Research report

Much of the discussion over President Bush's 2004 submission of a proposed budget for fiscal year 2005 and beyond has focused on what it is not. It is not an agenda for major reform. It is not a budget that Congress appears to take seriously, especially given the number of days it is scheduled...

February 16, 2004
C. Eugene Steuerle
Research report

On February 2, the Bush administration released its budget proposals for fiscal years 2005-2009. This article provides initial analysis of the budget, with several interesting conclusions.

February 23, 2004
Peter Orszag, William G. Gale
Research report

The behavior of state and local receipts around the end of a business cycle is historically mixed, but the last three recessions exhibit a common trend: receipts trail expenditures during the recession, and even a year or two afterwards.

March 1, 2004
C. Eugene Steuerle, Adam Carasso
Research report

The president's effort to "leave no child behind" has run into opposition on a variety of fronts. The Congress complained that the money was too little, insisted that the president spend less to reduce the deficit, and then passed the Omnibus Reconciliation and Giveaway Acts of 2003 and 2004. In...

March 1, 2004
C. Eugene Steuerle
Research report

This paper examines the economic impacts of the Bush Administration's proposal to make its recent tax cuts permanent. Making the tax cuts permanent would be regressive and would dig a fiscal hole over the next 75 years that is as big as the combined social security and medicare trust fund...

March 8, 2004
William G. Gale, Peter Orszag
Research report

Congress continues to let the cost of a tax subsidy grow without bound. Perhaps one day Congress will take on the broader issue of entitlement reform, forcing all entitlement programs to go through some of the hurdles required of discretionary programs. Then those programs would be allowed to...

April 12, 2004
C. Eugene Steuerle
Research report

Because of the strikingly large long-term fiscal gaps being projected recently for the United States, researchers have searched for hidden assumptions underlying revenue projections that might be biasing the results. This paper addresses the extent to which alternative projections of tax-...

July 26, 2004
Alan J. Auerbach, William G. Gale, Peter Orszag
Research report

For the last several years, Congress has been on a spending spree unlike any in the nation’s history — a turnaround of about 7 percent of gross domestic product in going from surplus to deficit. In addition to size, what made this spree unique was that tax cuts, defense increases, large...

December 6, 2004
C. Eugene Steuerle
Research report

Tax programs that provide deductions to homeowners or credits to both builders and owners, greatly exceed direct federal outlays on housing. The beneficiaries of these tax programs tend to be middle-to-upper income families who own their homes while the recipients of outlays tend to be lower...

February 28, 2005
Adam Carasso, C. Eugene Steuerle, Elizabeth Bell
Research report

Despite substantial attention given to fiscal policy concerns in recent years, the federal government's fiscal status has continued to deteriorate, with the enactment of tax cuts, a massive new Medicare entitlement, increased spending on defense and homeland security, and related economic...

April 17, 2006
Alan J. Auerbach, William G. Gale, Peter Orszag