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    Release MSRJuly 2006

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    Committee For a Responsible Federal Budget
    The Committee for a Responsible Federal Budget expressed concern over the US fiscal situation despite improved budget projections from the Office of Management and Budget. While the deficit estimate for 2006 was lowered to $296 billion, the Committee warned this was still an unsustainably large deficit. The organization's president noted the country had swung from large surpluses to large deficits in a short time and needed to address long-term challenges like entitlement programs, rather than debate whether deficits of hundreds of billions were too high.

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    Release MSRJuly 2006

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    Committee For a Responsible Federal Budget
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    The Committee for a Responsible Federal Budget expressed concern over the US fiscal situation despite improved budget projections from the Office of Management and Budget. While the deficit estimate for 2006 was lowered to $296 billion, the Committee warned this was still an unsustainably large deficit. The organization's president noted the country had swung from large surpluses to large deficits in a short time and needed to address long-term challenges like entitlement programs, rather than debate whether deficits of hundreds of billions were too high.

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    The Committee for a Responsible Federal Budget expressed concern over the US fiscal situation despite improved budget projections from the Office of Management and Budget. While the deficit estimate for 2006 was lowered to $296 billion, the Committee warned this was still an unsustainably large deficit. The organization's president noted the country had swung from large surpluses to large deficits in a short time and needed to address long-term challenges like entitlement programs, rather than debate whether deficits of hundreds of billions were too high.

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    Release MSRJuly 2006

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    Committee For a Responsible Federal Budget
    The Committee for a Responsible Federal Budget expressed concern over the US fiscal situation despite improved budget projections from the Office of Management and Budget. While the deficit estimate for 2006 was lowered to $296 billion, the Committee warned this was still an unsustainably large deficit. The organization's president noted the country had swung from large surpluses to large deficits in a short time and needed to address long-term challenges like entitlement programs, rather than debate whether deficits of hundreds of billions were too high.

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    PRESS RELEASE

    COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET


    FOR IMMEDIATE RELEASE Contact: Jerry Irvine 301-801-3356
    CO-CHAIRMEN
    July 11, 2006 Irvine@newamerica.net
    Bill Frenzel
    Leon Panetta Committee for a Responsible Federal Budget on the
    Mid-Session Review Numbers
    PRESIDENT
    Maya MacGuineas No Cause for Celebration
    DIRECTORS WASHINGTON -- The Committee for a Responsible Federal Budget
    Barry Anderson
    expressed concern over the state of the nation’s fiscal affairs, even in light
    Roy Ash
    Charles Bowsher of the improvements in the budget projections released today by the Office
    Dan Crippen of Management and Budget.
    Richard Darman
    Willis Gradison In its annual Mid-Session Review, OMB projected that the deficit in FY
    William Gray, III 2006 would be $296 billion or 2.3% of GDP. Last year’s deficit was $318
    Ted Halstead billion.
    Douglas Holtz-Eakin
    Jim Jones 2000 2001 2002 2003 2004 2005 Est. 2006
    Lou Kerr
    Deficit 236 128 -158 -378 -413 -318 -296
    James Lynn
    James McIntyre, Jr.
    David Minge The Committee warned Congress and the public not to be lulled into
    Marne Obernauer, Jr. thinking the country’s fiscal affairs are on track. “A $300 billion dollar
    June O’Neill deficit is still a $300 billion dollar deficit, and that is nothing to break
    Rudolph Penner open the champagne over,” said Maya MacGuineas, President of the
    Tim Penny Committee for a Responsible Federal Budget.
    Peter Peterson
    Robert Reischauer “We have experienced a neck-wrenching swing from large surpluses to
    Alice Rivlin
    large deficits since the start of the decade. Given that we have an
    Jim Slattery
    Charles W. Stenholm entitlement crisis just around the corner, we should be shoring up the
    David Stockman federal government’s balance sheet and addressing the nation’s long-term
    Paul Volcker challenges. Instead we are discussing whether annual borrowing of
    Carol Cox Wait hundreds of billions of dollars is too much, when clearly, it is,” said
    Joseph Wright, Jr. MacGuineas.
    SENIOR ADVISORS
    Henry Bellmon
    Elmer Staats
    Robert Strauss
    The Committee for a Responsible Federal Budget is a bipartisan organization committed to educating policy
    makers and the public about issues related to fiscal policy. The Committee is located at the New America
    Foundation. www.crfb.org.

    --30--

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