CBO Projections Highlight a Broken Budget Process

Wall Street Journal: “It should be no surprise that the Congressional Budget Office projections published this week are as bad as they have become. More than $100 billion was added to the deficit projection for this year alone, much of it from the spending-and-tax-cuts bonanza Congress and the president went on last year. Going forward, more than $10 trillion is projected to be added to the debt by 2026.”

“This makes putting together a meaningful budget resolution all the more difficult. Last year Republicans passed a budget resolution that got to balance by 2024. But it was so tough to stick to that policy makers ignored many of the major components of their own budget. They failed to follow through on any major entitlement savings and ultimately passed almost $700 billion worth of taxcuts that weren’t in their budget. The same lawmakers who agreed to a budget that had $5.8 trillion in savings over 10 years added $750 billion to the debt instead.”

“This year they will need to find an additional $2.2 trillion in savings if they want to get to balance in 10 years. Realistically speaking, that’s just not going to happen.”

11 Comments

  1. When it comes to the budget, I think there are two major differences between Republicans and Democrats. First, with respect to cutting spending they believe in cutting different items. Second, the GOP is unwilling to support any tax increase(s) necessary to raise sufficient revenue to pay for existing or proposed future spending.

    As long as the two parties cannot agree on which items of spending to cut and the GOP is unwilling to raise taxes to a level sufficient to pay for even current levels of spending, I do not think it will be possible to avoid future deficit spending.

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