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The Congressional Budget Offices 2012 Long Term Budget Outlook
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Book Synopsis The Congressional Budget Office's 2012 Long-term Budget Outlook by : United States. Congress. House. Committee on the Budget
Download or read book The Congressional Budget Office's 2012 Long-term Budget Outlook written by United States. Congress. House. Committee on the Budget and published by . This book was released on 2012 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The 2012 Long-term Budget Outlook by :
Download or read book The 2012 Long-term Budget Outlook written by and published by . This book was released on 2012 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past few years, the federal government has been recording the largest budget deficits since 1945, both in dollar terms and as a share of the economy. Consequently, the amount of federal debt held by the public has surged. At the end of 2008, that debt equaled 40 percent of the nation's annual economic output (gross domestic product, or GDP)--a little above the 40-year average of 38 percent. Since then, the figure has shot upward: By the end of this year, the Congressional Budget Office (CBO) projects, federal debt will exceed 70 percent of GDP--the highest percentage since shortly after World War II. The sharp rise in debt stems partly from lower tax revenues and higher federal spending caused by the severe economic downturn and from policies enacted during the past few years. However, the growing debt also reflects an imbalance between spending and revenues that predated the recession. Whether that debt will continue to grow in coming decades will be affected not only by long-term demographic and economic trends but also by policymakers' decisions about taxes and spending. The aging of the baby-boom generation portends a significant and sustained increase in the share of the population receiving benefits from Social Security and Medicare, as well as long-term care services financed by Medicaid. Moreover, per capita spending for health care is likely to continue rising faster than spending per person on other goods and services for many years (although the magnitude of that gap is uncertain). Without significant changes in government policy, those factors will boost federal outlays relative to GDP well above their average of the past several decades--a conclusion that holds under any plausible assumptions about future trends in demographics, economic conditions, and health care costs. According to CBO's projections, if current laws remained in place, spending on the major federal health care programs alone would grow from more than 5 percent of GDP today to almost 10 percent in 2037 and would continue to increase thereafter.1 Spending on Social Security is projected to rise much less sharply, from 5 percent of GDP today to more than 6 percent in 2030 and subsequent decades. Altogether, the aging of the population and the rising cost of health care would cause spending on the major health care programs and Social Security to grow from more than 10 percent of GDP today to almost 16 percent of GDP 25 years from now. That combined increase of more than 5 percentage points for such spending as a share of the economy is the federal government's programs and activities equivalent to about $850 billion today. (By comparison, spending on all of, excluding net outlays for interest, has averaged about 18.5 percent of GDP over the past 40 years.) If lawmakers continued certain policies that have been in place for a number of years or modified some provisions of current law that might be difficult to sustain for a long period, the increase in spending on health care programs and Social Security would be even larger. Absent substantial increases in federal revenues, such growth in outlays would result in greater debt burdens than the United States has ever experienced.
Download or read book The long-term budget outlook written by and published by Government Printing Office. This book was released on with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The 2013 Long-term Budget Outlook by : United States. Congressional Budget Office
Download or read book The 2013 Long-term Budget Outlook written by United States. Congressional Budget Office and published by . This book was released on 2013 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The 2012 Long-term Budget Outlook by : Etats-Unis. Congressional budget office
Download or read book The 2012 Long-term Budget Outlook written by Etats-Unis. Congressional budget office and published by . This book was released on 2012 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress Publisher :Createspace Independent Publishing Platform ISBN 13 :9781977913388 Total Pages :50 pages Book Rating :4.9/5 (133 download)
Book Synopsis The Congressional Budget Office's 2012 Long-Term Budget Outlook by : United States. Congress
Download or read book The Congressional Budget Office's 2012 Long-Term Budget Outlook written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-10-04 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Congressional Budget Office's 2012 long-term budget outlook : hearing before the Committee on the Budget, House of Representatives, One Hundred Twelfth Congress, second session, hearing held in Washington, DC, June 6, 2012.
Author :United States. Congress Publisher :Createspace Independent Publishing Platform ISBN 13 :9781981624744 Total Pages :50 pages Book Rating :4.6/5 (247 download)
Book Synopsis The Congressional Budget Office's 2012 Long-Term Budget Outlook by : United States. Congress
Download or read book The Congressional Budget Office's 2012 Long-Term Budget Outlook written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-12-12 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Congressional Budget Office's 2012 long-term budget outlook : hearing before the Committee on the Budget, House of Representatives, One Hundred Twelfth Congress, second session, hearing held in Washington, DC, June 6, 2012.
Book Synopsis The Congressional Budget Office's 2012 Long-term Budget Outlook by : United States. Congress. House. Committee on the Budget
Download or read book The Congressional Budget Office's 2012 Long-term Budget Outlook written by United States. Congress. House. Committee on the Budget and published by . This book was released on 2012 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The 2012 Long-term Budget Outlook by :
Download or read book The 2012 Long-term Budget Outlook written by and published by . This book was released on 2012 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past few years, the federal government has been recording the largest budget deficits since 1945, both in dollar terms and as a share of the economy. Consequently, the amount of federal debt held by the public has surged. At the end of 2008, that debt equaled 40 percent of the nation's annual economic output (gross domestic product, or GDP)--a little above the 40-year average of 38 percent. Since then, the figure has shot upward: By the end of this year, the Congressional Budget Office (CBO) projects, federal debt will exceed 70 percent of GDP--the highest percentage since shortly after World War II. The sharp rise in debt stems partly from lower tax revenues and higher federal spending caused by the severe economic downturn and from policies enacted during the past few years. However, the growing debt also reflects an imbalance between spending and revenues that predated the recession. Whether that debt will continue to grow in coming decades will be affected not only by long-term demographic and economic trends but also by policymakers' decisions about taxes and spending. The aging of the baby-boom generation portends a significant and sustained increase in the share of the population receiving benefits from Social Security and Medicare, as well as long-term care services financed by Medicaid. Moreover, per capita spending for health care is likely to continue rising faster than spending per person on other goods and services for many years (although the magnitude of that gap is uncertain). Without significant changes in government policy, those factors will boost federal outlays relative to GDP well above their average of the past several decades--a conclusion that holds under any plausible assumptions about future trends in demographics, economic conditions, and health care costs. According to CBO's projections, if current laws remained in place, spending on the major federal health care programs alone would grow from more than 5 percent of GDP today to almost 10 percent in 2037 and would continue to increase thereafter.1 Spending on Social Security is projected to rise much less sharply, from 5 percent of GDP today to more than 6 percent in 2030 and subsequent decades. Altogether, the aging of the population and the rising cost of health care would cause spending on the major health care programs and Social Security to grow from more than 10 percent of GDP today to almost 16 percent of GDP 25 years from now. That combined increase of more than 5 percentage points for such spending as a share of the economy is the federal government's programs and activities equivalent to about $850 billion today. (By comparison, spending on all of, excluding net outlays for interest, has averaged about 18.5 percent of GDP over the past 40 years.) If lawmakers continued certain policies that have been in place for a number of years or modified some provisions of current law that might be difficult to sustain for a long period, the increase in spending on health care programs and Social Security would be even larger. Absent substantial increases in federal revenues, such growth in outlays would result in greater debt burdens than the United States has ever experienced.
Book Synopsis The Congressional Budget Offices 2012 Long-Term Budget Outlook by : House Of Representatives
Download or read book The Congressional Budget Offices 2012 Long-Term Budget Outlook written by House Of Representatives and published by . This book was released on 2012-10-26 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Committee met, pursuant to call, at 10:00 a.m., in room 210, Cannon House Office Building, Hon. Paul Ryan, [Chairman of the Committee] presiding. Present: Representatives Ryan, Cole, Price, McClintock, Stutzman, Lankford, Black, Flores, Mulvaney, Huelskamp, Young,Van Hollen, Doggett, Blumenauer, McCollum, Castor, Bonamici.Chairman RYAN. The hearing will come to order. The committee will come to order. Welcome everybody to the Budget Committee. The purpose of this hearing is to review the Long-Term BudgetOutlook, which CBO just recently released, and unpack the fiscal and economic damage in challenges facing our nation.We are joined today by, no stranger to this committee, Doug Elmendorf,director of the Congressional Budget Office. I want to thank you again for testifying today, Doug, and for the work your team has done in putting together this report. The report is soberingand the warnings are dire. You write in the report, quote, ??Growing debt would increase the probability of a sudden fiscal crisis, during which investors would lose confidence in the government?sability to manage its budget, and the government would thereby lose its ability to borrow at affordable rates,?? close quote. What is causing this growing debt? Government spending is on abreakneck pace. By 2025, according to this report, health spending,including Medicare and Medicaid, Social Security and interest on the debt will consume 100 percent of revenues, tax revenues that continue to increase each and every year. The problem, of course,is unsustainable increases in government spending. Our entitlement programs, in particular government spending on health care are the core drivers of the debt. As your report makes clear, the health care law fails to address the cost problem, and instead adds new liabilities to an already bankrupt future. Those unwilling tostructurally reform a structurally broken government repeat the same calls for ever higher taxes to chase ever higher spending. On the question of taking more from hardworking taxpayers, CBO?s reportis clear, writing that that, quote, ??The extent that additional tax revenues were generated by boosting marginal tax rates, those higher rates would discourage people from working and saving, furtherreducing output in income,?? close quote. CBO, like all non-partisan experts, has again warned of delay in solving our fiscal problems. Unfortunately, the administration has no definitive solutionto the problem we face, but merely obstruction for those who do putforth good faith solutions. The Senate, of course, has not passed a budget in more than three years. House Republicans refuse to accept the European-style debt crisis which promises harsh austerity.We reject the empty promises and continued inaction in the face of a crisis. Cranking up tax rates that further stifle growth and harsh disruptions to beneficiaries is what Europe is doing rightnow. This does not have to be our fate. This is why we continue to advance gradual, common sense reforms to lift the debt, strengthen core priorities, and spur job growth. We still have a window of opportunity that will require us to come together to solve this problem. CBO has presented us with their analysis, butit is incumbent upon policymakers to respond to their findings with principled solutions. It is our moral responsibility to work together to chart a sustainable fiscal path, to revitalize economic growth andto expand opportunity now and for generations to come. I want to thank you for coming again today Doug, we look forward to your testimony, and lots of questions for the members, and with that, I will yield to the Ranking Member, Mr. Van Hollen. [The prepared statement of Paul Ryan follows:]
Book Synopsis House Hearing, 112th Congress by : U. S. Government Printing Office (Gpo)
Download or read book House Hearing, 112th Congress written by U. S. Government Printing Office (Gpo) and published by BiblioGov. This book was released on 2013-08 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States Government Printing Office (GPO) was created in June 1860, and is an agency of the U.S. federal government based in Washington D.C. The office prints documents produced by and for the federal government, including Congress, the Supreme Court, the Executive Office of the President and other executive departments, and independent agencies. A hearing is a meeting of the Senate, House, joint or certain Government committee that is open to the public so that they can listen in on the opinions of the legislation. Hearings can also be held to explore certain topics or a current issue. It typically takes between two months up to two years to be published. This is one of those hearings.
Download or read book Federal Budget written by Mindy R. Levit and published by DIANE Publishing. This book was released on 2011-08 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last several fiscal years the imbalance between U.S. gov¿t. spending and revenues has grown as a result of the economic downturn and policies enacted in response to financial turmoil. In FY 2010, the U.S. government spent $3,456 billion and collected $2,162 billion in revenue, resulting in a budget deficit of $1,294 billion. Contents of this report: (1) Overview: Budget Cycle; Budget Baseline Projections; Spending and Revenue Trends; Deficits, Debt, and Interest; (2) Budgeting in Tough Economic Times: Fed. Response to Economic and Financial Market Turmoil; Budget Deficit Estimates for FY 2011; Budget for FY 2012; (3) Considerations for Congress: Short-and Long-Term Considerations. Illustrations. This is a print on demand report.
Book Synopsis Macroeconomic and Budgetary Effects of an Illustrative Policy for Reducing the Federal Budget Deficit by : Douglas W. Elmendorf
Download or read book Macroeconomic and Budgetary Effects of an Illustrative Policy for Reducing the Federal Budget Deficit written by Douglas W. Elmendorf and published by DIANE Publishing. This book was released on 2012-10-19 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Long-term Outlook for Health Care Spending by :
Download or read book The Long-term Outlook for Health Care Spending written by and published by . This book was released on 2007 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Long-Term Budget Outlook written by and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Budget and Economic Outlook: An Update by :
Download or read book Budget and Economic Outlook: An Update written by and published by Government Printing Office. This book was released on with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Budget and Economic Outlook by : Congressional Budget Office
Download or read book Budget and Economic Outlook written by Congressional Budget Office and published by Government Printing Office. This book was released on 2015-02-15 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reports on the state of the United States economy and the Federal budget.
