Federal Debt and Deficit

Articles & Analysis

IRS: Tax Gap Stands at Nearly Half a Trillion

Fiscal Policy: The Best and Worst of 2011

Welcome to OMB Watch's year-end fiscal policy review, where we give you a retrospective of the good, the bad, and the ugly of fiscal policy in 2011. Some acts, such as increased contracting transparency, made for enjoyable viewing, while others, like the congressional budgeting process, left us crying for a new script. Read on for our take on the year's highlights in revenue, budgeting, and spending.

Super Committee "Failure" Is Anything But

(Craig Jennings 11/28/11; 2 comments)

OMB Watch Lauds End of Undemocratic "Super Committee"

WASHINGTON, Nov. 21—The so-called Super Committee announced today that it did not come to an agreement on deficit reduction. This should not be viewed as a failure. OMB Watch decried this undemocratic, unrepresentative, nontransparent process from its inception.

Latest Super Committee Proposals Steer Clear of Fiscal Responsibility

(Craig Jennings 11/16/11; 0 comments)

Public Meetings of Super Committee Few and Far Between

(Craig Jennings 10/27/11; 6 comments)

Obama’s Deficit Reduction Plan Has Room for Improvement

The nation is less than two months away from what could be a seminal moment in its fiscal history. In late November, the new “Super Committee,” formed by the recent debt ceiling deal, will release its set of recommendations to cut the federal budget deficit by $1.2 trillion. In an effort to influence the hectic debate the committee’s recommendations are sure to start, President Obama released on Sept. 19 a $3.3 trillion deficit reduction plan as a package of recommendations for the committee to adopt.

What Happens When We Tax the "Job Creators"

(Craig Jennings 09/22/11; 1 comment)

How Prepared is the Budget for a Disaster?

(Craig Jennings 08/29/11; 2 comments)

Debt Ceiling Deal Erodes Public Protections, Government Services

The debt ceiling deal signed into law Aug. 2 will remake the federal budget process in the years to come. The procedures put in place by the new law are complex, and the final budgetary outcome will depend on a variety of factors. With $841 billion in immediate budget cuts, and with up to $2.5 trillion in total deficit reduction over the next 10 years, the law, known as the Budget Control Act (BCA), will have a profound effect on everything from public and environmental protections to education to federal information transparency.