No Joke: More Deficit-Financed Tax Cuts Would Be a Big Mistake

Submitted by swinn on Mon, 03/19/2018 - 11:07

It probably isn’t a good sign when a political project is initially mistaken for a joke.

But President Trump and House Ways and Means Chairman Kevin Brady last week found themselves having to insist that they were serious about wanting a new round of tax cuts on top of the deficit-financed tax cuts that were approved only three months ago.

Budget Process Badly Needs an Upgrade

Submitted by swinn on Mon, 03/12/2018 - 11:32

A new joint congressional committee on the budget process held its first meeting Thursday amid bipartisan hopes that the panel would be able to suggest helpful reforms late this year.

Certainly there is room for improvement. Year after year the budget process has broken down, with Congress failing to make final spending decisions for each fiscal year until well after that year has started.

Understandable Skepticism on Trump’s Infrastructure Plan

Submitted by swinn on Fri, 03/09/2018 - 13:31

The Trump administration unveiled its long-awaited infrastructure plan with great fanfare last month. While the nation has many infrastructure needs, however, the plan seems to be generating little interest in Washington.

It’s not hard to see why. While the administration has promoted this as a $1.5 trillion program, it actually calls for only $200 billion in federal funding over 10 years. The remaining $1.3 trillion is supposed to come from state and local governments as well as the private sector as the result of federal incentives.

Young Professionals Tap Into Budget Exercise

Submitted by swinn on Mon, 03/05/2018 - 15:55

How should Washington start getting its fiscal house in order?

At “Budget on Tap,” members of the Concord Young Professionals Network (CYPN) in New Hampshire wrestled with that question while participating in a budget exercise called “Debt Busters.”

Congress Should Heed New Fed Chair’s Warnings on Fiscal Policy

Submitted by swinn on Mon, 03/05/2018 - 10:31

In his first appearances on Capitol Hill as the new Federal Reserve chairman, Jerome Powell strongly urged lawmakers to start putting the federal government on a better fiscal path.

Powell, who became Fed chairman in early February, told the House Financial Services Committee in response to lawmakers’ questions last week: “We really need to get on a sustainable fiscal path and the time to really be doing that is now.”

‘Facing the Future’: Kasich, Penny on Fiscal Challenges

Submitted by swinn on Mon, 03/05/2018 - 10:11

During the fourth broadcast of “Facing the Future,” we aired portions of The Concord Coalition’s recent event in Washington, “Fiscal Freefall: When Will it Stop?,” which featured Ohio Gov. John R. Kasich and former U.S. Rep. Tim Penny.

The conversation focused on the nation’s fiscal policies and how they are jeopardizing our future. Despite the nation’s challenges, however, the two former congressional colleagues expressed hope and discussed possible bipartisan solutions.

Five Key Problems with the President’s 2019 Budget Plan

Submitted by jgordon on Mon, 02/26/2018 - 15:25

Although Congress has yet to complete its long overdue work on spending plans for the current fiscal year, lawmakers must soon turn their attention to the budget for Fiscal 2019, which begins Oct. 1. Unfortunately, President Trump’s proposed budget fails to provide credible guidance and falls far short of what is required to put the federal government on a sustainable fiscal path -- particularly after Washington’s recent approval of deficit-financed spending and tax breaks.

Here are five areas of critical concern: