CRFB Publishes Paper on President's FY 2017 Budget
President Obama released his final budget proposal yesterday, and we released a short paper that analyzes its major policy proposals. This budget would stabilize the debt and use increased tax revenue to pay for new proposals, retroactively pay for December's costly tax extenders package, and deficit reduction. As we explain:
The President's budget should be commended for not only responsibly paying for new initiatives, but identifying significant deficit reduction to stabilize the debt. Preventing the debt from growing faster than the economy is an important first step to achieving sustainable fiscal policy.
Unfortunately, the President's budget does not go far enough in terms of actually reducing the debt from its current record-high levels, nor does it sufficiently address the long-term growth of entitlement spending, particularly Social Security.
As CRFB President Maya MacGuineas noted in a statement, "This budget is neither fiscally aspirational nor irresponsible."