CRFB.org @BudgetHawks Twitter profile

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CRFB.org

@BudgetHawks

6 years

. @SteveRattner : "The tax cut, combined with an equally formidable new spending bill, is producing one of the biggest peacetime federal budget deficits. As low as $439 billion in 2015, the fiscal gap is now on track to exceed $1 trillion in 2020."

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@BudgetHawks

7 years

“There was a time not long ago when many congressional Republicans demanded a budget that balanced within 10 years.”

Republicans Rally Around Raising the Deficit

The Senate’s passage of a budget resolution on Thursday night was a victory for party unity, but a defeat for the GOP’s remaining fiscal hawks.

www.theatlantic.com

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@BudgetHawks

7 years

We are in for a rude awakening.

Donald Trump adds $1 trillion to national debt in 14 months

President Trump has now amassed his first $1 trillion in debt, crossing that ignominious mark late last week — and analysts said it's just a taste of what's to come after the tax-cuts and s

www.washingtontimes.com

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@BudgetHawks

5 years

. @PeteButtigieg says @BernieSanders #Medicare4All would require an increase in payroll taxes. We find that’s right - it would require a new 32% payroll tax: #DemDebate

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@BudgetHawks

3 years

How big is the federal debt? And where does all the money go? Test your knowledge and learn about #BudgetingfortheFuture

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@BudgetHawks

7 years

The House GOP tax plan could add over $2 trillion to the debt ->

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@BudgetHawks

8 years

. @timkaine is right. Trump would increase debt much more than Clinton. #debates #debates

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@BudgetHawks

3 years

🚨BREAKING🚨 We published our summary of the House’s #BuildBackBetter Act. Read our summary here:

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@BudgetHawks

7 years

A $1.5 trillion debt hike amounts to almost $12,000 per household �� a steep price passed on to our children.

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@BudgetHawks

7 years

Last night in Iowa, @POTUS claimed we are "one of the highest taxed nations in the world." He's wrong ->

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@BudgetHawks

5 years

NEW: The #budgetdeal could cost a whopping $1.7 trillion over a decade. This is a hugely irresponsible plan with national debt already rising towards record levels

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@BudgetHawks

2 years

🚨The Senate is set to vote on the Honoring our PACT Act of 2021; @USCBO estimates the bill – without offsets – would increase spending by ~$300 billion over the next decade + make up to $400 billion of discretionary spending mandatory. A statement from @MayaMacGuineas :

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@BudgetHawks

4 years

Nice comparison of the #HEROESact and #HEALSact using graphs and our data via @aliciaparlap .

The Gulf Between Republicans and Democrats on Coronavirus Aid, in 9 Charts (Published 2020)

Democrats and Republicans are far apart on the next round of federal aid to combat the pandemic.

www.nytimes.com

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@BudgetHawks

7 years

The U.S. ran a $215 billion deficit in February, the biggest in six years. The annual budget deficit could exceed $1 trillion by next year. Interest payments on US debt alone could quadruple to $1.05 trillion by 2028 if current policies stay in effect.

The US needs to borrow almost $300 billion this week

Uncle Sam needs to borrow a ton of money this week even as Washington engages in a trade spat with China, its biggest foreign creditor.

money.cnn.com

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@BudgetHawks

7 years

HAPPENING NOW: @MayaMacGuineas will be testifying at @RandPaul 's Subcommittee on Federal Spending Oversight and Emergency Management hearing to examine the impact of continuing resolutions. WATCH here:

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@BudgetHawks

5 months

🚨 NEW 🚨 We estimate all recent student debt cancellation policies will cost a combined $870 billion to $1.4 trillion. That’s more than all federal spending on higher education over the nation’s entire history. And it's more than all projected education appropriations over the

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@BudgetHawks

7 years

The Senate’s version of the tax bill would cost about $1.4 trillion over a decade, and with interest, would be $2.2 trillion of debt over the next decade.

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@BudgetHawks

7 years

If temporary provisions in the bill were made permanent, the ultimate cost could increase to $1.7 trillion, or $2.1 trillion including interest, and increase debt to 105 percent of GDP by 2027.

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@BudgetHawks

7 years

#TrumpBudget assumes much higher economic growth than nearly all outside forecasters.

The era of trillion-dollar Trump deficits has begun

With the introduction of President Donald Trump's budget, the era of trillion-dollar deficits is well underway.

www.nbcnews.com

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@BudgetHawks

7 years

"At a moment when we have the highest debt relative to the economy since we came out of World War II and our deficit is projected to hit a trillion dollars in not too long a time we're actually talking about cutting taxes and making the deficit larger."

How Republicans Can 'Shoehorn' Temporary Tax Cuts In For Good

The White House budget director said the Senate GOP bill cuts individual rates for just eight years to "game the system" and hopes those cuts become permanent. It happened before, sparking a crisis.

www.npr.org

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@BudgetHawks

5 years

@RandPaul The meager offsets in the #BudgetDeal won't even cover the additional national debt interest it will generate

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@BudgetHawks

5 years

With the signing of the budget deal, $4 trillion has been added to national debt over a decade since President Trump took office

President Trump’s $4 Trillion Debt Increase | Committee for a Responsible Federal Budget

2019-07-25-If the recent budget deal is signed into law, it will be the third major piece of deficit-financed legislat

www.crfb.org

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@BudgetHawks

5 years

. @PeteButtigieg said that Medicare For All has a multi-trillion dollar hole in it. When we looked at Sanders’ 2016 plan, $14 trillion wasn’t paid for. #DemDebate #USBW2020

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@BudgetHawks

7 years

The tax bill has a full $515 billion in gimmicks and would add $2.2 trillion to the deficit.

Shribman: Just how revolutionary are these GOP rebels?

The drive for tax overhaul is a drive for dramatic change —and it offers important lessons about the new world order of American politics.

www.jsonline.com

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@BudgetHawks

7 years

The deficit will hit $1.05 trn in 2019 and $1.1 trn in 2020 if Congress passes the tax cut legislation it’s currently negotiating, along with disaster relief and other measures meant to avert arbitrary limits on spending established several years ago

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@BudgetHawks

3 years

🚨The House intends to vote on the latest version of the #BuildBackBetter Act this week, despite the fact that the bill has not yet been scored by the @USCBO . The question is: how can Congress even consider passing such a massive bill without knowing its cost? Thread 🧵

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@BudgetHawks

3 years

🚨🧂We published a blog about the rumored agreement on 5-year #SALTcap repeal. It would cost more than any other piece of #BuildBackBetter , and it would give a nearly $400 billion tax cut to the wealthiest 5% of earners. Read the blog here:

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@BudgetHawks

7 years

“We should be bringing down the debt and ensuring we have room for stimulus during downturns. Instead we are overheating the economy and selling out the future. It’s shortsighted and foolhardy.”

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@BudgetHawks

5 years

Rising #nationaldebt means paying more for past consumption at the expense of investing in the future. Next year we will spend more on debt interest than on children .

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@BudgetHawks

7 years

“It is astonishing, it is perplexing, this embracing of debt financing for everything — which is anathema for the fiscal responsibility they spoke of so much for so many years.”

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@BudgetHawks

7 years

If the Republican approach to tax reform becomes law, the national debt will reach about 99 percent of the Gross Domestic Product — meaning the size of the economy — by 2027. Under current law the percentage, now 77, would grow to 91 percent in 2027.

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@BudgetHawks

7 years

The debt now exceeds the gross domestic product by 7 percent. Except during World War II, the national debt has never before been that high.

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@BudgetHawks

2 years

💡On this #EarthDay , we ask ourselves: how can we help save the planet🌎 and save our budget💰 at the same time? The solution to reducing greenhouse gas emissions and paying for new #climate investments (+more!) might just be a #carbontax . Learn more: .

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@BudgetHawks

5 years

Our new infographic visualizes the sources of coronavirus relief and where it will go .

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@BudgetHawks

5 years

@freedomcaucus @Jim_Jordan National debt held by the public would reach 97% of the economy by 2029 under the #BudgetDeal .

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@BudgetHawks

2 years

🚨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 ➡️.

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@BudgetHawks

1 year

🚨 Today, the House Ways and Means Committee is scheduled to mark up two bills expanding Health Savings Accounts (HSAs). The bills will reduce revenue by a combined $71 billion over FY 2024–2033, $12 billion in 2033 alone. Unpaid-for tax cuts make little sense in the current

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@BudgetHawks

7 years

Our brand new analysis shows that trillion-dollar deficits will permanently return next year and national debt will exceed the size of the economy within a decade. See it at

Updating the U.S. Budget Outlook | Committee for a Responsible Federal Budget

Note (4/30/2018): This paper was published before CBO's April 2018 baseline, which provides of

www.crfb.org

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@BudgetHawks

11 months

🚨 Today, @Sen_JoeManchin (D-WV) and @SenatorRomney (R-UT) announced the Fiscal Stability Act, legislation to establish a fiscal commission to address our growing national debt. Additional co-sponsors include @JohnCornyn (R-TX), @SenatorHick (D-CO), @SenLummis (R-WY),

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@BudgetHawks

5 years

The #BudgetDeal is a budget buster. It will add nearly $2 trillion to the national debt over a decade. Debt is already climbing towards levels never seen before as a share of the economy #Budget2019 cc @hughhewitt @Radioblogger

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@BudgetHawks

5 years

Who will get the latest round of relief? Our infographic illustrates it for you .

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@BudgetHawks

3 years

🚨NEW🚨"Build Your Own Child Tax Credit" 📊Our new budgeting model allows YOU to design your own customized CTC policy and estimate its ten-year cost. Read more and download the model here: Join the discussion! Share your proposal using #BuildYourOwnCTC

Build Your Own Child Tax Credit | Committee for a Responsible Federal Budget

2021-12-21-UPDATE (August 2023): We have released an updated web-based version of the CTC model.

www.crfb.org

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@BudgetHawks

5 years

Rising national debt has been absent from the debates, with 297 questions so far, but none on debt or deficits. But some candidates are speaking on the issue on the campaign trail, like @amyklobuchar . #USBW2020

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@BudgetHawks

3 months

🇺🇸 Trump and Biden: The National Debt 🇺🇸 The #nationaldebt is on course to reach a record share of the economy under the next presidential administration, due in part to policies approved by Presidents Trump and Biden during their time in office. In new analysis, we find: ➡️

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@BudgetHawks

2 years

🚨Recent misleading attacks have stated the Inflation Reduction Act (IRA) would cut #Medicare by $300 billion. In reality, the IRA would lower #Medicare costs, NOT cut benefits – saving the gov't + American families ~$600 billion overall through 2031. ➡️.

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@BudgetHawks

6 years

NEW: We've just updated our popular #DebtFixer interactive budget tool at . It now reflects the latest national debt projections and the recent tax and spending legislation. Be among the first to try to #fixthedebt with the new numbers and options.

Debt Fixer | Committee for a Responsible Federal Budget

www.crfb.org

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@BudgetHawks

5 years

Tonight's #DemDebate had 85 questions. That brings the total to 506 questions with none on the national debt. With debt expected to increase by about $13 trillion over the next decade, it's an issue that can't be ignored.

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CRFB.org

@BudgetHawks

3 years

In our summary, we find the House bill includes about $2.4 trillion of new spending and tax cuts. It would be offset by roughly $2.2 trillion of tax increases and other savings, resulting in a net deficit impact of $200 billion. Read more here➡️

What's in the House's Build Back Better Act? | Committee for a Responsible Federal Budget

2021-11-08-We have published an full estimate of the House's Build Back Better Act based on CBO's scores of the bill he

www.crfb.org

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@BudgetHawks

2 years

🚨BREAKING🚨 The Inflation Reduction Act appears to include ~$790 billion of offsets to fund ~$485 billion of new spending & tax breaks – and unlike previous versions, would 𝙧𝙚𝙙𝙪𝙘𝙚 deficits by more than $300 billion over a decade. Read the summary ➡️

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@BudgetHawks

8 years

Find out how old you'll be when the #SocialSecurity trust fund runs out w our new tool.

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@BudgetHawks

2 years

"Senator Manchin especially deserves credit and praise for steering this legislation from a budget-busting monstrosity to this fiscally responsible and economically important package."

Senate Takes First Step Toward Fixing Our Debt | Committee for a Responsible Federal Budget

Moments ago, the Senate passed the Inflation Reduction Act. The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Budget:

www.crfb.org

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@BudgetHawks

4 years

NEW: Student loan forgiveness is a poor form of stimulus, providing a small boost to the economy relative to its cost. See how it compares to major provisions of the CARES Act and more in our latest .

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@BudgetHawks

4 years

The House of Representatives will vote today on increasing stimulus checks to $2,000 per person. We have estimates on the cost as well as economic impact. See how average income and output would be affected as well as the deficit

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@BudgetHawks

2 months

🚨 NEW DEBT MILESTONE: The gross #nationaldebt of the United States reached $35 trillion last Friday, seven months after the previous milestone reached at the end of last year, according to @USTreasury . The following is a statement from @MayaMacGuineas : .

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@BudgetHawks

7 years

Did we need tax reform? Absolutely. Did we need to do it by borrowing $1.5 trillion and leaving almost all the existing tax breaks in place? We most certainly did not.

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@BudgetHawks

5 years

New bipartisan legislation today from @SenatorRomney , @Sen_JoeManchin , @SenatorSinema , @SenToddYoung , @SenDougJones , @RepGallagher , @RepEdCase , @RepTimmons , and @RepBenMcAdams would create a bipartisan process for strengthening critical trust funds

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@BudgetHawks

7 years

Ultimately, the Senate tax plan could add $2.2 trillion to the debt. As a result, trillion-dollar deficits would return by 2020 and debt would exceed the size of the economy in just over a decade.

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@BudgetHawks

9 months

🚨 NEW REPORT 🚨 How has America's fiscal situation deteriorated so badly since a budget surplus in 2001? In our new analysis, we looked at this in two ways: ➡️ By estimating the impact of significant policy changes since 2001; ➡️ By comparing spending and revenue levels as a

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CRFB.org

@BudgetHawks

7 years

BRAND NEW: A combination of tax cuts, sequester relief, and other changes would increase deficits to $1.05 trillion by 2019 and $1.1 trillion by 2020 ->

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@BudgetHawks

8 months

👉 A helpful reminder that SALT cap relief is costly, regressive, and poor tax policy, whether through full repeal or by attempts to make it "revenue neutral" or "progressive." We've published a long list of analyses on this and on various SALT proposals:

Punchbowl News

@PunchbowlNews

8 months

THE VAULT: Mike Johnson's call with N.Y. Rs comes as House GOP leadership is on the clock to decide the fate of the bill extending business tax breaks and expanding the child tax credit.

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@BudgetHawks

8 years

Only with borrowing unless new savings found & . We will update #s .

How Much Would Trump's New Defense Plan Cost? | Committee for a Responsible Federal Budget

2016-09-07-Republican presidential nominee Donald Trump introduced a

www.crfb.org

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@BudgetHawks

9 years

. @POTUS says deficit fell by 75% in #SOTU . But, only after it climbed 800%. Still almost 3x higher than in 2007.

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@BudgetHawks

7 years

Incorporating debt-financed tax cuts that are made permanent, Congress may ultimately add up to $4.1 trillion to the deficit over a decade, and trillion-dollar deficits could return as soon as next fiscal year ->

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CRFB.org

@BudgetHawks

7 years

"It's really disheartening to watch how many people are putting the debt second to their desire for big tax cuts"

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@BudgetHawks

6 years

We now are facing trillion dollar deficits as far as the eye can see — a terrible path, made even worse by the fact that this comes amidst a strong economy and is the self-inflicted result of irresponsible policy choices.

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CRFB.org

@BudgetHawks

7 years

NEW ANALYSIS: JCT’s final analysis of the tax bill shows that growth would only increase by an average of 0.01 to 0.02 percentage points over the next decade as a result. The cost of it, with this growth included, is nearly $1.1 trillion.

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@BudgetHawks

7 years

Trump’s $78,000 donation to the National Parks Service is how much the government pays in interest on the national debt every 9 seconds.

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CRFB.org

@BudgetHawks

3 years

🚨BREAKING: We published a blog about how the latest #BuildBackBetter SALT cap proposal would give $300 BILLION to mostly wealthy households. This cap is still very expensive and regressive (80% of benefits to those making >$200K). Read it here:

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@BudgetHawks

7 years

JUST IN: If temporary policies are extended permanently, debt will exceed the all-time record of 106% of GDP by 2027 ->

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@BudgetHawks

5 years

National debt will increase to 97% of GDP if the #BudgetDeal the House will vote on today becomes law . #Budget2019 cc @DennisPrager

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@BudgetHawks

7 years

. @POTUS ' plans to reduce the corporate tax rate from 35% to 20% will result in a revenue loss of $3tn to $7tn ->

Trump's corporate tax plan will probably not create a job boom, report finds

Trump has argued that a lower tax burden will help the economy, but a new study argues reducing the corporate tax rate is unnecessary and costly

www.theguardian.com

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@BudgetHawks

8 months

🚨 NEW: The pandemic-era Employee Retention Tax Credit (ERC) was designed to help businesses retain workers during the pandemic. But after low initial uptake during the pandemic itself, employers have been applying for the credit in droves – some fraudulently so. While original

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@BudgetHawks

7 years

Happy New Year from CRFB!

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@BudgetHawks

7 years

Our beloved @CaptainPAYGO received a very well-deserved tribute from The Washington Post editorial board.

Opinion | In a house fire, America loses a devoted servant

Ed Lorenzen was a principled policy stalwart who worked behind the scenes to keep the country solvent.

www.washingtonpost.com

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@BudgetHawks

1 year

🚨 NEW: Extending the 2017 Tax Cuts and Jobs Act (TCJA) in full would cost $3.3 trillion through 2033 ($3.8 trillion w/ interest) – boosting debt by 10% of GDP over current law. ➡️Lawmakers should not extend any parts of the TCJA without enough offsets to ensure they reduce – or

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@BudgetHawks

3 years

🚨BREAKING🚨 We published a new paper outlining illustrative $1.5 trillion & $2.3 trillion packages to #BuildBackBetter 🏗️for Less. Our packages help frame the discussion & offer policymakers options & possibilities to responsibly Build Back Better.

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@BudgetHawks

5 years

Where is the $2.3 trillion in assistance from the Coronavirus Aid, Relief, and Economic Security (CARES) Act coming from and where is it going? Our new infographic clearly visualizes it for you

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@BudgetHawks

4 years

NEW: We project national debt will equal the size of the economy this fiscal year and exceed the all-time record by 2023 under current law .

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@BudgetHawks

4 years

We are excited to launch our interactive #COVIDMoneyTracker tool today. It has lots of info for wonks and the casual observer on how much is being spent on #COVID19 relief and where the money is going. Check it out and share .

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@BudgetHawks

6 years

The statutory #debtlimit is reinstated today. Learn what it means with our #debtceiling Q&A .

Q&A: Everything You Should Know About the Debt Ceiling | Committee for a Responsible Federal Budget

The federal debt ceiling was raised in December of 2021 by $2.5 trillion to

www.crfb.org

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@BudgetHawks

7 years

"When we had trillion-dollar deficits the last time, it was the result of one of the worst economic downturns we’ve seen in history. This will be completely self-inflicted."

Deficit could hit $1 trillion in 2018, and that's before the full impact of tax cuts

The 2018 deficit was projected to decline from 2017 levels, but that was before the tax bill, emergency disaster bills and increased spending.

www.usatoday.com

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@BudgetHawks

3 years

📰Evening Read: The Senate Gets Ready to Spend A Sum of Money Unseen Since World War II

The Senate Gets Ready to Spend A Sum of Money Unseen Since World War II

Even with an eye-popping $3.5 trillion pricetag—on top of the $550 billion in new spending that a bipartisan group of Senators cleared days earlier—the magnitude of the budget package is tough to...

time.com

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@BudgetHawks

7 years

This is not a good time to be adding to the nation’s debt burden. We're already on track to raise debt from an already high 77% of GDP to a sky-high 91%. We’re in a deep hole, and the Republican plan would dig it deeper.

The Republicans’ Debt Amnesia

Remember when the GOP was the party of fiscal discipline? Congress doesn’t.

www.wsj.com

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@BudgetHawks

7 years

PAYGO law requires legislation that adds to the federal deficit be paid for with spending cuts or other offsets. If that doesn't happen, cuts to programs like Medicare kick in. The Medicare cuts could reach almost 1/2 trillion dollars over 10 years.

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@BudgetHawks

2 years

🚨 White House spokesperson Andrew Bates today described commissions to save the #SocialSecurity and #Medicare programs from insolvency as a “death panel for Medicare and Social Security.” The following is a statement from CRFB President @MayaMacGuineas :

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@BudgetHawks

5 years

The $55 billion in offsets through 2029 for the #BudgetDeal would only cover 58 percent of the direct interest costs of the deal cc @greta #Budget2019

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@BudgetHawks

5 years

Annual budget deficits are projected to exceed the trillion-dollar mark next year and rise to $1.4 trillion, or 4.5 percent of GDP, by the end of the decade. See more on the new budget outlook

Analysis of CBO’s Updated Budget and Economic Outlook (August 2019) | Committee for a Responsible...

Today, the Congressional Budget Office (CBO) released its updated Budget and Economic Outlook, showing that the national debt is on an unsustaina

www.crfb.org

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@BudgetHawks

5 years

. @PeteButtigieg says @BernieSanders would only pay for a fraction of his #Medicare4All plan. Our analysis finds his tax hikes are 44% short: #USBW2020 #DemDebate

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@BudgetHawks

7 years

"The Senate tax bill would do too little to grow the economy and a lot to grow the debt."

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@BudgetHawks

5 years

. @BernieSanders says his #MedicareForAll Plan is fully paid for through a plan “on the internet.” We find his plan is actually only about half paid for and would add $13 trillion to the debt. #DemDebate #USBW2020

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@BudgetHawks

7 months

🇺🇸 #USBW2024 Analysis: Do We Spend More On Interest Than Defense? The claim: During a recent town hall, former United Nations Ambassador and current Presidential candidate @NikkiHaley claimed, “for the first time we're paying more in interest payments than we are on our defense

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@BudgetHawks

2 years

3️⃣ In fact, although only 7% of borrowers have over $100,000 of debt, their debt accounts for almost 𝟰𝟬% of the amount outstanding in the loan portfolio. Those with over $200,000 of debt account for 2% of borrowers and 17% of the amount outstanding.

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@BudgetHawks

5 years

This should pique the interest of true fiscal conservatives: The #BudgetDeal is so bad that the paltry offsets don't even cover the additional interest on the national debt it will create cc @BillKristol

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CRFB.org

@BudgetHawks

5 years

National debt clocks have gone up all over the country thanks to @pgpfoundation . Rising debt isn't something we can ignore any longer. Learn more

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CRFB.org

@BudgetHawks

2 years

📊 What's more important than focusing on fiscal responsibility? Actually 𝘢𝘤𝘩𝘪𝘦𝘷𝘪𝘯𝘨 it. Balancing the budget in just ten years would require a 𝟮𝟲% cut across the board, or as much as 𝟴𝟱% excluding certain defense/entitlement spending: . 🧵⤵️

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CRFB.org

@BudgetHawks

6 years

We want to thank people like @JoeNBC who support us by sharing our work far and wide. Please consider supporting us on #GivingTuesday at .

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CRFB.org

@BudgetHawks

3 years

🚨BREAKING🚨 SALT Cap Repeal Below $500k Still Costly and Regressive We published a new blog focusing on a rumored SALT cap🧂 relief deal for those making <$500k per year. Read the blog here:

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@BudgetHawks

1 year

🚨NEW ANALYSIS🚨 Today, @USCBO released its June 2023 Long-Term Budget Outlook, projecting that the #nationaldebt is on an unsustainable long-term path. Our full analysis explains that: ➤Debt will grow rapidly as a share of the economy, ➤Deficits will explode, ➤Spending will