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Budget Deficit

RESEARCH AND COMMENTARY

Save to My PortfolioBipartisan Budget Solution

Isabel V. Sawhill, November 03, 2009, National Journal

Bipartisan Budget Solution In light of the news that a group of ten senators has called for the creation of a bipartisan commission on the budget to create a long-term plan to reduce budget deficits, Isabel V. Sawhill cautions that failing to institute such a plan could lead to slower growth or an economic crisis, along with reduced flexibility to get the economy moving again or handle a new international threat. Read More

U.S. Congress, U.S. Economy, Budget Deficit

PAST EVENT

Save to My PortfolioThe Scouting Report: The U.S. Budget Deficit

Wednesday, September 30, 2009
12:30 PM to 1:30 PM
Washington, DC

On Wednesday, September 30, Brookings guest scholar and former Member of Congress William Frenzel, along with Politico’s Fred Barbash, answered your questions about the U.S. budget deficit and its link to health care reform and economic growth. Read More

U.S. Economy, Budget Deficit

RESEARCH AND COMMENTARY

Save to My PortfolioThe Scouting Report Web Chat: The U.S. Budget Deficit

Bill Frenzel, September 30, 2009, The Brookings Institution

The Scouting Report Web Chat: The U.S. Budget DeficitThe soaring U.S. budget deficit is projected to total more than $1 trillion for the fiscal year that ends September 30. Brookings guest scholar and former Member of Congress William Frenzel, along with Politico’s Fred Barbash, answered your questions about the danger of the increasing U.S. budget deficit and its link to health care reform and economic growth. Read More

U.S. Economy, Budget Deficit

RESEARCH AND COMMENTARY

Save to My PortfolioAn Update on the Economic and Fiscal Crises: 2009 and Beyond

William G. Gale and Alan J. Auerbach, September 15, 2009, The Brookings Institution

An Update on the Economic and Fiscal Crises: 2009 and BeyondWilliam Gale and Alan Auerbach review recent economic events and their impact on U.S. fiscal performance and prospects, highlighting the historic nature of the 2009 budget outcomes, the unsustainability of plausible ten-year budget projections, and the increasingly dire long-term fiscal problem. Read More

Federal Budget, Fiscal Policy, Budget Deficit, U.S. Economy

RESEARCH AND COMMENTARY

Save to My PortfolioThe "New Normal" For the U.S. Economy: What Will It Be?

William A. Galston, September 01, 2009, The Brookings Institution

We are likely to enter a period of new normality marked by lower household debt, higher personal savings, and less consumption as a share of GDP, writes William Galston. Despite these positive trends, we still need a new era of public restraint, not just private thrift. Once economic growth has become self-sustaining and the private sector’s need for capital returns to more normal levels, Congress and the administration will have to turn their attention to the difficult fiscal questions they have long evaded. Read More

U.S. Economy, U.S. Economic Growth, Social Issues, Quality-of-Life Issues, Budget Deficit

VIDEO

Save to My PortfolioBen Bernanke’s Second Term and the Federal Budget Forecast

Alice M. Rivlin, August 27, 2009

President Barack Obama has nominated Ben Bernanke to serve a second term as Chairman of the Federal Reserve. The nomination came on the same day the White House announced a sharp increase in projected deficits. Alice Rivlin says the deficit projections should serve as an impetus for officials to step up efforts to fix the floundering economy. She also gives the Bernanke nomination her nod of approval.

Budget Deficit, Federal Reserve System, Federal Budget, U.S. Economy, Fiscal Policy

RESEARCH AND COMMENTARY

Save to My PortfolioActivist Fiscal Policy to Stabilize Economic Activity

Alan J. Auerbach and William G. Gale, August 24, 2009, Financial Stability and Macroeconomic Policy Conference

Facing the most severe recession since the 1930s, the U.S. government has pursued an aggressive countercyclical fiscal policy, which is striking given the consensus a decade ago against the use of discretionary fiscal policy as a stabilization tool. In this new paper, William Gale and Alan J. Auerbach consider the evidence on the effects of discretionary fiscal policy, beginning with how the practice of this policy has changed over time. Read More

Fiscal Policy, U.S. Economy, U.S. Department of the Treasury, Budget Deficit

VIDEO

Save to My PortfolioTown Hall Health Care Debate

Bill Frenzel, August 14, 2009

The debate over health care reform has moved from Capitol Hill into the heartland where Members of Congress are hosting dozens of packed town hall meetings on the issue. William Frenzel, a Brookings expert and former U.S. representative from Minnesota, and the a co-chair of The Committee For a Responsible Federal Budget—which holds community meetings to gauge how the public feels about government spending—says town hall meetings should be used judiciously.

Health Care, U.S. Congress, The Presidency, Federal Budget, Budget Deficit

RESEARCH AND COMMENTARY

Save to My PortfolioDeficit: What Caused It, Why It Matters

William G. Gale and Alan J. Auerbach, July 30, 2009, CNNMoney.com

Deficit: What Caused It, Why It MattersWilliam Gale and Alan Auerbach discuss the size of the long-term budget deficit and why it must be brought under control. They urge fiscal discipline with delicate timing: imposing spending cuts and tax increases too late risks precipitating a crisis in financial markets; imposing fiscal discipline too soon risks weakening the recovery or worsening the recession, as actually happened in the United States in the 1930s. Getting this mix right will require luck, discipline, imagination and leadership. Read More

Budget Deficit, Federal Budget, Fiscal Policy, U.S. Economy, Office of Management and Budget

PAST EVENT

Save to My PortfolioThe Budget, the Deficit, the Future

Wednesday, July 08, 2009
9:00 AM to 11:00 AM
Washington, DC

Reuters/Jonathan ErnstThe federal government responded aggressively to the economic crisis with fiscal, financial and monetary interventions. While boosting the economy has to be the top priority in the short run, it would be dangerous to lose focus on medium- and long-term fiscal issues that represent future threats to the economy and the solvency of the federal government. On July 8, Brookings experts and colleagues examined the delicate balancing act between economic recovery and fiscal sustainability. Read More

Budget Deficit, Fiscal Policy, U.S. Economic Stimulus, Global Financial Crisis, Macroeconomics

VIDEO

Save to My PortfolioThe Fiscal Crisis: Bad Now, Worse Long-Term

William G. Gale, June 22, 2009

The Fiscal Crisis: Bad Now, Worse Long-TermWhile many steps have been taken to help shore up the floundering U.S. economy, William Gale says that the long-term fiscal situation is still very dire.

Federal Budget, Fiscal Policy, Budget Deficit, U.S. Economy

VIDEO

Save to My PortfolioTax Reform and Fiscal Discipline Needed for Economic Recovery

William G. Gale, June 05, 2009

As the administration continues to wrangle with the floundering economy, Federal Reserve Chairman Ben Bernanke has advised that the growing budget deficits have to be cut. Economic Studies director William Gale agrees saying there needs to be a more comprehensive approach to stabilizing the economy.

Fiscal Policy, Taxes, U.S. Economic Stimulus, U.S. Economy, Budget Deficit

PAST EVENT

Save to My PortfolioThe Scouting Report: Sparring Over Obama's First Budget

Wednesday, May 13, 2009
12:30 PM to 01:30 PM
Washington, DC

As soon as President Obama sent his detailed budget to Capitol Hill early May, political battles erupted over spending increases, proposed cuts and the increasing load of debt and deficits. Brookings expert Isabel Sawhill took questions on the hard budget choices and consequences with moderator Fred Barbash, Politico senior editor, in this edition of The Scouting Report. Read More

U.S. Economy, Budget Deficit, The Presidency

VIDEO

Save to My PortfolioPresident Obama's Budget and U.S. Fiscal Solvency

Ron Haskins, March 27, 2009

Ron Haskins, co-director of Brookings’s Center on Children and Families, says President Obama’s budget is unsustainable and adds that it will likely fail to help restore fiscal solvency to the nation’s economy. Haskins says unless lawmakers are willing to compromise on key issues the fiscal situation will worsen.

Federal Budget, Budget Deficit, Taxes, Fiscal Policy, U.S. Economy

RESEARCH AND COMMENTARY

Save to My PortfolioWill Obama’s Agenda Pass Congress’s Budget Resolution?

William A. Galston, March 26, 2009, The Brookings Institution

The Congressional Budget Office’s analysis of President Obama’s budget proposal projects a deficit of $9.3 trillion over the next decade, thereby forcing congressional leaders to look for changes to reduce it. Although the Senate Budget Committee has not yet finished marking up its version of the fiscal year 2010 budget resolution, Democrats are likely to diverge from the president’s desires. While Congress supports most of the president’s priorities, they are poised to sideline many of the programs President Obama proposed to implement, writes William Galston. Read More

Federal Budget, Budget Deficit, U.S. Congress, Fiscal Policy, Executive Branch

In Brief

Due to economic weakness and the recent stimulus bill, this year’s U.S. budget deficit will be larger than at any time since World War II. The longer-run picture is even bleaker, with a clearly discernible uptick in the perceived likelihood of default on some Treasury debt. Experts from Brookings explore common ground in the effort to achieve greater fiscal responsibility.

Featured Experts

Isabel V. Sawhill

Isabel V. Sawhill

Senior Fellow, Economic Studies
The Cabot Family Chair

A nationally known budget expert, Isabel Sawhill focuses on domestic poverty and federal fiscal policy. She is also co-director of the Center on Children and Families at Brookings.
Read More

William G. Gale

William G. Gale

Senior Fellow, Economic Studies
Arjay and Frances Miller Chair in Federal Economic Policy

Bill Gale, the Arjay and Frances Miller Chair in Federal Economic Policy in the Economic Studies Program at Brookings, is an expert on tax policy, fiscal issues, pensions, and saving behavior. He is also co-director of the Tax Policy Center and director of the Retirement Security Project.
Read More

Alice M. Rivlin

Alice M. Rivlin

Senior Fellow, Economic Studies

Alice Rivlin, the first director of the Congressional Budget Office, is an expert on urban issues as well as fiscal, monetary and social policy. She directs the Greater Washington Research project. 
Read More

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Spotlight

ExpertDomenico Lombardi

As president of the Oxford Institute for Economic Policy, Domenico Lombardi’s work at Brookings focuses on the international financial crisis and the reform of the IMF and the World Bank. He is an expert on G-20 and G8 Summits.

ProgramGovernance Studies

Governance Studies explores political institutions of the United States and other democracies to assess how they govern, how their practices compare and how citizens and public servants can advance sound governance.

ExpertRichard Joseph

Richard Joseph is John Evans Professor of International History and Politics at Northwestern University. Former fellow of The Carter Center, Atlanta, he focuses on African governance, political economy, and democratization.

ExpertSuzanne Maloney

Suzanne Maloney studies Iran, the political economy of the Persian Gulf and Middle East energy policy. A former U.S. State Department policy advisor, she has also counseled private companies on Middle East issues.

TopicEducation

The economic and political well-being of any society requires a well-educated citizenry. Brookings’s work extends beyond the K-12 bookends to include pre-school interventions, higher education and the challenges of education in developing countries.

Research ProjectLatin America Initiative

The Latin America Initiative provides high-quality, in-depth, and independent research across a range of economic and political issues, and offers policy recommendations aimed at U.S. and Latin American policymakers.

ExpertIsabel V. Sawhill

A nationally known budget expert, Isabel Sawhill focuses on domestic poverty and federal fiscal policy. She is also co-director of the Center on Children and Families at Brookings.

ExpertAmy Liu

Amy Liu is deputy director of the Brookings Metropolitan Policy Program. Her policy studies include economic competitiveness, metropolitan growth and development, governance reforms, urban reinvestment, and social equity.

Policy CenterEngelberg Center for Health Care Reform

The Engelberg Center for Health Care Reform provides practical solutions to achieve high-quality, innovative, affordable health care with particular emphasis on identifying opportunities on the national, state and local levels.

TopicHealth Care

Brookings is committed to producing innovative policy solutions to our nation’s most difficult challenges. The country may face no more important domestic policy challenge than the much-needed reform of our health care system. Through an institution-wide effort, Brookings delivers new ideas and offers policy solutions to improve health care both at home and globally.

ExpertFederiga Bindi

Federiga Bindi is a leading expert on European political integration. She has a broad experience in government and held a number of posts in international organizations. Bindi currently serves as an advisor to the Italian Minister of Foreign Affairs. Her research focuses on the EU, transatlantic relations; EU states foreign policies, global governance issues.

ExpertMark McClellan

Mark McClellan works on promoting high-quality, innovative and affordable health care. Once commissioner of the Food and Drug Administration and administrator of the Centers for Medicare & Medicaid Services, Dr. McClellan now directs the Engelberg Center for Health Care Reform.

Research ProjectBrookings-Bern Project on Internal Displacement

The Brookings-Bern Project on Internal Displacement monitors displacement problems worldwide, works with governments, regional bodies, international organizations and civil society to create more effective policies and institutional arrangements for Internally Displaed Persons.

Policy CenterCenter on Children and Families

The Center on Children and Families studies policies on the well-being of America's children and their parents and seeks a more effective means of addressing poverty, inequality and lack of opportunity in the United States.

ExpertTed Gayer

Ted Gayer is the co-director of the Economic Studies program and the Joseph A. Pechman Senior Fellow at the Brookings Institution. He conducts research on a variety of economic issues, focusing particularly on public finance, environmental and energy economics, housing, and regulatory policy.

ExpertVanda Felbab-Brown

Vanda Felbab-Brown focuses on the national security implications of illicit economies and strategies for managing them. She is an adjunct professor in the Security Studies Program at Georgetown University’s School of Foreign Service.