Douglas Elmendorf, director of the Congressional Budget Office, last week outlined some of the difficulties facing lawmakers as they weigh further cuts in the “discretionary” spending that Congress approves on an annual basis. Though defense and non-defense discretionary spending account…
The Congressional Budget Office has provided an estimate of what the deficit would be if the economy were operating at total capacity. With full utilization of capital and labor resources in the economy, CBO says, the deficit for fiscal year…
Former CBO directors Rudolph Penner and Alice Rivlin were among the budget experts who testified in front of the House Budget Committee last week about the country’s broken budget process and offered their suggestions.Penner emphasized that Congress should get serious…
In a new report, the Congressional Budget Office (CBO) has estimated the automatic spending cuts that would occur if the super committee is unsuccessful. The committee has the goal of reducing the deficit by at least $1.5 trillion over ten…
