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CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
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Estimates by the Congresssional Budget Office in January 2011 show the federal budget deficit in the US at nearly $1.5 trillion in 2011. The deficit would equal 9.8% of the US gross domestic product. In 2009 the budget deficit was $1.4 trillion or 10% of GDP. The CBO estimates show the debt held by the public increasing from 40% of GDP at the end of fiscal year 2008 to about 70% at the end of fiscal year 2011. Republican senators Orrin Hatch of Utah and John Cornyn of Texas called for a constitutional balanced budget amendment in an op-ed published in Politico.
The U.S. Congressional Budget Office (CBO) and estimates of the U.S. Budget Deficit
01/26/2011
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Alternative deficit commission report by Rivlin-Domenici
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Another Deficit Plan Targets Taxes
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CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
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To Cut the Deficit, Look to Social Security
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Bowles and Simpson of the President's Deficit Commission defend their plan
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Charlie Rose Talks to Erskine Bowles, Alan Simpson
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CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
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Raise Taxes, but Not Tax Rates
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Martin Feldstein on the risks for the American Economy after failures in the Obama Economic plan.
09/12/2007
Failures to address problems on the housing front, especialy the problems for 15 million homeowners under water- see the links to opeds by Feldstein suggesting focus on these issues throughout 2008-2009. And the focus on health care which diverted attention from this problem and the problem facing bad loans in commercial real estate. Other problems are failure to get bank lending up for businesses. And the failure of Obama health care plans to control the increase in the nation's surging health care spending, instead increasing the deficit to unsustainable levels. Public sentiment as shown in WSJ/NBC polls confirm Feldstein's sense of the situation.
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From President Obama, Economic Clarity but Little Courage
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Liberal Groups and the US Deficit Commission proposals
11/28/2010
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New Deficit-Cutting Plans to Come From Liberal Groups
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Deficit Plan Fails to Win Panel Support
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Dave Camp: Is Tax Reform Politically Possible?
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GOP Hopefuls Betting Voters Want Deep Cuts
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CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
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The 2010 Deficit Commission and reduction in defense spending
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Pentagon's Next Mission: Cutting Back on Spending
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The two US Deficit Commissions in 2010 and the Deficit from Growing Health Care Costs
01/31/2008
Bowles-Simpson Deficit Commisssion proposals, critics say, did not adequately tackle the health care part of the US Deficit. Rivlin-Domenici Deficit Commission phases out the tax exclusion on employer-subsidized health care insurance. Both fall short in addressing the health care portion of the deficit.
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Different interpretations of the savings or costs from the Obama Health Care Law
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The Congressional Budget Office estimates savings of $230 billion from the health care law. Other views show that some of the money should not have been counted in the math and some was doublecounted. The legislation involves spending $930 billion over a decade for insuring 32 million people, so is it overstating the case to say there are savings, says this different view.
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Criticism of the 2010 President's Deficit Commission report.
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Favorable response to the U.S. Deficit Commission's report.
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Martin Feldstein, Sheila Bair and other experts on the Bowles-Simpson Deficit Commission proposals
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Martin Feldstein - How to cut the deficit without raising taxes
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CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
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The U.S. political system, politics and the U.S. Deficit in 2010-2013
12/30/2010
Republican positions that do not require offsets for tax reduction, and Democratic positions that go along with the status quo. The politics behind the debt ceiling talks as President Obama seeks re-election and advantage going into the election, and the conservative Republicans oppose any tax increases.
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Bob Woodward: The inside story of how Obama and Boehner negotiate - The Washington Post
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Increasing concern about the deficit and efforts to cut the deficit.
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The US Deficit Commission report in 2010.
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The Bush tax cuts in 2010.
08/05/2010
In the face of rising deficits, and questions about the future solvency of Medicare and Social Security, there are questions about the Bush tax cuts which expire in December 2010 if not renewed. With high unemployment the consensus seems to be to leave the tax cuts in place for a limited period, and have serious conversation about taxes when a new presidential term begins. A Value added Tax has been suggested by Paul Volcker, similar to that in Europe.
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New York Times 12/02/2010
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