Economics Topics

Economics Topics

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U.S. Budget Deficit

The Congressional Budget Office (CBO) will release the latest budget projections on Wednesday 6/30/10.


July 3, 2010, 8:04 am, 727257
Hat tip reader 1Watt,Hermit Democratic Underground and New Deal 2.0. Testimony is public domain...here it is in entirety.

Statement to the Commission on Deficit Reduction
James K. Galbraith, Lloyd M. Bentsen, jr., Chair in Government/Business
Relations, Lyndon B. Johnson School of Public Affairs, The ...


July 1, 2010, 8:44 pm, 726640
Previous posts in this Budget Basics series have shown that the U.S. federal budget deficit and debt are on an unsustainable path. It is easy to say how to close the budget gap--cut spending or raise revenues. Why, then, is doing it so hard?

As a working estimate of ...


July 1, 2010, 12:46 pm, 726388
David Leonhardt is out with a great column on the spend-vs.-austerity debate (which Steve and Michael have also rung in on). Leonhardt's piece provides both historical context and intellectual honesty: there are reasons to think it's time to cut governmental spending and avoid future problems associated with high levels of ...


July 1, 2010, 11:33 am, 726362

The Congressional Budget Office offers two visions of the future in its new long-run budget outlook.

The first imagines a world in which lawmakers take pay-as-you-go budgeting really seriously. The budget baseline assumes that existing laws execute exactly as written: all the 2001 and 2003 tax cuts expire, the alternative ...


July 1, 2010, 9:04 am, 726203

Yesterday, the Congressional Budget Office released its long-term projections of federal spending and tax revenues under different scenarios. As has been the case for many years now, CBO's projections show an unsustainable budgetary path for the next 75 years.

CBO charts two possible long-term paths, the extended-baseline scenario and the alternative ...


July 1, 2010, 2:35 am, 726029

I haven’t had a chance to digest CBO’s long-term outlook yet (released earlier today), but luckily I did see Ezra Klein’s post on it, which featured two charts which highlight the ...


July 1, 2010, 12:04 am, 725963
Robert Waldmann

The www.washington.com Headline and abstract person has outdone himself or herself writing

CBO sees debt estimates soar

Analysts say health law has not improved budget and Obama's tax agenda will make things worse.

Lori Montgomery



As Kevin Drum says always click the ...


June 30, 2010, 11:04 pm, 725951

Today, the Congressional Budget Office released its long-term budget outlook. Again, the forecast going forward to 2035 and beyond was a grim reminder of the fiscal future that awaits the U.S., especially if Congress does what it has done for the past ten years: increase spending ...


December 31, 1969, 7:00 pm, 725914
(June 30, 2010 06:49 PM, by Arnold Kling) The Congressional Budget Office just released its latest so-called Long Term Budget Outlook. From the summary: this report focuses largely on the next 25 years. However, because considerable interest exists in the longer-term outlook, figures showing projections through 2080 and...


June 30, 2010, 10:44 am, 725548

Recently, the federal government has been recording the largest budget deficits, as a share of the economy, since the end of World War II. As a result of those deficits, the amount of federal debt held by the public has surged. At the end of 2008, that debt equaled 40 ...


June 30, 2010, 10:04 am, 725531
by Bruce Webb

CBO Director's Blog summary of Long Term Budget Outlook (Interesting side comment: "Later this week, CBO will release a report on a number of different policy options for changing Social Security"). Elmendorf, not surprising given his history and current job, is fully on the ...


June 28, 2010, 6:46 pm, 724549
Olivier Blanchard, Carlo Cottarelli, 28 June 2010

The G20 communiqué stresses the difficulty of balancing fiscal stimulus and fiscal consolidation. This column – written by one of the world’s leading macroeconomists, Olivier Blanchard, and his co-author – sums up the research-based policy analysis of the issue.

Full Article: Ten commandments ...


June 28, 2010, 8:04 am, 724136
by Bruce Webb

via Brad DeLong we learn that CBO is releasing its 2010 Long Term Budget Outlook on Wednesday at 9AM. Which is also the date that the 2010 Social Security Report is (over-)due to be released. Which means some head to head, apples to apples comparisons of ...