In 1995, the Unfunded Mandates Reform Act (UMRA) was enacted to ensure that the Congress receives information, during the legislative process, about federal mandates—requirements that would be imposed on state, local, and tribal governments and on entities in the private sector. In particular, UMRA defines a legislative provision as a mandate if that provision, when enacted, would:
March 2012
Today CBO released the latest in a series of statutory reports on transactions undertaken as part of the Troubled Asset Relief Program (TARP)—the program established in October 2008, during the financial crisis, to enable the Department of the Treasury to promote stability in financial markets through the purchase and guarantee of "troubled assets." CBO also updated its infographic on the TARP, which summarizes the most pertinent details about the program since its inception: the types of assistance, cash disbursements,
I was pleased to have an opportunity to speak this morning to the National Association for Business Economics about the choices our country faces about federal spending and taxes. My slides can be viewed below. The essence of my comments was the following:
The explosive path of federal debt that CBO projects under what many observers would view as current policies underscores the need for policy changes to put the nation on a sustainable course. In response to a request from House Budget Committee Chairman Paul Ryan, CBO examined a few alternative approaches for preventing deficits from growing in an unsustainable way.
Yesterday morning, CBO's Associate Director for Economic Analysis, Jeffrey Kling, spoke to the National Lieutenant Governors Association. His presentation—which can be viewed below—focused on the federal budget outlook (which you can read more about in my post on CBO's updated budget projections from last week) and federal programs that provide aid to states and localities. The following is some of the information he presented about the outlook for such programs.
At the request of the Chairman of the House Budget Committee, Congressman Paul Ryan, CBO has calculated the long-term budgetary impact of paths for federal revenues and spending specified by the Chairman and his staff.
CBO released two reports this week related to the analysis of the Affordable Care Act (ACA) conducted by CBO and the staff of the Joint Committee on Taxation (JCT). One report presented updated estimates for the insurance coverage provisions of the ACA, and the other responded to questions we’ve received regarding the effects of the ACA on employment-based health insurance.
Each year, after the President releases his annual budget request in February, CBO analyzes the budget proposals and, using its own estimating procedures and economic assumptions, projects what the federal budget would look like over the next 10 years if those proposals were adopted. CBO usually provides those results in two parts.
CBO and the staff of the Joint Committee on Taxation (JCT) continue to expect that the Affordable Care Act (ACA)—the health care legislation enacted in March 2010—will lead to a small reduction in the number of people receiving employment-based health insurance. Some observers have expressed surprise that CBO and JCT have not expected a much larger reduction given the expanded eligibility for Medicaid and the subsidies for insurance coverage purchased through health insurance “exchanges” that will result from the ACA.
In preparing the March 2012 baseline budget projections, CBO and the staff of the Joint Committee on Taxation (JCT) have updated estimates of the budgetary effects of the health insurance coverage provisions of the Affordable Care Act (ACA)—the health care legislation enacted in March 2010. Those provisions: