Budget Deal Is a Tipping Point for the US Economic Recovery

Curious Capitalist

Budget Deal Is a Tipping Point for the US Economic Recovery

By Dec. 11, 2013
image: The sun rises on a cloudy morning at the Capitol in Washington, Nov. 13, 2012.
J. Scott Applewhite / AP

Whisper it—we may be at a tipping point in the US economic recovery. The announcement that U.S. budget negotiators have reached a provisional two-year deal to avert another government shutdown (which had been set to happen, sans deal, in early 2014) was fantastic news. For the last few years, government has been a headwind, rather than a help, to the recovery. If you’d have stripped the public sector out of the growth numbers over the last year or so, you’d find that the U.S. was already in a 3 percent growth economy, rather than the sluggish “New Normal” of 2 percent that we’ve all gotten used to. If this deal, which still has to be voted on in both the House and Senate, marks a move from gridlocked, partisan politics in Washington to something more constructive, that’s a big deal. Continue reading “Budget Deal Is a Tipping Point for the US Economic Recovery”

CBO – Options for Reducing the Deficit: Mandatory Spending

Congressional Budget Office

Supporting the congress since 1975

Options for Reducing the Deficit: Mandatory Spending

posted by Sheila Dacey on December 6, 2013

CBO recently published a report on Options for Reducing the Deficit: 2014 to 2023. That report is now available in a fully digital version, so users can search the options according to major budget category, budget function, and major program category. The report included 23 options for changing mandatory spending programs (apart from options primarily involving health); they are listed at the bottom of this post with estimates of their budgetary savings.

Trends in Mandatory Spending

Mandatory spending—which totaled about $2.0 trillion in 2013, or about 60 percent of federal outlays, CBO estimates—consists of all spending (other than interest on federal debt) that is not subject to annual appropriations. Lawmakers generally determine spending for mandatory programs by setting the programs’ parameters, such as eligibility rules and benefit formulas, rather than by appropriating specific amounts each year. Mandatory spending is net of offsetting receipts—certain fees and other charges that are recorded as negative budget authority and outlays. Continue reading “CBO – Options for Reducing the Deficit: Mandatory Spending”

Budget deal could target federal pensions, Social Security, other benefits

Budget deal could target federal pensions, Social Security, other benefits

Cuts to federal pensions, Social Security and other benefits could be on the table during negotiations on a longer term federal budget.

The Budget Conference Committee, created in the wake of the 16-day government shutdown, reportedly is considering major changes to a number of federal benefits programs as part of a deal to replace the across-the-board budget cuts known as sequestration.

These cuts could include: Continue reading “Budget deal could target federal pensions, Social Security, other benefits”

Budget deal could target federal pensions, Social Security, other benefits

Budget deal could target federal pensions, Social Security, other benefits

Cuts to federal pensions, Social Security and other benefits could be on the table during negotiations on a longer term federal budget.

The Budget Conference Committee, created in the wake of the 16-day government shutdown, reportedly is considering major changes to a number of federal benefits programs as part of a deal to replace the across-the-board budget cuts known as sequestration.

These cuts could include: Continue reading “Budget deal could target federal pensions, Social Security, other benefits”

Take Action to Stop the Cuts!

We never would have ended the government lockout without thousands of federal workers taking to the streets and demanding the return to work. We need you to stand up once again and tell our politicians that enough is enough.

Spread the Word: Media and Online

AFGE members saturated the airwaves during the lockout, doing more than 450 interviews in a matter of weeks. We need to get our stories to the press and win the support of our communities. Here’s how:

Learn More About Threats To Your Wallet

There is more than just federal pay, retirement, and jobs on the line in these budget talks. Cuts to vital services like social security, military readiness, and border security are all on the table. Learn more about the latest proposals here: