Eakinomics: A Budget Preview
This Friday, May 28, the Biden Administration will release its budget, the first comprehensive look at the budgetary and economic implications of the American Rescue Plan (ARP), American Jobs Plan (AJP), and American Families Plan (AFP). Releasing it on a Friday before a holiday weekend, however, leaves the impression that the administration is trying to […]
Under one roof — Reforming America’s federal housing programs
The economic damage wrought by the pandemic has revealed many things, and one glaring issue is the importance of an effective federal housing assistance system. Unfortunately, as millions of Americans are learning firsthand, we don’t have that. The Senate Budget Committee, which I chair, just released what we hope is a meaningful report showing how the federal […]
Raise Entry Fees for Funds to Reduce the Maintenance Backlog at Our National Parks
The Great American Outdoors Act is well-intentioned, with its goal of addressing the nearly $20 billion deferred maintenance backlog of our nation’s public lands. But the bill, which the Senate will vote on soon, would also add to the federal debt and empower the executive branch to acquire more federal land with limited accountability. Recognizing some of the bill’s […]
‘Zombie’ Federal Programs That Congress Hasn’t Authorized in Years Cost Taxpayers $332 Billion
WASHINGTON—Hundreds of billions of federal tax dollars will be spent this year on programs with expired legislative authorizations — including thousands from a law passed in 1985 — according to the Congressional Budget Office (CBO), but Congress appears to be in no hurry to fix the problem. The CBO report — which was made public recently by […]
Bipartisan Coalition Unites Behind First Federal Financial Management Reform Since 1990
WASHINGTON—Almost as extinct in the nation’s capital as the dinosaurs in the National Museum of Natural History are bipartisan coalitions of legislators and advocacy groups pushing for much-needed landmark reforms in how federal officials spend tax dollars. But such a coalition has formed behind the Chief Financial Officers (CFO) Vision Act of 2020, co-sponsored by Senate Budget Committee […]
Graduate school debt is driving up the cost of helping borrowers manage their student loans
Americans are amassing hefty debt in graduate programs and turning to repayment plans that offer loan forgiveness. But the trend is costing taxpayers and could make the popular programs politically untenable. A Congressional Budget Office report released Wednesday projects that loans made to graduate students over the next decade will account for 81 percent of […]
Growing Federal Subsidies for Graduate Loan Debt
Almost half of federal student loans are being repaid through more generous income-driven repayment plans, new data show, with 80 percent of government subsidies now going to graduate student borrowers.
Student Debt Forgiveness in U.S. to Total $207 Billion in Next Decade, CBO Says
WASHINGTON—The U.S. government will forgive $207.4 billion in student debt for Americans who take out loans over the next decade, the Congressional Budget Office said Wednesday. The biggest benefits will go to borrowers who attend graduate or professional school. The CBO projects the government will originate $1.05 trillion in new loans from 2020 to 2029. Much of […]
The Trouble Ahead for Federal Trust Funds
The aggregate balance of the hundreds of federal trust funds and other dedicated funds will start declining in two years, according to a new report from the Government Accountability Office. Republican Senators Mike Enzi (WY) and Mike Braun (IN) asked the GAO to review the status of the funds that support Social Security, Medicare, flood […]
GAO Says Federal Trust Fund Bankruptcy Crisis Extends Far Beyond Social Security and Medicare
WASHINGTON—A new report contains blunt warning signs of an approaching fiscal crisis in federal trust funds backing Social Security, Medicare, flood insurance, and many other programs, according to Senate Budget Committee Chairman Mike Enzi (R-Wyo.). “The GAO’s new report is another warning sign that Social Security, Medicare, and other trust fund programs on which many Americans rely are […]