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Comparing FY 2015 White House and Congressional budget proposals

Today, the Congressional Budget Office released its analysis of the President’s Budget for Fiscal Year (FY) 2015. In this new report, CBO estimates the budgetary impact of the President’s proposals using the same economic and technical assumptions that CBO uses for scoring legislation from the Congress. This new data provides an opportunity to make "apples-to-apples" comparisons between the President’s proposals and those that have emerged from Congress.

The Peterson Foundation has prepared a new analysis and charts comparing the proposals from House Budget Chairman Paul Ryan (R-WI), House Budget Ranking Member Chris Van Hollen (D-MD), and President Obama. While all three budgets reduce deficits within the 10-year window relative to current law, they make different choices, and achieve different results. Click here to read the analysis.

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Budget explainer: how much do Americans pay in federal taxes?

For Tax Day, PGPF today released a new budget explainer on taxes. This report focuses on the aggregate tax rates borne by taxpayers with different levels of income and takes account of the major taxes imposed by the federal government: the individual income tax, the payroll tax, the corporate tax, and the estate tax.

Read the full budget explainer, which includes an illustrative series of charts, here.

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Michael A. Peterson on CBO's updated budget projections

Michael A. Peterson, President and COO of the Peter G. Peterson Foundation, commented today as the Congressional Budget Office released its Updated Budget Projections for 2014-2024:

"CBO's report shows that the current period of declining deficits is a temporary phenomenon. In fact, our deficits will begin rising again in just two years — and that’s before the major long-term drivers of our debt kick in. Interest costs alone will be a staggering $5.8 trillion over the next 10 years, becoming the third largest 'program' in the federal budget, crowding out important investments in our own future. To solve this problem for the long term, we must address the fundamental drivers of our debt, which are high and rising health care costs, an aging population, and an inadequate tax system. The good news is that solutions exist and we still have time to put a plan in place that will strengthen our recovery and build a solid fiscal and economic foundation for America in the decades ahead."

Click here for key findings from the CBO projections. For more of PGPF's statements and press releases, click here.

 
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PGPF budget explainer on Medicare

PGPF today released a new budget explainer on Medicare. This report describes the Medicare program, how it is financed, what it pays for, what role it plays in financing American healthcare, and what is projected for the future of the program.

One of the biggest misconceptions about Medicare is that it is self-financed by current beneficiaries through premiums and by future beneficiaries through payroll taxes. In fact, payroll taxes and premiums together covered only 52 percent of Medicare's costs in 2013. General federal revenues from U.S. taxpayers made up most of the difference. As illustrated by the chart above, general revenues are projected to become an even larger share of the program's funding.

Read the full budget explainer here.

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"Major Surgery Needed": new report on U.S. corporate income tax reform


In a new paper funded by grants from the Peterson Foundation, Eric Toder, co-director of the Urban-Brookings Tax Policy Center, and Alan Viard, resident scholar at the American Enterprise Institute, discuss the flaws in the United States corporate tax system and propose two options for reform. Toder and Viard examine shortcomings of the current system, including that the current U.S. corporate tax is inefficient, distorts economic decision making, and is poorly designed, allowing many large corporations to avoid paying taxes on profits earned overseas.

Learn more about Toder and Viard's findings, and read the report, Major Surgery Needed: A Call for Structural Reform of the U.S. Corporate Income Tax, here. To learn more about PGPF grantees, click here.

 

 
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April 2014 PGPF Chart Pack

PGPF has released its new Chart Pack update for April, Selected Charts on the Long-Term Fiscal Challenges of the United States. Download the Pack in PDF format and visit the PGPF Charts Archive to browse all of the Foundation's originally-researched charts, graphs, and tables. (Feel free to use/reproduce, with attribution to "Peter G. Peterson Foundation" along with the pgpf.org hyperlink.)

The PGPF Chart Pack illustrates that budget-making involves many competing priorities, limited resources, and complex issues. In this set of charts, we aim to frame the financial condition and fiscal outlook of the U.S. government within a broad economic, political, and demographic context.

 
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FY2015 budgets: comparing Chairman Ryan's and the President's proposals

This week, House Budget Committee Chairman Paul Ryan released his ""Chairman's Mark" outlining budget priorities for the coming decade. This proposal follows the release of President Obama’s budget last month. The two proposals present distinct visions of the role of the federal government in our economy.

PGPF has prepared a quick explainer and new set of 6 charts (including the chart below) comparing these budgets. See how the proposals stack up on various budget trends over the next ten years.

 

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Pete Peterson in Leaders Magazine: "Securing Our Economic Future"

Leaders Magazine today published an interview with PGPF Founder and Chairman Pete Peterson. The interview highlights the organization's mission and some of the key programs supported by the Foundation.

Mr. Peterson also shares his thoughts on Washington addressing the issue of America's long-term debt: "I remain optimistic that in the long run, we’ll get this right, in part because the alternative is unthinkable."

Read the full interview, "Securing Our Economic Future", here.

 

 
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Michael A. Peterson on Chairman Ryan's FY2015 budget proposal

 

Michael A. Peterson, PGPF President and COO, today commented in the Foundation's official statement after the release in Washington of the Fiscal Year 2015 Budget by House Budget Committee Chairman Paul Ryan (R-WI):

"Chairman Ryan deserves credit for putting forward a plan that addresses the important fiscal choices that we face as a nation.

"While near-term deficits are lower, our long-term debt is still on an unsustainable path that damages our economy, today and in the future. Now more than ever, it’s important that our elected leaders debate and discuss the tradeoffs necessary to stabilize our long-term debt.

"Importantly, Chairman Ryan’s plan makes progress this decade on addressing the key drivers of our long-term debt. While some in Washington see a reduced urgency to act, waiting until the distant future to confront our unsustainable debt is a recipe for fiscal failure and economic hardship.

"For any fiscal plan to be politically viable and lasting, it must achieve bipartisan support, and that means both parties will need to make concessions for the good of the nation. Despite the election year, our leaders must work together to address their differences and put the nation on a sustainable long-term fiscal path."

Click here for more details on the Ryan Budget. For more of PGPF's statements and press releases, click here.

 

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Highlights from the 2014 Up to Us campus competition

 

Up to Us, a nationwide campus competition sponsored and managed by the Peter G. Peterson Foundation, the Clinton Global Initiative University and Net Impact, provides an opportunity for college students to build a movement to raise awareness and engagement on America's long-term fiscal and economic challenges.

Learn more about the 22 student teams that participated this year, including 2014 winner University of Texas-Pan American (pictured above receiving their award from President Bill Clinton). Watch the Up to Us student-produced videos and read media coverage garnered by the teams in their local areas.

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