How did the TCJA affect the federal budget outlook? Q.How did the TCJA affect the federal budget outlook? A.The Tax Cuts and Jobs Act cut taxes substantially from 2018 through 2025. The resulting deficits will add $1 to $2 trillion to the federal debt, according to official estimates. The debt increase will be larger if some of TCJA’s temporary tax cuts are extended. Read more about How did the TCJA affect the federal budget outlook?
What is the schedule for the federal budget process? Q.What is the schedule for the budget process? A.The congressional budget process is meant to last from early February to the end of June, but recent years have seen delays at each stage, particularly in passing congressional budget resolutions and in completing action on appropriation bills. Read more about What is the schedule for the federal budget process?
What is the history of the federal budget process? Q.What is the history of the budget process? A.In 1972, President Richard Nixon impounded funds for various social programs. Nixon argued that because Congress lacked a process for controlling the federal budget, budget deficits might expand irresponsibly if the president lacked the power to block funding. Congress responded by establishing a formal budget process through the Congressional Budget and Impoundment Control Act of 1974. Read more about What is the history of the federal budget process?
