Word: cbo
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Dates: during 2000-2009
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...yellow caution light has come from the Congressional Budget Office, the fiscal scorekeeper for everything proposed on Capitol Hill. In recent days, the CBO has issued preliminary estimates suggesting that both major bills in the Senate - including the one being worked on by the Health, Education, Labor and Pensions (HELP) Committee and the one by the Finance Committee - are not only going to add significantly to the deficit, but also that they'll do so without delivering what lawmakers have promised in terms of bringing down health-care costs and covering the uninsured...
...Delay may be awkward, but moving too hastily with a half-baked bill can be worse, as the HELP Committee is learning the hard way. The committee forged ahead with a markup - a formal drafting session - on June 17 despite a CBO estimate that its bill, as it stands, would increase the deficit by $1 trillion over the next 10 years and still leave the number of uninsured about two-thirds as high as it is now. Senator Chris Dodd, filling in for ailing committee chairman Ted Kennedy, hadn't even read his formal opening statement before he was interrupted...
Almost every analyst or forecasting group of any substance has offered opinions over the last few weeks, regarding the performance of the economy for the last half of this year. Paul Krugman, Alan Greenspan, Paul Volker, and several other members of the Fed, posted their forecasts. The CBO and FOMC issued long reports weighed down with unimaginable data and their projections...
...system will still manage to provide a slight surplus for federal coffers in fiscal 2009. But from 2010 through 2012, there are small projected deficits, and after heading back into the black from 2013 to 2015, the program will then become a growing drain on federal finances, projects the CBO...
...This is partly because officially, Social Security is still running a substantial surplus and will be throughout the next decade, according to the CBO. A key source of that surplus, though, is interest payments on federal debt held by the Social Security trust fund. It's money that Social Security has definitely earned, but it's coming out of the rest of the federal budget. Same goes for employer contributions to Social Security for federal employees, which also boost the program's bottom line but not the government...