CRFB.org @BudgetHawks
The Committee for a Responsible Federal Budget is a nonpartisan group of budget experts concerned about this nation's fiscal future. https://t.co/e8R4vf8v9S crfb.org Washington, DC Joined January 2010-
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Former Chairman of the Joint Chiefs Admiral Mike Mullen has said the national debt is our greatest national security threat. crfb.org/papers/risks-a…
Former Chairman of the Joint Chiefs Admiral Mike Mullen has said the national debt is our greatest national security threat. crfb.org/papers/risks-a…
The US has added 6 million jobs since before the pandemic. Graph via @katekgen at @BudgetHawks
🚨Holy Moly🚨 We're on course to spend $𝟎.𝟗 𝐭𝐨 $𝟏.𝟒 𝐭𝐫𝐢𝐥𝐥𝐢𝐨𝐧 on debt cancellation. That's more than we spent ALL higher education spending before 2020, and as much as we are on course to appropriate for TOTAL education over the next decade. crfb.org/blogs/total-co…
🚨 NEW 🚨 We estimate all recent student debt cancellation policies will cost a combined $870 billion to $1.4 trillion. That’s more than all federal spending on higher education over the nation’s entire history. And it's more than all projected education appropriations over the…
At current pace, PCE inflation will be 4% in 2024. That’s lower than I expected given yesterday’s data, so should slightly increase the odds of a rate cut this year (as compared to yesterday). Graph via @katekgen at @BudgetHawks
PCE inflation is up 2.7% over the past year, including 0.3% last month. Graph via @JoeyGarrand at @BudgetHawks
Really smart healthcare policy and it is preferable to offset all spending when possible given our debt situation. Good effort by @RepArrington to get people used to the idea that we should pay for important things rather than borrow. youtube.com/watch?v=YhJYl1…
🚨 NEW: On Tuesday, the ten-year Treasury note was 4.7% - up from 4.1% just six weeks ago. The three-month bill is now yielding nearly 5.5%, up from less than 0.1% at the start of 2022. As a result, federal interest costs are surging and it could lead to a dangerous debt spiral.…
"The growing debt is an issue of generational fairness," write former MN Reps. @Tim_Penny and David Minge in @StribOpinion. "With determination, we still believe it is possible to get our debt under control and make smart investments for a better future." ➡️ Read more at…
"The growing debt is an issue of generational fairness," write former MN Reps. @Tim_Penny and David Minge in @StribOpinion. "With determination, we still believe it is possible to get our debt under control and make smart investments for a better future." ➡️ Read more at… https://t.co/okJzoduey2
📰 NEW in @StarTribune: CRFB Co-Chair @Tim_Penny and Emeritus Member David Minge, both former MN Reps., discuss a worrying #TaxDay reality – more and more of our #incometax payments go toward interest on the #nationaldebt. They argue our fiscal health hasn't always been this bad…
🚨 NEW 🚨 - The Administration’s new student debt cancellation plan could cost $𝟐𝟓𝟎 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐭𝐨 $𝟕𝟓𝟎 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 over a decade. Via @BudgetHawks crfb.org/blogs/student-…
🚨 NEW 🚨 The Biden Administration's new student debt plan could cost $250 billion to $750 billion, depending on how the hardship and likely to default components are designed. Elements of the proposed rule released today would cost ~$150 billion. But, the rule still leaves open…
🚨 Tax Fact 🚨 - Revenue in 2023 closely matched post-TCJA projections, once you adjust for inflation. Corporate revenue matched it EXACTLY. Suggestive that CBO’s score was pretty damn good and tax cuts didn’t pay for themselves. crfb.org/blogs/2017-tax…
💰 So far this fiscal year, 39 cents of every dollar paid in individual income taxes has gone toward interest on the debt. #TaxDay2024 #DebtFacts
🚨New Analysis 🚨 -- If we fix the #SocialSecurity and other trust funds, it would be enough to 𝐒𝐭𝐚𝐛𝐢𝐥𝐢𝐳𝐞 𝐭𝐡𝐞 𝐃𝐞𝐛𝐭 (at too high a level) over the next 30 years and reduce it over the very long term. Save the Trust Funds, Save the Budget. crfb.org/blogs/trust-fu…
🚨 NEW: The United States borrowed $1.1 trillion in the first six months of fiscal year 2024, including $236 billion in March, according to the latest Monthly Treasury Statement from @USTreasury. The following is a statement from @MayaMacGuineas: crfb.org/press-releases….
Even if monthly inflation matches the Fed's target for the rest of the year, CPI inflation will total 3% in 2024. At our current pace, we'll have 4%-4.5% inflation.
🇺🇸 #USBW2024 Analysis of Donald Trump’s 60% Tariff on Chinese Imports ⤵️ Former President and current Republican presidential candidate Donald Trump recently proposed implementing a tariff of 60% or higher on imports from China. We estimate that once trade behavior is taken…
While a 60% tariff on Chinese goods would raise $2.4 trillion on a static basis, it will dramatically reduce Chinese imports and then could 𝐥𝐨𝐬𝐞 $𝟓𝟎 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 under convention scoring. Trump's 10% baseline tariff could lead the plan to raise up to $300 billion.
While a 60% tariff on Chinese goods would raise $2.4 trillion on a static basis, it will dramatically reduce Chinese imports and then could 𝐥𝐨𝐬𝐞 $𝟓𝟎 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 under convention scoring. Trump's 10% baseline tariff could lead the plan to raise up to $300 billion. https://t.co/FM5AtEdUSu
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@MarioNawfal We need to do something about our national debt or the dollar will be worth nothing
With our national debt soaring above $34.5 trillion, we must rein in wasteful Washington spending – something I've worked at for a long time. It's an honor to be recognized by @BudgetHawks as a Fiscal Hero along with colleagues who are working to put our fiscal house in order.
I am honored to be named a 2024 Fiscal Hero by @BudgetHawks! I firmly believe our national debt is one of the greatest threats to our national security, which is why I am leading the charge in Congress to address our debt NOW.
I’m appreciative of this award and of @BudgetHawks’ work to promote a responsible federal budget. Congress needs to get serious and create a bipartisan, bicameral fiscal commission that can begin to tackle the burgeoning national debt before it’s too late.romney.senate.gov/romney-named-f…
Honored to be recognized as a 2024 Fiscal Hero by @BudgetHawks & receive this award. We cannot be a strong nation unless we pay our bills, and we can’t pay our bills if we are wasteful with money. #2024FiscalHeroes
The US has added 6 million jobs since before the pandemic. Graph via @katekgen at @BudgetHawks
I’m honored to accept the Fiscal Hero Award from @BudgetHawks’ Fix the Debt project. I take seriously my duty as a policymaker to support fiscally responsible legislation and to work to reduce our national debt. As a country, we must stop treating money like it grows on trees.
Thank you to the Committee for a Responsible Federal Budget for awarding me a Fiscal Hero! As a member of the Bipartisan Fiscal Forum, I've prioritized being a good steward of taxpayer dollars & ensure the initiatives I lead are looked at through a lens of fiscal responsibility
Thank you to the Committee for a Responsible Federal Budget for your insight and advocacy. I was honored to receive the 2024 Fiscal Hero Award for helping change how Washington works.
It was an honor to receive the Fiscal Hero Award from the Committee for a Responsible Federal Budget @BudgetHawks. I’ve made a lot of progress forcing tough fiscal issues to the House floor this Congress neglected for decades, incl. healthcare transparency reforms, but need…
🚨Holy Moly🚨 We're on course to spend $𝟎.𝟗 𝐭𝐨 $𝟏.𝟒 𝐭𝐫𝐢𝐥𝐥𝐢𝐨𝐧 on debt cancellation. That's more than we spent ALL higher education spending before 2020, and as much as we are on course to appropriate for TOTAL education over the next decade. crfb.org/blogs/total-co…
At current pace, PCE inflation will be 4% in 2024. That’s lower than I expected given yesterday’s data, so should slightly increase the odds of a rate cut this year (as compared to yesterday). Graph via @katekgen at @BudgetHawks
PCE inflation is up 2.7% over the past year, including 0.3% last month. Graph via @JoeyGarrand at @BudgetHawks
Really smart healthcare policy and it is preferable to offset all spending when possible given our debt situation. Good effort by @RepArrington to get people used to the idea that we should pay for important things rather than borrow. youtube.com/watch?v=YhJYl1…
Commentary: Taxes increasingly paying for the past — not the future buff.ly/3W0SKYc
🚨 NEW 🚨 - The Administration’s new student debt cancellation plan could cost $𝟐𝟓𝟎 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐭𝐨 $𝟕𝟓𝟎 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 over a decade. Via @BudgetHawks crfb.org/blogs/student-…
🚨 Tax Fact 🚨 - Revenue in 2023 closely matched post-TCJA projections, once you adjust for inflation. Corporate revenue matched it EXACTLY. Suggestive that CBO’s score was pretty damn good and tax cuts didn’t pay for themselves. crfb.org/blogs/2017-tax…
🚨New Analysis 🚨 -- If we fix the #SocialSecurity and other trust funds, it would be enough to 𝐒𝐭𝐚𝐛𝐢𝐥𝐢𝐳𝐞 𝐭𝐡𝐞 𝐃𝐞𝐛𝐭 (at too high a level) over the next 30 years and reduce it over the very long term. Save the Trust Funds, Save the Budget. crfb.org/blogs/trust-fu…
Even if monthly inflation matches the Fed's target for the rest of the year, CPI inflation will total 3% in 2024. At our current pace, we'll have 4%-4.5% inflation.