Committee for a Responsible Federal Budget

Media Coverage

Jul 18, 2017|PBS

Can Trump improve his record-low approval rating?

The White House’s proposed budget, which was released earlier this year, projected that the economy would grow at an annual rate of three percent over the next decade.

Most economists do not share that view; the nonpartisan Committee for a Responsible Federal Budget estimated in a March report that the economy would grow by 1.9 percent annually over the next 10 years.

Jul 18, 2017|The Hill

How the GOP would cut $203B in mandatory spending

The Hill asked Marc Goldwein, senior vice president and head of policy at the nonpartisan Committee for a Responsible Federal Budget (CRFB), for some thoughts as to how the committees might achieve the cuts listed below, which come directly from the GOP budget proposal.

Here is the breakdown:

Jul 18, 2017|The Washington Times

House Republican budget proposal paves way for tax reform, another intraparty battle

Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said the proposal is not perfect but praised Republicans for pushing toward a balanced budget.

“We are pleased and relieved that the budget prohibits deficit-financed tax cuts and provides for a down payment in real deficit reduction,” Ms. MacGuineas said. “This is a hopeful sign that Congress recognizes the risks of growing budget deficits and that tax reform is not being used as a veil for tax cuts that add to the debt.”

Jul 18, 2017|MarketWatch

Here are the costs of repealing but not replacing Obamacare

Earlier this year, the Committee for a Responsible Federal Budget estimated that repealing the Affordable Care Act in its entirety would boost the budget deficit by about $350 billion through 2027. That just about matches a Congressional Budget Office report from June 2015, which projected that repealing President Barack Obama’s landmark health law would cost $353 billion over 10 years.

Jul 18, 2017|MarketWatch

Tax reform’s scope to be limited by House budget bill

“The biggest thing that stands out is that it requires tax reform to be revenue neutral current to law,” said Ed Lorenzen, senior adviser to the Committee for a Responsible Federal Budget.

As the text introducing the bill says: “The resolution also instructs the Ways & Means Committee to produce deficit-neutral tax-reform legislation that will reduce tax rates and simplify the tax code to boost economic growth.”

That will require “some combination of making really tough choices on offsets, or scaling back ambitions on cuts,” Lorenzen said.

Jul 17, 2017|National Review

The End of the Grand Bargain

According to the Committee for a Responsible Federal Budget, Clinton’s plans would have increased the debt by $200 billion over the next decade, and Trump’s by $5.3 trillion. Neither candidate mentioned the debt on the campaign trail, and the issue never came up in debates.

Jul 14, 2017|Fox Business Network

GOP bill to slash growth rate in Medicaid spending

Committee for a Responsible Federal Budget President Maya Macguineas weighs in on cuts to Medicaid spending in revised Senate GOP bill.

Jul 14, 2017|NBC News

GOP Weighs Nearly Unprecedented Move to Pass Health Care Bill

Ed Lorenzen, a senior adviser for the Committee for a Responsible Federal Budget, said swapping out scoring for only parts of the bill for an HHS version would create “serious practical difficulties” even if it were technically allowed. HHS might disagree with the CBO about the impact of the underlying bill, for example, making its analysis of the Cruz amendment alone difficult to reconcile.

Jul 14, 2017|NPR

Why 'MAGAnomics' Isn't Likely To Work

And there are significant economic factors holding the U.S. back from that kind of growth. The Center for a Responsible Federal Budget illustrated this in a May report. In order to get to near 3-percent growth, major factors that contribute to growth would have to bounce back to the booming levels of a quarter century ago. 

"By our estimates, returning capital growth, productivity growth, and prime-age labor force participation to where they were in the 1990s would result in 2.9-percent growth," they wrote, adding that that's "an unlikely scenario given recent trends."

Jul 14, 2017|The Hill

Debt group hits Trump on Social Security

President Trump’s promise not to touch Social Security is “backwards,” according to the Committee for a Responsible Federal Budget (CRFB), a group that promotes deficit reduction. 

In a Time magazine op-ed, CRFB President Maya MacGuineas wrote that the president’s approach to the depleting Social Security trust fund — eliminating fraud and abuse and relying on faster economic growth — would not solve the problem.

“Totally eliminating all improper Social Security payments would buy the trust fund only about four months of solvency—less than a rounding error. Meanwhile, higher economic growth would simply mean delaying the program’s shortfalls rather than solving them, since higher growth translates into higher benefits,” she wrote.

Jul 14, 2017|Yahoo! Finance

Social Security on track for 'large, abrupt' cuts in 17 years unless Congress acts

As the Committee for a Responsible Federal Budget, a non-partisan group dedicated to balancing the budget, noted in a paper on Friday, the cuts would be “large” and  “abrupt” and growing from 23% in 2034 to 27% in 2091. The late-century date may prove reassuring to some, but a 23% cut takes the average Social Security benefit payout from around $1,400 to $1,080. This would be a significant blow.

Jul 14, 2017|The Washington Free Beacon

Social Security Trust Funds to Be Depleted in 17 Years

The Committee for a Responsible Federal Budget suggests policymakers phase in gradual changes that would allow for more time to plan but also promote long-term economic growth.

"The Social Security Trustees continue to underscore the need to address Social Security’s financing shortfall soon," the committee said. "Failure to act would result in all beneficiaries receiving a 23 percent across-the-board benefit cut when the combined trust fund exhausts in just 17 years, when today's 50-year-olds reach the normal retirement age. The SSDI program faces an even more immediate deadline and will deplete its trust fund in 2028."

"Policymakers can still address Social Security's financial problem without making drastic tax or benefit changes, but the window for responsible action is closing," the committee said. "If policymakers are willing to act soon, they can create a plan that strengthens the program’s finances while phasing in changes gradually to give workers time to plan, improving retirement security for vulnerable beneficiaries and promoting long-term economic growth."

Jul 14, 2017|BuzzFeed News

Slashing Immigration Makes Trump's Growth Promises Harder To Achieve

"Of all the policies where we looked at growth effects, probably the biggest single driver of growth right now would be immigration," Maya MacGuineas, the president of the nonprofit Committee for a Responsible Federal Budget, told BuzzFeed News. "If you’re trying to cobble together a growth plan...immigration has a lot of appeal."

Jul 14, 2017|Newsmax

Debt Group Slams Trump's 'Backwards' Social Security Policy

"The built up reserves of the trust funds are projected to run out by 2034, at which time payments to recipients will be limited to whatever is collected in taxes That amounts to a 23 percent cut for every recipient no matter age or need," wrote Maya MacGuineas, President of the Committee for a Responsible Federal Budget, in an op-en for Time magazine.

Jul 13, 2017|The Fiscal Times

Why Trump’s Tax Cut Would Be a Tough Sell to the Poor and Middle Class

But critics insist that the administration is double-counting their projected savings. And the Committee for a Responsible Federal Budget, a prominent government watchdog, has estimated that Trump’s plan to slash corporate and individual tax rates would cost the federal government about $5.5 trillion over ten years.

Jul 13, 2017|The New York Times

Congressional Budget Office Casts Doubt on Trump Spending Plan

“C.B.O.’s analysis shows the president’s claim of a balanced budget is built on a house of cards, reinforced by economic growth rates that are far outside of the mainstream consensus and would be unprecedented given today’s demographic realities,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a nonpartisan advocacy organization.

Jul 13, 2017|USA Today

CBO rejects Trump's claim that budget plan would eliminate deficit

The Committee for a Responsible Federal Budget, a non-partisan, non-profit group, said the CBO report makes it clear just how hard it is to fix the debt without addressing the growth of Social Security and Medicare, the nation’s two largest spending programs.

“CBO’s analysis shows the president’s claim of a balanced budget is built on a house of cards, reinforced by economic growth rates that are far outside of the mainstream consensus and would be unprecedented given today’s demographic realities,” said Maya MacGuineas, the group’s president.

Jul 13, 2017|The Washington Times

Trump’s budget cuts deficits, but never reaches balance: CBO

Maya MacGuineas, president of the watchdog group Committee for a Responsible Federal Budget, said it wasn’t surprising that Mr. Trump’s budget fell short of balance. She said it’s going to be hard to tackle debt while refusing to touch two of the biggest causes of exploding deficits — Social Security and Medicare.

“As much as we would like to fix the debt with a wave of a magic wand, it is just not that simple,” she said. “Righting our fiscal ship will require tough choices, especially when it comes to taxes and entitlement spending. The president’s budget, unfortunately, has yet to confront those choices.”

Jul 13, 2017|CNN Money

Social Security trust fund projected to tap out in 17 years

"Social Security insolvency is no longer a problem only for future generations — without action, current workers and even current retirees will face a 23% across the board cut in just 17 years," said Maya MacGuineas, the president of the Committee for a Responsible Federal Budget. "That is when today's 50-year-olds reach the normal retirement age and today's youngest retirees turn 79."

Jul 13, 2017|Vox

CBO: Trump plan won’t balance the budget even with his fake revenue-neutral tax reform

Unfortunately, as an excellent report released earlier this year by the Committee for a Responsible Federal Budget shows, it’s much less plausible than it sounds.

Their exercise lets you assume that productivity growth, labor force participation, and growth of capital (machines and business equipment) all return to 1990s levels and shows that even under that rosy scenario, growth doesn’t quite reach 3 percent.

Jul 12, 2017|The Daily Caller

FACT CHECK: Pelosi Claims Obamacare Responsible For Slower Health Care Cost Growth

Marc Goldwein, senior policy director for the non-partisan Committee for a Responsible Federal Budget, believes the ACA probably slowed Medicare cost growth, but was not the predominant driver of the economy-wide slowdown.

“I think it’s a huge overstatement, people who are pretending that Obamacare is really the driver of the slowdown,” Goldwein told TheDCNF. “I think there is some evidence to suggest that it might be one of the factors.”

Jul 12, 2017|The Hill

Study: Trump budget would increase debt

President Donald Trump’s budget proposal would increase the nation’s debt burden, according to a study by the Committee for a Responsible Federal Budget (CRFB) — far from the administration's stated goals of cutting the national debt and balancing the budget.

Jul 7, 2017|RealClearMarkets

Republicans Are Victims of a Discredited Economic Ideology

If the problem is a government that has grown too big, the solution might be to tackle the major drivers of that growth. Those drivers are benefits, especially health benefits, for our rapidly growing senior population, and interest on the debt. The Committee for A Responsible Federal Budget along with several distinguished budget commissions (Simpson-Bowles and Domenenci-Rivlin) have long argued for such an approach. But it would not include more tax cuts for the rich.

Jul 5, 2017|The New York Times

Health Care? Taxes? Budget? G.O.P. Has Big To-Do List, but Little Time

“It will be extremely difficult to simultaneously negotiate a health care plan that can pass the Senate and the House while negotiating a bipartisan budget deal,” said Ed Lorenzen of the Committee for a Responsible Federal Budget, a nonpartisan research organization that preaches fiscal prudence. “There may be enough time legislatively to do both, but there isn’t enough bandwidth to negotiate two complex, controversial items.”

Jul 5, 2017|Huffington Post

Now The GOP Is Defending Obamacare Repeal By Attacking Hillary Clinton

When the Committee for a Responsible Federal Budget analyzed Clinton’s health care agenda, as part of a broader examination of her campaign promises, it concluded that the initiative would cost about $250 billion over 10 years ― money Clinton proposed to raise through higher income taxes on the very wealthy.

Jul 2, 2017|The Fiscal Times

Why $1 Trillion Annual Deficits Are on the Horizon Again

Meanwhile, Trump has proposed a massive tax cut for businesses and individuals that potentially could add between $3 trillion and $7 trillion to the long-term deficit, according to the Committee for a Responsible Federal Budget, unless somehow offset by other savings. Trump and Ryan say the tax cut will practically pay for itself by spurring economic growth and generating more in tax revenues, but few independent economists share in the administration’s supply-side optimism.

Jun 30, 2017|The Washington Post

GOP health-care talks center on stark question: Help vulnerable Americans or help the rich?

The updated analysis, requested by Sen. Ron Wyden (D-Ore.) and other Senate Democrats, calculated the effects of pegging the program’s inflation rate to the consumer price index for urban consumers, as opposed to the current practice of following the medical inflation rate.

According to analysts at the health consulting firm Avalere and the Committee for a Responsible Federal Budget, this would translate into a cut of at least $330 billion in 2036.

Jun 30, 2017|Forbes

Record U.S. Debt Worsens, Loading More Risk Onto The Young

The Congressional Budget Office said the federal budget deficit will total $693 billion or 3.6% of gross domestic product this year. That’s $134 billion above prior projections and the highest since 2012, according to an analysis by the non-partisan Committee for a Responsible Federal Budget, or CRFB.

Jun 30, 2017|The Motley Fool

14 Medicare Stats That Will Blow You Away

The Committee for a Responsible Federal Budget has noted, "According to our latest estimates, repealing the ACA in its entirety would cost roughly $350 billion through 2027 under conventional scoring and $150 billion using dynamic scoring." Also: "Repealing the ACA's coverage provisions would save $1.55 trillion through 2027, while repealing its tax increases would cost $800 billion, and repealing its Medicare (and related) cuts would cost another $1.10 trillion. Repeal would also lead to a small increase in economic growth, which could produce over $200 billion of additional net savings." Clearly, there are costs and savings realized from a repeal -- though some of the costs are human -- see the next point.

Jun 29, 2017|The Washington Post

Senate Democrats shine light on health bill’s longer-term effect on Medicaid

Two organizations, the consulting firm Avalere Health and the Committee for a Responsible Federal Budget, sought late Thursday afternoon to translate the CBO’s forecast into dollars. Both estimated that the slowdown in Medicaid spending would go from $158 billion in 2026 to at least $330 billion a decade later.

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