The Budget Control Act and 2013 Appropriations: An Update

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "The Budget Control Act and 2013 Appropriations: An Update"

Transcription

1 The Budget Control Act and 2013 Appropriations: An Update White House Office of Science & Technology Policy Kei Koizumi, Assistant Director for Federal R&D

2 Budget Control Act of 2011 The Act was signed by the President on August 2. The Act imposes enforceable spending caps on Federal discretionary spending from 2012 through For 2012 and 2013, there are separate caps for security and nonsecurity spending. The caps are enforceable through sequestration (across-the-board cuts if appropriations exceed the caps).

3 2013 discretionary spending caps $1.058 trillion 2012 enacted $1.047 trillion Budget Control Act cap, 2013 President s budget total, Senate total, Senator Conrad s proposed Senate budget $1.028 trillion House Budget cap (-$19 billion from Budget) $0.953 trillion Potential cap after sequestration ($-94 billion from Budget)

4 The 2013 Budget The Act sets a binding discretionary spending total for FY 2013 regular appropriations of $1.047 trillion (essentially flat for the second year in a row). The 2013 President s Budget fits under the $1.047 trillion cap. The Senate intends to use the Budget Control Act cap as its ceiling for 2013 appropriations. The fiscal commission co-chairs proposed a similar cap in late The House, however

5 The House 2013 Budget Resolution The House has approved a 2013 budget resolution (the Ryan Republican budget) that differs significantly from the President s budget and the Budget Control Act in its long-term proposals for the tax code, entitlement programs, and discretionary appropriations. House appropriators have $1.028 trillion for 2013 appropriations ($19 billion less than the President s budget). Because the House budget assumes increases for defense spending, there would be steep cuts to nondefense appropriations of as much as percent below 2012 enacted levels depending on the category. OMB: The plan gives those making over $1 million per year an average tax cut of at least $150,000 These tax breaks are then paid for by ending Medicare as we know it and implementing deep cuts in what we need to grow our economy and create jobs in the years to come. Because tax cuts exceed spending cuts, the House budget INCREASES projected future deficits.

6 The Senate 2013 Budget Resolution Senate Majority Leader Reid has said the Senate doesn t need a 2013 budget resolution because the Budget Control Act caps serve as a budget. Senator Kent Conrad (D-ND), chair of the Senate Budget Committee in his last year in the Senate, disagrees and had announced he would propose a 2013 Senate budget based on Simpson-Bowles recommendations. (He then changed his mind earlier this week.) Alan Simpson and Erskine Bowles in fall 2010 were co-chairs of the fiscal commission (Simpson-Bowles commission) charged by the President with proposing comprehensive deficit-reduction measures. The commission never issued a report because none of its recommendations received 14 out of 18 votes. The co-chairs issued their own set of recommendations on revenues, entitlement programs, discretionary spending, etc.

7 Sequestration January 15, If the President does not sign a bill that reduces projected deficits by at least $1.2 trillion over a decade, then automatic across-the-board cuts are triggered. (Congress never approved a bill because the super committee failed to agree on one.) The reductions would take place from 2013 through 2021 and would apply equally to each year and equally to security and nonsecurity spending, further reducing the BCA caps. The nonsecurity reduction would apply to both discretionary and some mandatory programs (including Medicare). ($1.2 trillion enacted deficit reduction ) / 9 years / 2 (security and nonsecurity) = reduction each year for security or nonsecurity For example, the FY 2013 triggered cut for security programs could be: $1,200 billion / 9 / 2 = $66.7 billion or a 9.7 percent cut from the $686 billion cap. January 2, 2013 the trigger is pulled and the first cap reductions take place. For all discretionary programs, the 2013 cap could be reduced to as low as $953 billion.

8 Sequestration part 2 The 2013 Budget assumes sequestration will be prevented. In September 2011 and again in February 2012 (the 2013 Budget), the President has presented balanced deficit-reduction proposals totaling nearly $2 trillion over the next decade. The Administration looks forward to working with Congress this year on a deficit-reduction law that will be sufficient to avoid sequestration s potentially devastating cuts to domestic and defense programs. The House budget would cancel sequestration in FY 2013 and combine the security and nonsecurity sequesters in The House would find 2013 savings to prevent the security sequester instead through cuts in food stamp spending, repealing portions of the Dodd-Frank law, repealing portions of the Affordable Care Act, cutting eligibility for the child-care tax credit, etc. (The House budget reduces nonsecurity 2013 spending to post-sequester levels already.)

9 The Ryan Republican Budget s impacts on S&T This week, we began to see the impacts in House 2013 appropriations. House CJS and Energy/Water bills fund key programs in NSF, DOE, and Commerce at levels well below the President s request (despite strong bipartisan support for S&T) because of the lower total. The 2013 Budget increases funding for a category of science, space, and technology programs by 1.4 percent while the Ryan Republican budget cuts funding by 4 percent from (This category comprises NSF, NASA, and DOE Science funding and is a guide to appropriators.) OMB examples: The budget would delay development of commercial crew capabilities to allow US astronauts to get to the ISS on US vehicles; result in NSF awarding 2,000 fewer research grants supporting 24,000 students, researchers, and teachers; cut investments in clean energy in half.

10 Ryan Republican Budget s impacts on S&T (2) AAAS analysis of the potential impacts of the House budget on R&D: House appropriations of an 8 percent cut below the President s budget for nondefense R&D, or 5 percent cut below 2012 enacted levels ($60 bil. in 12 down to $56.8 bil. in 13 House). Clean energy R&D would be cut in half. The House budget further shrinks nondefense spending in the future. OMB: The number of new NIH grants for promising research would potentially shrink by more than 1,600 in 2014 and by over 16,000 over a decade. NSF would cut 11,000 grants over the next decade, eliminating support for 13,000 researchers, students, and teachers in 2014 alone. 9.6 million students would see their Pell Grants fall by more than $1000 in Roughly two million slots in Head Start would be eliminated over the next decade.

11 Some reminders Although the presentation focuses on just one aspect (2013 discretionary spending) of the many budget plans, there are many other differences between the President, the House, the Senate, the fiscal commission, and the Budget Control Act if a sequester takes place (differences in entitlement programs and Federal revenues.) If a deficit reduction bill reducing deficits by $ trillion over the next decade is not enacted, the first sequester takes place January Most of the current tax cuts expire on December 31, Both of these dates are after the 2012 elections. S&T programs are appropriated annually, and program-by-program spending decisions will be made each year by the President and the Congress under whatever caps are in place.

Introduction to the Federal Budget Process

Introduction to the Federal Budget Process v Introduction to the Federal Budget Process The Congressional Budget Act of 1974 lays out a formal framework for developing and enforcing a budget resolution to guide the budget process. Updated February

More information

Too Little to Go Around

Too Little to Go Around 820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org June 5, 2013 Too Little to Go Around House Appropriations Plan to Increase Defense and

More information

A BIPARTISAN PLAN TO REDUCE OUR NATION S DEFICITS EXECUTIVE SUMMARY

A BIPARTISAN PLAN TO REDUCE OUR NATION S DEFICITS EXECUTIVE SUMMARY A BIPARTISAN PLAN TO REDUCE OUR NATION S DEFICITS EXECUTIVE SUMMARY This bipartisan, comprehensive, and balanced plan consistent with the recommendations of the Bowles-Simpson fiscal commission that will:

More information

The Federal Budget Process

The Federal Budget Process 1. The President s Budget Timing: February Target: Congress Message: Support (or don t) the President s budget request To start the budget process, the President submits a detailed budget request to Congress.

More information

Federal Update: Programs that Help Low- and Moderate-Income Families

Federal Update: Programs that Help Low- and Moderate-Income Families Federal Update: Programs that Help Low- and Moderate-Income Families April 21, 2015 David Lloyd Director, Fiscal Policy Center Voices for Illinois Children www.voices4kids.org dlloyd@voices4kids.org The

More information

FEDERAL EDUCATION FUNDING. Caps, Cuts, Freezes and Sequesters. Joel Packer, Executive Director, The Committee for Education Funding Jpacker@cef.

FEDERAL EDUCATION FUNDING. Caps, Cuts, Freezes and Sequesters. Joel Packer, Executive Director, The Committee for Education Funding Jpacker@cef. FEDERAL EDUCATION FUNDING Caps, Cuts, Freezes and Sequesters Joel Packer, Executive Director, The Committee for Education Funding Jpacker@cef.org Committee For Education Funding The Committee for Education

More information

Mandatory Spending Since 1962

Mandatory Spending Since 1962 Mindy R. Levit Specialist in Public Finance D. Andrew Austin Analyst in Economic Policy Jeffrey M. Stupak Research Assistant March 18, 2015 Congressional Research Service 7-5700 www.crs.gov RL33074 Summary

More information

MAKING COLLEGE MORE AFFORDABLE FOR MILLIONS OF AMERICANS. Executive Office of the President May 2015

MAKING COLLEGE MORE AFFORDABLE FOR MILLIONS OF AMERICANS. Executive Office of the President May 2015 MAKING COLLEGE MORE AFFORDABLE FOR MILLIONS OF AMERICANS Executive Office of the President May 2015 Making College Affordable for Millions of Americans EXECUTIVE SUMMARY Tomorrow at Lake Area Technical

More information

The Solutions Initiative II

The Solutions Initiative II The Heritage Foundation Saving the American Dream: The Heritage Plan to Fix the Debt, Cut Spending, and Restore Prosperity Alison Acosta Fraser, William W. Beach, and Stuart M. Butler, Ph.D. INTRODUCTION

More information

The Budget Control Act of A Crisis Avoided

The Budget Control Act of A Crisis Avoided The Budget Control Act of 2011--A Crisis Avoided August 4, 2011 2010 changed the political landscape in dramatic fashion, and this debt deal represents a major shift to get our fiscal house in order. The

More information

UC DAVIS FEDERAL RELATIONS UPDATE April 27, 2012

UC DAVIS FEDERAL RELATIONS UPDATE April 27, 2012 UC DAVIS FEDERAL RELATIONS UPDATE April 27, 2012 Gina Banks, Director, Federal Government Relations Executive Summary There have been several significant developments on federal appropriations in the past

More information

OMB Report Pursuant to the Sequestration Transparency Act of 2012 (P. L. 112 155)

OMB Report Pursuant to the Sequestration Transparency Act of 2012 (P. L. 112 155) OMB Report Pursuant to the Sequestration Transparency Act of 2012 (P. L. 112 155) Introduction The Sequestration Transparency Act of 2012 (STA) (P.L. 112-155) requires the President to submit to Congress

More information

Federal Funding Update: The Craziest Year Yet

Federal Funding Update: The Craziest Year Yet Federal Funding Update: The Craziest Year Yet Vermont State Visit August 31, 2012 Federal Funds Information for States Overview The Federal Budget Problem Pieces of the Federal Budget Pie Congressional

More information

Introduction to the U.S. Federal Budget Process and R&D Investment

Introduction to the U.S. Federal Budget Process and R&D Investment Introduction to the U.S. Federal Budget Process and R&D Investment Patrick J Clemins April 27, 2010 for EEP s How Government Works AAAS R&D Budget and Policy Program http://www.aaas.org/spp/rd See the

More information

Chapter 09 Federal Spending

Chapter 09 Federal Spending Chapter 09 Federal Spending Multiple Choice Questions 1. Federal Spending in 2006 was a. $2.0 billion b. $2.0 trillion c. $2.2 trillion D. $2.8 trillion 2. Federal Spending as a percentage of GDP peaked

More information

Federal Policy Update. Matthew Lesieur VillageCare / National Association of People with AIDS

Federal Policy Update. Matthew Lesieur VillageCare / National Association of People with AIDS Federal Policy Update Matthew Lesieur VillageCare / National Association of People with AIDS U.S. Senate Majority Leader Minority Leader Harry Reid, D-NV Mitch McConnell (R-KY) U.S. Senate, Cont d Rules

More information

Legislative Procedures for Adjusting the Public Debt Limit: A Brief Overview

Legislative Procedures for Adjusting the Public Debt Limit: A Brief Overview Legislative Procedures for Adjusting the Public Debt Limit: A Brief Overview Bill Heniff Jr. Analyst on Congress and the Legislative Process August 4, 2011 CRS Report for Congress Prepared for Members

More information

CLOSELY-HELD BUSINESSES

CLOSELY-HELD BUSINESSES HOW RECENT TAX LEGISLATION AFFECTS CLOSELY-HELD BUSINESSES, Attorney USC Gould School of Law 2011 TAX INSTITUTE J 24 2011 January 24, 2011 Los Angeles , Business and Tax Attorney Law Office of 818 936-3490

More information

Debt Limit and Ongoing Fiscal Debate: County Risks and Opportunities. January 2013

Debt Limit and Ongoing Fiscal Debate: County Risks and Opportunities. January 2013 Debt Limit and Ongoing Fiscal Debate: County Risks and Opportunities January 2013 www.naco.org 1 Debt Limit and Ongoing Fiscal Debate: County Risks and Opportunities Presentation Overview Why Counties

More information

Program on Medicare Policy

Program on Medicare Policy K A I S E R F A M I L Y F O U N D A T I O N Program on Medicare Policy Comparison of Medicare Provisions in Deficit and Debt Reduction Proposals In response to concern about the nation s rising debt and

More information

Legislative Health and Human Services Committee

Legislative Health and Human Services Committee Legislative Health and Human Services Committee Fiscal Impact of Federal Sequestration on Health and Human Services Programs in New Mexico Ruby Ann Esquibel, Principal Analyst Legislative Finance Committee

More information

The White House Office of the Press Secretary ***EMBARGOED UNTIL DELIVERY OF THE PRESIDENT S SPEECH***

The White House Office of the Press Secretary ***EMBARGOED UNTIL DELIVERY OF THE PRESIDENT S SPEECH*** The White House Office of the Press Secretary EMBARGOED UNTIL DELIVERY OF THE PRESIDENT S SPEECH APRIL 13, 2011 ***EMBARGOED UNTIL DELIVERY OF THE PRESIDENT S SPEECH*** FACT SHEET: THE PRESIDENT S FRAMEWORK

More information

Paul Smedberg & Jennifer Zeitzer. Nov. 10, 2010

Paul Smedberg & Jennifer Zeitzer. Nov. 10, 2010 Appropriations & Elections Update Paul Smedberg & Jennifer Zeitzer Ad H G T H ll M ti Ad Hoc Group Town Hall Meeting Nov. 10, 2010 All Congresses and Parliaments have a kindly feeling for idiots, and a

More information

Municipal Bond Tax Legislation. 202-962-7430 or mdecker@sifma.org

Municipal Bond Tax Legislation. 202-962-7430 or mdecker@sifma.org Municipal Bond Tax Legislation Michael Decker Michael Decker 202-962-7430 or mdecker@sifma.org The tax-exemption is under threat. 1 The political agenda is dominated by deficit and debt reduction and tax

More information

Status of Federal Funding for Addiction Services

Status of Federal Funding for Addiction Services Status of Federal Funding for Addiction Services NAADAC s Advocacy in Action Conference Monday, March 3, 2014 Alexandria, VA Robert Morrison, Executive Director/Director of Legislative Affairs National

More information

The Long-Term Budgetary Impact of Paths for Federal Revenues and Spending Specified by Chairman Ryan

The Long-Term Budgetary Impact of Paths for Federal Revenues and Spending Specified by Chairman Ryan MARCH 2012 The Long-Term Budgetary Impact of Paths for Federal Revenues and Spending Specified by Chairman Ryan At the request of the Chairman of the House Budget Committee, Congressman Paul Ryan, the

More information

Overview of Policy Options to Sustain Medicare for the Future

Overview of Policy Options to Sustain Medicare for the Future Overview of Policy Options to Sustain Medicare for the Future Juliette Cubanski, Ph.D. Associate Director, Program on Medicare Policy Kaiser Family Foundation jcubanski@kff.org Medicare NewsGroup Journalism

More information

Assessing the Policy Environment Updates from the Federal Level

Assessing the Policy Environment Updates from the Federal Level Assessing the Policy Environment Updates from the Federal Level Michael Miller & Amy Rosenthal New England Alliance for Children s Health 2012 Summit November 14, 2012 LOOKING BACK ON 2012 Health reform

More information

Congressional Budget Office s Preliminary Analysis of President Obama s Fiscal Year 2012 Budget

Congressional Budget Office s Preliminary Analysis of President Obama s Fiscal Year 2012 Budget Congressional Budget Office s Preliminary Analysis of President Obama s Fiscal Year 2012 Budget SUMMARY The Congressional Budget Office s (CBO) Preliminary Analysis of the President s FY 2012 Budget released

More information

Healthcare Reform: Where do we go from here?

Healthcare Reform: Where do we go from here? Healthcare Reform: Where do we go from here? Sarah Wachtel Senior Associate, Government Relations Pew Center on the States National Primary Oral Health Conference October 2, 2012 The Pew Center on the

More information

Historical U.S. Debt

Historical U.S. Debt Q&A: Everything You Need to Know About the National Debt CHAIRMEN MICHAEL BLOOMBERG JUDD GREGG EDWARD RENDELL How big is the debt? Currently, the national debt held by the public is about $14 trillion,

More information

The National Debt & Federal Budget: 2016 Presidential Election Issue Guide

The National Debt & Federal Budget: 2016 Presidential Election Issue Guide The National Debt & Federal Budget: 2016 Presidential Election Issue Guide The National Debt & Federal Budget: 2016 Presidential Election Issue Guide In the months ahead presidential candidates will make

More information

Introduction to the Federal Budget Process

Introduction to the Federal Budget Process Order Code 98-721 GOV Introduction to the Federal Budget Process Updated March 7, 2008 Robert Keith Specialist in American National Government Government Division Introduction to the Federal Budget Process

More information

FEDERAL-POSTAL COALITION

FEDERAL-POSTAL COALITION FEDERAL-POSTAL COALITION October 20, 2011 The Honorable Patty Murray Co- Chair Joint Select Committee on Deficit Reduction 448 Russell Senate Office Building Washington, D.C. 20510 The Honorable Jeb Hensarling

More information

JOINT ARMAMENTS CONFERENCE & EXHIBITION Seattle, Washington May 14-18, 2012

JOINT ARMAMENTS CONFERENCE & EXHIBITION Seattle, Washington May 14-18, 2012 JOINT ARMAMENTS CONFERENCE & EXHIBITION Seattle, Washington May 14-18, 2012 Top Issues NDIA s national agenda Derived from member inputs Guides advocacy and educational activities Distributed to.. Members

More information

DENVER MEDICAL BULLETIN

DENVER MEDICAL BULLETIN DENVER MEDICAL BULLETIN Official Publication of The Denver Medical Society Volume 101/Number 9 September 2011 Joint Congressional Committee Will Influence Future of Medicine Actions Over Next Four Months

More information

Domenici-Rivlin Debt Reduction Task Force. Restoring America s Future. Released November 17, 2010

Domenici-Rivlin Debt Reduction Task Force. Restoring America s Future. Released November 17, 2010 Domenici-Rivlin Debt Reduction Task Force Restoring America s Future Released November 17, 2010 1 Debt Held By The Public 300% 250% 200% Percent of GDP 150% 100% 50% 0% 1970 1980 1990 2000 2010 2020 2030

More information

White House and Congressional Leaders Agree To Raise Debt Ceiling; Create Joint Committee on Deficit Reduction

White House and Congressional Leaders Agree To Raise Debt Ceiling; Create Joint Committee on Deficit Reduction August 2011 taxalerts.plantemoran.com White House and Congressional Leaders Agree To Raise Debt Ceiling; Create Joint Committee on Deficit Reduction With an August 2 nd deadline looming, President Obama

More information

1500 Pennsylvania Avenue, N.W. 1650 Pennsylvania Avenue, N.W. Washington, D.C. 20220 Washington, D.C. 20503

1500 Pennsylvania Avenue, N.W. 1650 Pennsylvania Avenue, N.W. Washington, D.C. 20220 Washington, D.C. 20503 Secretary Timothy Geithner Acting Director Jeffrey Zients Department of the Treasury Office of Management and Budget 1500 Pennsylvania Avenue, N.W. 1650 Pennsylvania Avenue, N.W. Washington, D.C. 20220

More information

Federal Spending During the G.W. Bush and Obama Administrations

Federal Spending During the G.W. Bush and Obama Administrations Federal Spending During the G.W. Bush and Obama Administrations Many Republicans have been shouting that Federal spending is out of control under President Obama, and that he has wasted enormous sums on

More information

President Obama s Deficit-Reduction Package and Other Proposals in the 2014 Budget

President Obama s Deficit-Reduction Package and Other Proposals in the 2014 Budget 820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org April 11, 2013 President Obama s Deficit-Reduction Package and Other Proposals in the

More information

FY 2004 Appropriations. HEA Reauthorization

FY 2004 Appropriations. HEA Reauthorization FY 2004 Appropriations Submitted by George Torres Legislative Issues Chair December 8, 2003 As the scheduled adjournment date for the First Session of the 108 th Congress approaches, the congressional

More information

Statement of Rudolph G. Penner Director Congressional Budget Office. before the Committee on Energy and Commerce U. S. House of Representatives

Statement of Rudolph G. Penner Director Congressional Budget Office. before the Committee on Energy and Commerce U. S. House of Representatives Statement of Rudolph G. Penner Director Congressional Budget Office before the Committee on Energy and Commerce U. S. House of Representatives January 29, 1986 NOTICE: This statement is not available for

More information

Call To Action: Protect Municipal Bonds

Call To Action: Protect Municipal Bonds Call To Action: Protect Municipal Bonds CALL TO ACTION: PROTECT MUNICIPAL BONDS WWW.NACO.ORG MAY 2015 NACO.ORG APRIL 2014 Municipal Bonds: Stay Engaged, Educational Outreach Still Needed Don t just tell

More information

HOUSE BUDGET COMMITTEE DEMOCRATIC CAUCUS

HOUSE BUDGET COMMITTEE DEMOCRATIC CAUCUS HOUSE BUDGET COMMITTEE DEMOCRATIC CAUCUS Congressman John M. Spratt, Jr., Ranking Democratic Member 222 O'Neill House Office Building, Washington, DC 20515 202-226-7200 www.house.gov/budget_democrats/

More information

The Statutory Pay-As-You-Go Act of 2010: Summary and Legislative History

The Statutory Pay-As-You-Go Act of 2010: Summary and Legislative History The Statutory Pay-As-You-Go Act of 2010: Summary and Legislative History Robert Keith Specialist in American National Government April 2, 2010 Congressional Research Service CRS Report for Congress Prepared

More information

Macroeconomics Instructor Miller Fiscal Policy Practice Problems

Macroeconomics Instructor Miller Fiscal Policy Practice Problems Macroeconomics Instructor Miller Fiscal Policy Practice Problems 1. Fiscal policy refers to changes in A) state and local taxes and purchases that are intended to achieve macroeconomic policy objectives.

More information

The Impact of Proposed Federal Tax Reform on Farm Businesses

The Impact of Proposed Federal Tax Reform on Farm Businesses The Impact of Proposed Federal Tax Reform on Farm Businesses James M. Williamson and Ron Durst United States Department of Agriculture Economic Research Service Washington, DC Poster prepared for presentation

More information

THE PRESIDENT S BUDGET AND THE MEDICARE TRIGGER by James Horney and Richard Kogan

THE PRESIDENT S BUDGET AND THE MEDICARE TRIGGER by James Horney and Richard Kogan 820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org Revised February 15, 2008 THE PRESIDENT S BUDGET AND THE MEDICARE TRIGGER by James Horney

More information

Tax Reform: Congressional Reality or a Congressional Myth? Eric Grey, Director, Government Relations

Tax Reform: Congressional Reality or a Congressional Myth? Eric Grey, Director, Government Relations Tax Reform: Congressional Reality or a Congressional Myth? Eric Grey, Director, Government Relations Current Budget Outlook The Congressional Budget Office (CBO) last Tuesday released its latest long-term

More information

The views and opinions expressed in this presentation are those of the author and presenter and do not necessarily reflect the views and opinions of

The views and opinions expressed in this presentation are those of the author and presenter and do not necessarily reflect the views and opinions of The views and opinions expressed in this presentation are those of the author and presenter and do not necessarily reflect the views and opinions of the sponsoring companies or their affiliates. Disclosure

More information

Tax Night: Planning for Higher Income, Estate, and Medicare Taxes

Tax Night: Planning for Higher Income, Estate, and Medicare Taxes Tax Night: Planning for Higher Income, Estate, and Medicare Taxes after the 2012 Elections, Attorney Tax Section of the Los Angeles County Bar Association 1, Business and Tax Attorney Law Office of 818-936-3490

More information

On August 2, President Obama

On August 2, President Obama Budget Control Act of 2011 August 2, 2011 HIGHLIGHTS Tax Reform Linked To Deficit Reduction Fate Of Bush-Era Tax Cuts Unclear AMT Proposed To Be Abolished Corporate Tax Preferences Under Fire Lower Corporate

More information

FACT SHEET: The Senate Republican Budget Would Harm Students, Workers, Our Nation s Health, and the Economy in Montana

FACT SHEET: The Senate Republican Budget Would Harm Students, Workers, Our Nation s Health, and the Economy in Montana FACT SHEET: The Senate Republican Budget Would Harm Students, Workers, Our Nation s Health, and the Economy in Montana Some Republicans in Congress want to reduce investments in our communities at any

More information

HEALTH POLICY AND PROMOTING AWARENESS: THE ELDER JUSTICE ACT

HEALTH POLICY AND PROMOTING AWARENESS: THE ELDER JUSTICE ACT HEALTH POLICY AND PROMOTING AWARENESS: THE ELDER JUSTICE ACT Robert Blancato Elder Justice Coalition, National Coordinator Institute of Medicine April 18, 2013 HISTORY Elder abuse prevention has been on

More information

United States Government Required Supplementary Information (Unaudited) For the Years Ended September 30, 2014, and 2013

United States Government Required Supplementary Information (Unaudited) For the Years Ended September 30, 2014, and 2013 REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) 151 United States Government Required Supplementary Information (Unaudited) For the Years Ended September 30, 2014, and 2013 Fiscal Projections for the U.S.

More information

The Super Committee: What it Means for Government Contractors and Healthcare Providers

The Super Committee: What it Means for Government Contractors and Healthcare Providers The Super Committee: What it Means for Government Contractors and Healthcare Providers Mark Busching Mike Gill Chris Haile Florence Prioleau September 14, 2011 Crowell & Moring LLP 2011. All Rights Reserved.

More information

Primer Highway Trust Fund. Federal Highway Administration Office of Policy Development

Primer Highway Trust Fund. Federal Highway Administration Office of Policy Development Primer Highway Trust Fund Federal Highway Administration Office of Policy Development November 1998 Highway Trust Fund Primer Summary This Highway Trust Fund Primer is designed to provide basic information

More information

HOW THE TAX RELIEF ACT AFFECTS

HOW THE TAX RELIEF ACT AFFECTS HOW THE TAX RELIEF ACT AFFECTS CLOSELY-HELD BUSINESSES, Attorney Tax Section of the Pasadena Bar Association February 18, 2011 1, Business and Tax Attorney Law Office of 818-936-3490 www.staleylaw.com

More information

Reforming Our Tax System, Reducing Our Deficit

Reforming Our Tax System, Reducing Our Deficit ASSOCIATED PRESS/J. Scott Applewhite Reforming Our Tax System, Reducing Our Deficit Roger Altman, William Daley, John Podesta, Robert Rubin, Leslie Samuels, Lawrence Summers, Neera Tanden, and Antonio

More information

AMERICAN HEALTH LAWYERS ASSOCIATION LONG TERM CARE AND THE LAW

AMERICAN HEALTH LAWYERS ASSOCIATION LONG TERM CARE AND THE LAW AMERICAN HEALTH LAWYERS ASSOCIATION LONG TERM CARE AND THE LAW February 27-29, 2012 C. Legislative and Regulatory Update for All Providers of Long Term Care, Services and Supports Marsha R. Greenfield,

More information

March 19, 2014 The President s Budget in Pictures By Jasmine Tucker Chart assistance by Daniel Gautreau

March 19, 2014 The President s Budget in Pictures By Jasmine Tucker Chart assistance by Daniel Gautreau nationalpriorities.org research@nationalpriorities.org (413) 584 9556 March 19, 2014 The President s Budget in Pictures By Jasmine Tucker Chart assistance by Daniel Gautreau President Obama recently released

More information

Changes Made to Partnership Audits and Adjustments

Changes Made to Partnership Audits and Adjustments Tax Controversy Services IRS Insights A closer look. In this issue: Changes Made to Partnership Audits and Adjustments... 1 Second Circuit Reverses District Court and Holds that Attorney-Client Privilege

More information

S. 1376 National Defense Authorization Act for Fiscal Year 2016

S. 1376 National Defense Authorization Act for Fiscal Year 2016 CONGRESSIONAL BUDGET OFFICE COST ESTIMATE June 3, 2015 S. 1376 National Defense Authorization Act for Fiscal Year 2016 As reported by the Senate Committee on Armed Services on May 19, 2015 SUMMARY S. 1376

More information

FISCAL POLICY* Chapter. Key Concepts

FISCAL POLICY* Chapter. Key Concepts Chapter 15 FISCAL POLICY* Key Concepts The Federal Budget The federal budget is an annual statement of the government s expenditures and tax revenues. Using the federal budget to achieve macroeconomic

More information

Federal Budget Simulation Lesson Plan

Federal Budget Simulation Lesson Plan Introduction Federal Budget Simulation Lesson Plan In this lesson plan, high school students debate our nation s priorities by establishing their own simulated federal budgets. After analyzing the FY 2014

More information

Summary of the Small Business Health Insurance Tax Credit Under ACA

Summary of the Small Business Health Insurance Tax Credit Under ACA Summary of the Small Business Health Insurance Tax Credit Under ACA Annie L. Mach Analyst in Health Care Financing Joy M. Grossman Section Research Manager November 4, 2014 Congressional Research Service

More information

Laying the Foundation for Inclusive Prosperity

Laying the Foundation for Inclusive Prosperity Laying the Foundation for Inclusive Prosperity Center for American Progress By Harry Stein and Alexandra Thornton INTRODUCTION The central challenge of our time is building an economy that works for everyone,

More information

Chapter 10 Federal Deficits, Surpluses, and the National Debt

Chapter 10 Federal Deficits, Surpluses, and the National Debt Chapter 10 Federal Deficits, Surpluses, and the National Debt Multiple Choice Questions 1. The pattern of the 1930's through the middle 1990's was A. Deficits interspersed with a few years of surplus b.

More information

With an August 2 deadline looming,

With an August 2 deadline looming, Budget Control Act of 2011 August 1, 2011 HIGHLIGHTS Tax Reform Linked To Deficit Reduction Fate Of Bush-Era Tax Cuts Unclear AMT Proposed To Be Abolished Corporate Tax Preferences Under Fire Lower Corporate

More information

Prevention and Public Health Fund and the National Prevention Strategy & Your Role

Prevention and Public Health Fund and the National Prevention Strategy & Your Role Prevention and Public Health Fund and the National Prevention Strategy & Your Role Rich Hamburg, Becky Salay, & Sue Polis Kentucky Voices for Health August 11, 2011 Who We Are Trust for America s Health

More information

FISCAL POLICY* Chapter. Key Concepts

FISCAL POLICY* Chapter. Key Concepts Chapter 11 FISCAL POLICY* Key Concepts The Federal Budget The federal budget is an annual statement of the government s expenditures and tax revenues. Using the federal budget to achieve macroeconomic

More information

Use of the Annual Appropriations Process to Block Implementation of the Affordable Care Act (FY2011-FY2016)

Use of the Annual Appropriations Process to Block Implementation of the Affordable Care Act (FY2011-FY2016) Use of the Annual Appropriations Process to Block Implementation of the Affordable Care Act (FY2011-FY2016) C. Stephen Redhead Specialist in Health Policy Ada S. Cornell Information Research Specialist

More information

A Summary of the Health-Related Provisions of the American Taxpayer Relief Act of 2012 (H.R. 8)

A Summary of the Health-Related Provisions of the American Taxpayer Relief Act of 2012 (H.R. 8) A Summary of the Health-Related Provisions of the American Taxpayer Relief Act of 2012 (H.R. 8) By Michal McDowell Introduction Both the Senate and the House passed H.R.8 (89-8 and 257-167, respectively),

More information

FEDERAL-POSTAL COALITION

FEDERAL-POSTAL COALITION FEDERAL-POSTAL COALITION September 15, 2011 The Honorable Barack Obama President of the United States The White House 1600 Pennsylvania Avenue, NW Washington, DC 20500 Dear Mr. President: On behalf of

More information

Bipartisan Budget Act of 2015. Section- by- Section Summary. Sec. 1. Short title; Table of Contents. Title I Budget Enforcement

Bipartisan Budget Act of 2015. Section- by- Section Summary. Sec. 1. Short title; Table of Contents. Title I Budget Enforcement Sec. 1. Short title; Table of Contents. Bipartisan Budget Act of 2015 Section- by- Section Summary Subsection 1(a) provides that the short title of this Division is the Bipartisan Budget Act of 2015. Subsection

More information

A Summary of President Barack Obama s Fiscal Year 2013 Federal Budget Proposal

A Summary of President Barack Obama s Fiscal Year 2013 Federal Budget Proposal A Summary of President Barack Obama s Fiscal Year 2013 Federal Budget Proposal Prepared by The New England Council 98 North Washington Street, Suite 201 331 Constitution Avenue, NE Boston, MA 02114 Washington,

More information

COALITION for HEALTH FUNDING. www.publichealthfunding.org. 2014 Year in Review

COALITION for HEALTH FUNDING. www.publichealthfunding.org. 2014 Year in Review 45 COALITION for HEALTH FUNDING www.publichealthfunding.org 2014 Year in Review At a Glance For 45 years, the Coalition for Health Funding has been the leading voice in strengthening public health and

More information

The Dynamics and Dysfunction of the Congressional Budget Process: From Inception to Deadlock i. James A. Thurber American University

The Dynamics and Dysfunction of the Congressional Budget Process: From Inception to Deadlock i. James A. Thurber American University The Dynamics and Dysfunction of the Congressional Budget Process: From Inception to Deadlock i By James A. Thurber American University The last forty years have been turbulent times for the congressional

More information

Four Big Threats to State Finances Could Undermine Future U.S. Prosperity By Nicholas Johnson and Michael Leachman

Four Big Threats to State Finances Could Undermine Future U.S. Prosperity By Nicholas Johnson and Michael Leachman 820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org February 14, 2013 Four Big Threats to State Finances Could Undermine Future U.S. Prosperity

More information

Multiple Choice Identify the letter of the choice that best completes the statement or answers the question.

Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. Chapter 15 review Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 1. Every hour, the federal government spends about a. $250 thousand. c. $250

More information

Summary: February 16, 2016

Summary: February 16, 2016 In this week s Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, begins with the general news section, where he provides a detailed description of the president s proposed budget for fiscal year

More information

WikiLeaks Document Release

WikiLeaks Document Release WikiLeaks Document Release February 2, 2009 Congressional Research Service Report RS22308 Student Loans and FY2006 Budget Reconciliation Adam Stoll, Domestic Social Policy Division February 14, 2006 Abstract.

More information

Congressional Update. September 16, 2003

Congressional Update. September 16, 2003 Congressional Update September 16, 2003 As the First Session of the 108 th Congress begins to draw to a close, the two primary topics of interest to all of us are the status of the FY2004 appropriations

More information

1. A is a tax system which has higher tax rates on people with lower incomes.

1. A is a tax system which has higher tax rates on people with lower incomes. Homework 15 1. A is a tax system which has higher tax rates on people with lower incomes. A. regressive tax B. progressive tax C. flat tax D. a value added tax 2. The is calculated by taking the total

More information

Military Spending and Jobs in Massachusetts

Military Spending and Jobs in Massachusetts Military Spending and Jobs in Massachusetts Heidi Garrett-Peltier and Prasannan Parthasarathi Political Economy Research Institute University of Massachusetts, Amherst May 2012 RESEARCH BRIEF May 2012

More information

Bipartisan Policy Center Domenici-Rivlin Debt Reduction Task Force Plan 2.0 Senator Pete Domenici and Dr. Alice Rivlin

Bipartisan Policy Center Domenici-Rivlin Debt Reduction Task Force Plan 2.0 Senator Pete Domenici and Dr. Alice Rivlin INTRODUCTION Bipartisan Policy Center Domenici-Rivlin Debt Reduction Task Force Plan 2.0 Senator Pete Domenici and Dr. Alice Rivlin In 2010, the Bipartisan Policy Center (BPC) convened a Debt Reduction

More information

Reducing the Budget Deficit: Tax Policy Options

Reducing the Budget Deficit: Tax Policy Options Reducing the Budget Deficit: Tax Policy Options Molly F. Sherlock Analyst in Economics August 8, 2011 Congressional Research Service CRS Report for Congress Prepared for Members and Committees of Congress

More information

THE FISCAL CONSEQUENCES OF THE AFFORDABLE CARE ACT

THE FISCAL CONSEQUENCES OF THE AFFORDABLE CARE ACT THE FISCAL CONSEQUENCES OF THE AFFORDABLE CARE ACT One of the motivating principles underlying passage of the Affordable Care Act (ACA) was that comprehensive health care reform would substantially improve

More information

Congratulations! You reduced the debt to below 60% of GDP in 2018, and kept it at a sustainable level through 2030.

Congratulations! You reduced the debt to below 60% of GDP in 2018, and kept it at a sustainable level through 2030. Congratulations! You reduced the debt to below 60% of GDP in 2018, and kept it at a sustainable level through 2030. Dollars in Billions that you need to cut to get under 60% of the GDP by 2018. $0 See

More information

Healthcare Reform (ACA) Update Greater Magnolia Chamber of Commerce

Healthcare Reform (ACA) Update Greater Magnolia Chamber of Commerce Healthcare Reform (ACA) Update Greater Magnolia Chamber of Commerce FREDDY WARNER System Executive, Public Policy & Government Relations Memorial Hermann Health System March 27, 2014 PRESENTATION OUTLINE

More information

3% WITHHOLDING ON GOVERNMENT CONTRACTS POLITICS ON STEROIDS

3% WITHHOLDING ON GOVERNMENT CONTRACTS POLITICS ON STEROIDS 3% WITHHOLDING ON GOVERNMENT CONTRACTS POLITICS ON STEROIDS Richard E. Gavin, CPA, CCIFP with contributions from Steve Mannhaupt, CPA and Alice Varisano, CPA When baseball players were unknowingly on steroids

More information

Debt and Deficits. David Rosen

Debt and Deficits. David Rosen Debt and Deficits David Rosen Grade Levels: 9,10,11,12 Document Type: Supplementary Materials Description: Examines the national debt and deficits, looks at their size and impact, and discusses various

More information

Composition of Federal Spending

Composition of Federal Spending The Honorable David M. Walker Comptroller General of the United States U.S. Government Accountability Office February 10, 2005 2 Composition of Federal Spending 1964 1984 2004* Defense Net interest *Current

More information

-- What we know -- What I think we know -- What I think -- Questions

-- What we know -- What I think we know -- What I think -- Questions What Lays Ahead? NDIA Munitions Executive Summitt February 20, 2008 -- What we know -- What I think we know -- What I think -- Questions 3/13/2008 1 What we know 3/13/2008 2 100.00% $ 160 B (27%) % Discretionary

More information

Advancing Health Care Reform: The ACA and Medicare

Advancing Health Care Reform: The ACA and Medicare Advancing Health Care Reform: The ACA and Medicare Aging Advocacy Summit Presented by Joyce Dubow Augusta, ME November 14, 2012 Presentation overview How consumers can engage in the 3 aims and help to

More information

Highlights of the Governor s Amended FY 2010 & FY 2011 Healthcare Budget Proposals

Highlights of the Governor s Amended FY 2010 & FY 2011 Healthcare Budget Proposals Highlights of the Governor s Amended FY 2010 & FY 2011 Healthcare Budget Proposals Department of Community Health & Department of Behavioral Health and Developmental Disabilities Summary By Timothy Sweeney,

More information

Social Security Frequently Asked Questions

Social Security Frequently Asked Questions Social Security Frequently Asked Questions I m too young to care about Social Security, aren t I? We must protect Social Security for our parents and grandparents Many young people have grandparents or

More information

Macroeconomics Machine-graded Assessment Items Module: Fiscal Policy

Macroeconomics Machine-graded Assessment Items Module: Fiscal Policy Macroeconomics Machine-graded Assessment Items Module: Fiscal Policy Machine-graded assessment question pools are provided for your reference and are organized by learning outcome. It is your responsibility

More information

Selected Human Needs Programs: Shrinking Funding Since 2010

Selected Human Needs Programs: Shrinking Funding Since 2010 Selected Human Needs Programs: Shrinking Funding Since 2010 September, 2014 Even before the across-the-board sequestration took effect in FY 2013, human needs programs funded by annual appropriations were

More information