I testified before the Ways and Means Subcommittee on Oversight.

One new stat I featured: the tax gap is bigger than the fiscal gap.

What does this mean? If, starting tomorrow, everyone voluntarily paid all the taxes they legally owed, debt/GDP would be declining indefinitely. The fiscal gap measures the net present value of how much primary (non-interest) deficit you'd need to stabilize debt/GDP. Over 30 years, it's 1.7% of GDP.

The tax gap measures how much legally-owed tax revenue is not collected each year. It's roughly 2.7%.

House GOP is demanding - or else they’ll shut down the government - that the following be cut 27%:
-Social Security Administration
-Nutrition assistance for poor newborns
-Money to ensure our drinking water is safe
-Most federal education money
-Federal cancer and stroke research

https://twitter.com/elwasson/status/1705651354218225848

Clarification: they’re calling to cut the administration that runs Social Security and ensures checks go out on time, in the right amount, to the right people by 27%, not the benefit level.

I watched McCarthy's speech today & ran 13 different scenarios for budget caps. Here are the two I think are most fair.

Scenario 1 is based on the words he said. Relative to current services for non-defense less VA Medical care, there'd be an immediate 31% cut, growing to 57%. In the first scenario, the plan McCarthy proposed would lead to an immediate cut of $206 billion below what's necessary to keep up with current services. Over the decade, NDD less VA Medical Care would be down nearly $3.5 trillion. Needless to say, but a 57% cut is not small.