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    Committee For a Responsible Federal Budget
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    The CRFB reacted to the completion of President Obama's FY2010 budget with concern over rising deficit projections. The budget deficit is projected to peak at $1.84 trillion in 2009 before declining but then rising again to $779 billion in 2019, $139 billion higher over 10 years than previously estimated. The CRFB policy director said the budget does not do enough to control spending or raise revenues, and that using even the previous economic assumptions, the administration does not put the country on a stable fiscal path. He concluded that while the President understands fiscal discipline is important, action is now needed.

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    The CRFB reacted to the completion of President Obama's FY2010 budget with concern over rising deficit projections. The budget deficit is projected to peak at $1.84 trillion in 2009 before declining but then rising again to $779 billion in 2019, $139 billion higher over 10 years than previously estimated. The CRFB policy director said the budget does not do enough to control spending or raise revenues, and that using even the previous economic assumptions, the administration does not put the country on a stable fiscal path. He concluded that while the President understands fiscal discipline is important, action is now needed.

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    15 views2 pages

    5 11 - President Complete Budget

    Uploaded by

    Committee For a Responsible Federal Budget
    The CRFB reacted to the completion of President Obama's FY2010 budget with concern over rising deficit projections. The budget deficit is projected to peak at $1.84 trillion in 2009 before declining but then rising again to $779 billion in 2019, $139 billion higher over 10 years than previously estimated. The CRFB policy director said the budget does not do enough to control spending or raise revenues, and that using even the previous economic assumptions, the administration does not put the country on a stable fiscal path. He concluded that while the President understands fiscal discipline is important, action is now needed.

    Copyright:

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    Download as PDF, TXT or read online from Scribd
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    of 2

    CHAIRMAN

    BILL FRENZEL
    CRFB Reacts to President’s Completed FY2010 Budget
    PRESIDENT May 11, 2009
    MAYA MACGUINEAS

    DIRECTORS
    BARRY ANDERSON Today, the Administration released the final parts of the President’s
    ROY ASH FY2010 Budget. In comparison with the initial estimates released in
    CHARLES BOWSHER
    STEVE COLL February, fiscal deficit estimates are higher over the ten year forecast
    DAN CRIPPEN period, and raise questions about whether we’ll be facing an upward
    VIC FAZIO
    deficit trend ten years from now. The Committee for a Responsible Federal
    WILLIS GRADISON
    WILLIAM GRAY, III Budget (CRFB) believes these high deficit projections in the later years are
    WILLIAM HOAGLAND cause for concern, and should serve as a warning to policymakers that
    DOUGLAS HOLTZ-EAKIN
    major tax and spending adjustments will be needed to restore the country
    JIM JONES
    LOU KERR to a sustainable fiscal path.
    JIM KOLBE
    JAMES LYNN
    JAMES MCINTYRE, JR.
    "This budget doesn't do enough to control spending, nor does it raise the
    DAVID MINGE money to pay for spending growth,” said CRFB policy director Marc
    JIM NUSSLE Goldwein. “It's true that the Administration has proposed some good
    MARNE OBERNAUER, JR.
    JUNE O’NEILL
    offsets on both sides of the budget, and has used this budget to show its
    RUDOLPH PENNER support for some form of statutory PAYGO – but that's not going to be
    TIM PENNY enough.”
    PETER PETERSON
    ROBERT REISCHAUER
    ALICE RIVLIN Under OMB's assumptions, the budget deficit peaks at $1.84 trillion (12.9%
    CHARLES W. STENHOLM of GDP) in 2009 before declining to $512 billion (2.9% of GDP) in 2013, but
    GENE STEUERLE
    DAVID STOCKMAN then starts to rise again in the later years, hitting $779 billion (3.4% of GDP)
    PAUL VOLCKER in 2019. In total, the budget deficit is $139 billion higher over ten years than
    CAROL COX WAIT
    the administration estimated in its February budget outline.
    DAVID M. WALKER
    JOSEPH WRIGHT, JR.
    “Even using their February economic assumptions– which now appear to
    SENIOR ADVISORS be out of date and overly optimistic – the Administration never puts us on
    HENRY BELLMON
    ELMER STAATS a stable path,” Goldwein concluded. “In his transmission letter, the
    ROBERT STRAUSS President made clear that he understands the critical importance of fiscal
    discipline. Now we need to see some action.”

    1899 L Street NW • Suite 400 • Washington, DC 20036 • Phone: 202-986-2700 • Fax: 202-986-3696 • www.crfb.org
    2

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