August 01, 2011

Center on Budget and Policy Priorities

Center on Budget and Policy Priorities

Facing Our Fiscal Challenges

Greenstein Statement: Deal Avoids Default But Sets Nation on Disturbing Policy Course

"The new debt ceiling agreement will achieve the essential goal of avoiding a potentially catastrophic default in the days ahead. But to say that the deal is likely to lead to highly unbalanced results would be an understatement. The deal places the nation on a disturbing policy course and sets what may become important precedents that are cause for serious concern." Read more

Contrary to Speaker Boehner's Claim, Budget Deal's "Supercommittee" Can Consider Revenue Increases

"Speaker of the House John Boehner erroneously claims that the legislation implementing the new debt limit agreement does not allow the joint congressional committee it establishes to propose revenue increases to help reduce deficits. The legislation does no such thing.

"Rather, it is the speaker’s adamant opposition to considering revenue increases — even the elimination of wasteful tax loopholes — as part of a deficit-reduction package that may prevent a balanced approach to reducing the deficit through a mix of program cuts and revenue increases." Read more

More: Federal Budget Analyses

States and the Economy

States Making Worst Education and Health Cuts Since Recession Began

Budget cuts will hit education, health care, and other state-funded services harder in the 2012 fiscal year – which started July 1, 2011 – than in any year since the recession began.

Of the 47 states with newly enacted budgets, 38 or more states are making deep, identifiable cuts in K-12 education, higher education, health care, or other key areas in their budgets for fiscal year 2012. These cuts will slow the nation’s economic recovery and undermine efforts to create jobs over the next year. Read more

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