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PGPF analysis: CBO 2014 Long-Term Budget Outlook

Yesterday the Congressional Budget Office released the 2014 Long-Term Budget Outlook, its annual report on the federal government's fiscal condition over the next 25 years. CBO projects that, under current policies and law, the federal debt will reach 183% of GDP by 2039.

The Peterson Foundation has prepared a new analysis, with charts breaking down CBO's findings. In addition, PGPF identifies the drivers of the growing national debt, and the economic/societal impact of not addressing the issue. Click here to read the analysis.

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Q&A: 40th anniversary of the Congressional Budget Act

This Saturday (July 12th) marks the 40th anniversary of the passage of the Congressional Budget and Impoundment Control Act of 1974. Along with creating the non-partisan Congressional Budget Office and the House and Senate budget committees, this important piece of legislation established the federal budget process still in use today.

To mark the milestone, PGPF has prepared a Q&A document highlighting the history and key features of the Congressional Budget Act. Among the highlights:

Has the Congressional Budget Act been effective in improving the budget process?
Outcomes have been mixed. While the Congressional Budget Act established a systematic framework for the Congress to develop budgets, it also shifted more power to an increasingly gridlocked and partisan Congress, where special interests can have outsized influence... The Congress has produced budget resolutions on time only 6 times in the past 40 years, most recently in 2003. Moreover, since 1974, the Congress has failed to adopt budget resolutions 9 times — all since 1999. In fact, the Congress has failed to adopt a budget resolution in the last 5 years.

The Q&A also explores potential reforms for the federal budget process. Click here for the full document.

 

 

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Animated video: a strong fiscal foundation for economic growth

The Peterson Foundation has released a new animated video showing how fiscal policy supports a strong economy. The video, "A Strong Fiscal Foundation for Economic Growth," gives a brief overview of the contributing factors and potential outcomes.

Click here to watch the video and to share it on Facebook and Twitter. Find more PGPF videos in the Multimedia section.

 

 

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PGPF special report: "Fiscal Balancing Act"

This week the Peterson Foundation released a new report, "Fiscal Balancing Act," coauthored by economists Janice Eberly (Northwestern University, NBER) and Phillip Swagel (University of Maryland). The paper examines the close linkage between America's fiscal health and economic performance, specifically how addressing long-term fiscal challenges (like the national debt) can support growth and job creation.

Read the full report here. "Fiscal Balancing Act" was also presented today at the annual CGI America 2014 conference, with a panel discussion featuring Swagel, former NEC Director Gene Sperling, and PGPF President & COO Michael A. Peterson.

 

 

 

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Fiscal Confidence Index: June 2014 results

PGPF today released the new Fiscal Confidence Index survey results for June 2014. June's FCI Value is 41, which suggests that the national fiscal outlook remains a concern for most Americans.

PGPF President & COO Michael A. Peterson commented on the new FCI results:

"Regardless of political party, Americans overwhelmingly agree that addressing our long-term fiscal challenges should be a top priority in Washington. Dealing with our debt is a crucial step to secure a growing and prosperous economy, today and in the future."

See the full results for June, and read this month's press release which includes the survey questions and polling response breakdowns.

 

 

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June 2014 PGPF Chart Pack

PGPF has released its new Chart Pack update for June, 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 22 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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PGPF email newsletter: 2014 Fiscal Summit, federal budget process, and more

Just released today: the new PGPF email newsletter. This latest edition includes highlights from this month's 2014 Fiscal Summit: Our Economic Future, recent survey results from the Fiscal Health poll, and the Foundation's newest Fiscal Issues Primer on the federal budget process.

Click here to read the current PGPF email newsletter, and sign up to receive future newsletters direct to your inbox.

 
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Fiscal Confidence Index: May 2014 results

PGPF today released the new Fiscal Confidence Index survey results for May 2014. May's FCI Value is 44, indicating that the national fiscal outlook remains a concern for the majority of Americans. Eight in 10 voters say the President and Congress should spend more time addressing the issue, with broad majorities of Democrats, Republicans, and Independents sharing that sentiment.

PGPF President & COO Michael A. Peterson commented on the new FCI results:

"It’s clear that voters recognize that our nation’s long-term fiscal challenges remain, and want Washington to deal with it. Americans understand that an improved fiscal outlook is central to building economic growth and shared prosperity, now and in the future."

See the full results for May, and read this month's press release which includes the survey questions and polling response breakdowns.

 
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Interactive: FY2015 federal budget timeline

How does the government come up with its budget? PGPF has updated its interactive Federal Budget Process timeline for Fiscal Year 2015. The timeline includes key milestone dates during the full four-year process, including budget formulation in the White House and Congress and federal agency audits.

For more detailed information, check out PGPF's Fiscal Issue Primer on the Federal Budget Process.

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2014 Fiscal Summit: videos and highlights

This week PGPF held its fifth annual Fiscal Summit, the premier annual gathering dedicated to addressing our nation’s long-term national debt and economic future. Participants in the 2014 Fiscal Summit: Our Economic Future included President Bill Clinton, New Jersey Governor Chris Christie, House Democratic Leader Nancy Pelosi, Former Fed Chairman Alan Greenspan, Senator Patty Murray, and other policymakers and thought leaders. Video presentations from luminaries like Facebook COO Sheryl Sandberg and former New York City Mayor Michael Bloomberg were also part of the proceedings.

Visit FiscalSummit.com for highlights and more information from this year's Summit.

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