Word: cbo
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...nonpartisan Congressional Budget Office predicts that unless Congress acts to narrow it, the budget gap will widen steadily, reaching $263 billion in 1989. By that time, the national debt would hit $2.5 trillion. The annual interest bill on that debt, says the CBO, could amount to $214 billion and absorb 16% of all Government spending, up from...
...Street was trading and taking profits with pent-up gusto: 754.5 million shares were sold last week, a record. Both the Administration and the Congressional Budget Office issued somewhat cheerier economic estimates for 1984 and beyond. But the federal budget shortfalls continue to mar the Reagan record: the nonpartisan CBO predicted that without further budget cuts or tax increases, the deficits will continue to grow, almost doubling the cumulative federal debt (now $1.3 trillion) over the next five years...
...said that the Reagan Administration was "of the rich, by the rich and for the rich." The Democrats received some ammunition this month from the nonpartisan Congressional Budget Office in a report that compared the size of tax cuts gained by different income groups. From 1983 through 1985, the CBO estimated, the 1.4 million households with incomes of $80,000 or more will receive income tax reductions totaling $35.4 billion, while the more than 40 million households that earn $20,000 or less will get cuts worth only $23.4 billion...
...figures have spawned protests from supporters of the Reagan tax cuts, including such leading supply-side theorists as Paul Craig Roberts, an economics professor at Georgetown University, and George Gilder, author of Wealth and Poverty and program director of the Manhattan Institute for Policy Research. They argue that the CBO figures are merely projections based on standard economic models and do not take into account the impact that tax cuts will have on the investment strategies of the wealthy. With tax rates reduced, the supply-siders say, the rich will move away from tax shelters and channel more of their...
...CBO report, however, is not likely to settle the fairness debate. At his press conference, Reagan argued that the report does not weigh the favorable impact of lower inflation on the poor, who have little discretionary income and thus feel more acutely the pinch of rising prices. The CBO confined its analysis to the direct effects of tax and budget cuts. Similarly, the CBO did not try to measure the impact of increases in Social Security taxes paid by wage earners, since the hikes were enacted, although not fully put into effect, before Reagan took office. Those increases reduced...