The Latest

Wednesday was the 40th anniversary of the Congressional Budget and Impoundment Control Act, the law that created the Congressional Budget Office (CBO) and the modern budget process.The Bipartisan Policy Center marked the occasion last week with two panel discussions featuring…

The Senate Appropriations Committee approved a $549 billion defense bill last week that leaves out many of the savings proposed by military leaders.The bill, for example, would preserve weapons systems the Pentagon has not requested or wants to retire, including…

The government made an estimated $105.7 billion in improper payments last year, including $62.2 billion for health care, the Government Accountability Office (GAO) says.Beryl Davis, a GAO official, discussed the problem before a House sub-committee last week. Officials from the…

Despite a strengthening economy, the administration’s Mid-Session Review budget projections show little change in the overall fiscal outlook.The report, released Friday, anticipates a deficit for the current fiscal year of $583 billion, down $66 billion from the administration’s March projection.…

With the economy continuing its slow recovery, the administration’s Mid-Session Review budget projections released on Friday show little change in the overall outlook. (more…)

The House Ways and Means Committee and Senate Finance Committee approved similar plans last Thursday to transfer $10 billion in general revenues to the Highway Trust Fund.Unfortunately, both plans rely on “pension smoothing,” a gimmick that was used in the…

A new presentation by the Congressional Budget Office showcases the difficult choices lawmakers and military leaders must make over the next several years to comply with lower caps on defense spending.The presentation shows options for downsizing the armed forces, reforming…

Due to a long-predicted financial crunch, the Department of Transportation has announced that it will begin delaying payments next month from the Highway Trust Fund to the states.Lawmakers must quickly find a solution to avoid postponement or cancellation of transportation…