projects total tax expenditures of $1.6 trillion in 2017, the highest on record. That does not imply an equal revenue loss to the Treasury because repealing a tax break produces behavioral changes as well as interactive effects, according to Marc Goldwein, senior policy director at the Committee for a Responsible Federal Budget.

If tax reform were “a lot simpler” than health care, Congress would have delivered something by now. Instead, the Tax Reform Act of 1986 remains the last best hope for something similar.

“Health care is complicated because it’s one-sixth of the economy,” Goldwein says. “Taxes are also one-sixth of the economy.”

Mar 29, 2017|Politico

Morning Tax

Elsewhere, the Committee for a Responsible Federal Budget, using figures from the Joint Committee on Taxation, found that tax incentives had grown by around $130 billion since 2015, mostly because of that year’s big tax extender deal. And a reminder: Over half of that $1.6 trillion is locked into 10 incentives that are either popular, have powerful supporters or both — like the exclusion for employer-provided health care, which Republicans just had to back away from trying to change.

Mar 29, 2017|Investopedia

Trump-Branded Taxes - Another Luxury Product

So, what’s different this time? Would Trump’s tax cut plans double economic growth from around 2% annually to 4%, as he claims? Trump’s promises are built "on very rosy economic assumptions that I don't think are going to come to fruition," Marc Goldwein of the nonpartisan Committee for a Responsible Federal Budget, said after the New York Economic Club address. Many other economists and tax wonks concur.
 

Mar 29, 2017|PolitiFact

What's in store with tax reform

Edward Lorenzen is a long-time budget hand, now at the Committee for a Responsible Federal Budget, a group that favors deficit reduction. Lorenzen told us that legally, under reconciliation, deficits can’t be projected to rise beyond the 10-year mark that begins once a bill becomes law. Before that 10-year window is up however, the budget resolution could approve deficit increases.

"This leads to lots of tricks and games such as having tax cuts or spending expire before the 10th year -- like the Bush tax cuts (of 2001 and 2003) or having savings designed to grow rapidly at the end, which was the case with some Obamacare provisions like the Cadillac tax," Lorenzen said.

Mar 29, 2017|Chicago Tribune

Why the obvious next step for President Donald Trump and Congress is a fiscal binge

Robert Bixby, executive director of The Concord Coalition, a nonpartisan budget watchdog, tells me, "There's a political logic to it: 'You get what you want. We get what we want. And the future will pay for it.'" Marc Goldwein, senior policy director of the Committee for a Responsible Federal Budget, agrees: "The risk of irresponsibility is high."

Mar 29, 2017|The Daily Beast

Donald Trump’s Tax Plan—The Rich Pay Less, and You Make Up the Difference

So, what’s different this time? Would Trump’s tax cut plans double economic growth from around 2% annually to 4%, as he claims? Trump’s promises are built "on very rosy economic assumptions that I don't think are going to come to fruition," Marc Goldwein of the nonpartisan Committee for a Responsible Federal Budget, said after the New York Economic Club address. Many other economists and tax wonks concur.

Mar 28, 2017|LifeZette

Trump’s Five Most Endangered Campaign Promises

At the same time, many Republicans are lukewarm toward an expansion of the federal role in maternity leave policies. And then there is the cost. The Committee for a Responsible Federal Budget estimated that Trump’s plan would cost about $50 billion over 10 years.

Mar 28, 2017|CNN

CRFB President Maya MacGuineas talks White House health care discussions

"The policy agenda is massive," said MacGuineas on CNN Newsroom. "And they really have to make a major shift, where they start to be able to enact big pieces of legislation on the agenda, so that they show both that they can govern, and that they can get some of the things that the President and the Republican leaders ran on."

Watch the full discussion here: http://mms.tveyes.com/MediaCenterPlayer.aspx?u=aHR0cDovL21lZGlhY2VudGVyLnR2ZXllcy5jb20vZG93bmxvYWRnYXRld2F5LmFzcHg%2FVXNlcklEPTQ4MDM2NCZNRElEPTc2MzA4MzkmTURTZWVkPTcxOTcmVHlwZT1NZWRpYQ%3D%3D

Mar 28, 2017|Daily Journal

U.S. Sen. Roger Wicker: Repeal, replace still needs to be focus

The agency made encouraging predictions about the tax cuts and the deficit reduction in the President’s health-care plan, noting that it could save anywhere from $150 billion to $337 billion over the next 10 years. One early long-term estimate by the independent Committee for a Responsible Federal Budget projected that the President’s health-care plan could lead to $2 trillion in savings over the next two decades. I have been an advocate for 20-year forecasts in the past, authoring an amendment to a previous budget proposal that would require CBO to determine longer economic estimates. Policy decisions should be based on sustainable progress, not short-lived wins.

Mar 28, 2017|Inc.

The 1 Thing About Tax Reform That You'll Absolutely Hate

According to this report by Time earlier this year, four well-known, partisan and non-partisan tax research organizations (The Tax Foundation, Tax Policy Center, Moody's Analytics, and the Committee for a Responsible Federal Budget) concluded that the tax plan proposed by the president and mostly endorsed by the Republican leadership would fail to pay for itself.

"Projected deficits," the report says, "ranged from $2.6 trillion (in the most optimistic estimate from the Tax Foundation) to more than $10 trillion for Moody's." Even the president's 2017 budget proposals, which slash spending across the board, would still contribute significantly to the nation's debt over the next 10 years, according to a recent analysis by the Congressional Budget Office.

Mar 27, 2017|McClatchy DC

Republicans see a tax bill as the next big thing, but they’re in for a struggle

Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a nonpartisan watchdog group, saw one hope for a tax bill. Unlike health care, everyone agrees the tax code is broken, she said, and it’s been an important part of the Republican platform for years.

“The tax code is a disaster and is desperately in need of reform,” she said. “I think they kind of have to succeed. I don’t think they can afford to not succeed right now.”

 

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