CRFB.org Profile picture
Aug 21, 2019 7 tweets 2 min read Read on X
NEW: The CBO update shows that the recent budget deal made a bad situation worse. From our statement: "The recent budget deal was a budget buster, and now we have further proof. Both parties took an already unsustainable situation and made it much worse." crfb.org/press-releases…
"Debt is now going to grow to almost the size of the economy within the decade. If Congress keeps extending tax cuts, debt will likely exceed the size of the economy within the decade."
"Between the budget deal, the tax cuts, and other recent unpaid-for legislation, policymakers have roughly doubled near-term deficits over just the past few years."
"Shame on them for not instead reducing projected debt to give us more room to fight the next recession and manage the aging of the population."
"As these new numbers come out, let’s hope at least the same lawmakers who voted for these reckless policies spare us the act of pretending they’re shocked and surprised by the dangerous path we are now on."
"Fortunately, it’s still not too late to make things right. As a first step, policymakers should pledge to pay for all extensions of existing policies and new legislation so we can put an end to this downward fiscal spiral."
"They should also redouble their efforts to control health care cost growth, restore Social Security solvency, and gradually bring revenue and spending more closely in line rather than further apart."

See our full statement crfb.org/press-releases…

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More from @BudgetHawks

Mar 9, 2023
🚨𝗡𝗘𝗪 𝗔𝗡𝗔𝗟𝗬𝗦𝗜𝗦🚨 The President's FY 2024 Budget

We published our full analysis of President Biden's budget proposal, breaking down the policy proposals and their impacts on debt, deficits, spending and revenue over the coming decade: crfb.org/papers/analysi….

🧵⤵️
➡️The budget proposes an estimated $𝟯 𝘁𝗿𝗶𝗹𝗹𝗶𝗼𝗻 𝗼𝗳 𝗱𝗲𝗳𝗶𝗰𝗶𝘁 𝗿𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻 through 2033 and projects 𝗱𝗲𝗯𝘁 𝘄𝗼𝘂𝗹𝗱 𝗴𝗿𝗼𝘄 from 98% of GDP at the end of this year to 110% by the end of 2033, compared to 117% of GDP under its baseline.
1️⃣𝗗𝗲𝗯𝘁 + 𝗗𝗲𝗳𝗶𝗰𝗶𝘁𝘀 Under the President's Budget:

Nominal debt would ⬆️ by $19 trillion, from $24.6 trillion today to $43.6 trillion by the end of 2033.

Budget deficits would ⬆️ in nominal dollars and remain high as a share of GDP, but $3 trillion under OMB baseline.
Read 9 tweets
Mar 9, 2023
➡️Our team is working through the President's FY 2024 budget released a short while ago, and we will publish our full analysis of the spending and revenue plan later today.

In the meantime, we've published a top-line overview of the key findings.

Learn more 🧵⤵️
1️⃣First, #nationaldebt.

Under the President's budget, debt would rise at a slower rate than currently projected but still reach a new record share of the economy by 2027.

Debt will ⬆️ from 98% of GDP to a record 110% at the end of 20333 – compared to 117% under OMB's baseline. Image
2️⃣Meanwhile, deficits will remain below their historic COVID-highs, but grow in the short- and long-terms.

Deficits will rise from $1.6 trillion in 2023 to $1.8 trillion in 2024, hitting a low of $1.5 trillion in 2027, and rise again to $2.0 trillion by 2033.
Read 7 tweets
Mar 8, 2023
🚨 Later today, @USCBO Director Phillip Swagel will brief members of the House of Representatives on the Budget and Economic Outlook released last month – an encouraging step shining light on our fiscal challenges.

➡️ The following is a statement from @MayaMacGuineas:
"Today’s budget briefing for Members of Congress is an encouraging step toward educating lawmakers with a shared set of facts on our fiscal outlook." crfb.org/press-releases…
"This comes at a critical time, and we have supported similar opportunities to increase transparency of our nation’s fiscal health in the past.

Lawmakers should not only attend, but also prioritize this moment for future budget seasons."
Read 6 tweets
Mar 7, 2023
🚨 Today, President Biden previewed a new plan to improve the solvency of the #Medicare HI trust fund.

CRFB welcomes this plan to strengthen Medicare – though with some reservations.

The following is a statement from CRFB president @MayaMacGuineas: crfb.org/press-releases…. Image
"We strongly support the Administration’s efforts to strengthen the Medicare trust fund. The HI trust fund is only 5 years from insolvency, and we are pleased that the President has put forward a plan to extend the life of this vital program." crfb.org/press-releases….
"Anyone who opposes the measures he suggests to lower prescription drug costs and raise new revenue should put forward their own ideas to address Medicare’s rising costs and looming insolvency."
Read 8 tweets
Aug 30, 2022
🚨NEW: With the latest $20 billion extension of the student loan repayment pause, the total cost of the pause through the end of this year will amount to $𝟭𝟱𝟱 𝗯𝗶𝗹𝗹𝗶𝗼𝗻.

These benefits have been highly uneven and extremely regressive ➡️crfb.org/blogs/latest-s…. Image
1️⃣ The repayment pause is highly regressive, benefitting high-degree, high-income borrowers.

A typical recent medical school graduate will effectively receive nearly $68,000 of forgiven debt through December. A recent bachelor’s degree recipient will get $6,500 of forgiven debt.
2️⃣ This is because borrowers in higher-paid professions tend to borrow more. They also earn a lot more; eight of the ten highest-paid occupations in America are types of medical doctors and the other two are types of dentists.
Read 8 tweets
Aug 26, 2022
🚨Two days after announcing it would cancel large amounts of student debt, the @WhiteHouse has failed to produce either a cost estimate or a proposal for how it would be paid for. We've estimated the cost of the full plan to be ~$500 billion.

A statement from @MayaMacGuineas ⤵️
"This certainly could be one of the most expensive executive actions in history, and yet the White House can’t tell us what it will cost. Either the White House doesn’t know the cost of their debt cancellation proposal, or they know and won’t share it with the public..."
"...it is hard to say which is worse.

While the Administration says it can’t fully estimate the cost, it has no problem estimating how many borrowers would benefit, who they are, or how the plan will affect inflation. Even as it can’t tell us what the plan costs,..."
Read 12 tweets

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