News
CNN Money | Big taxes + big spending cuts = California budget surplus
After multi-billion dollar shortfalls in recent years, the state's budget has finally straightened out. California expects to take in $2.4 billion more in revenue than it will spend this fiscal year, which ends June 30. After paying off a shortfall from last year and setting aside funds for upcoming obligations, it's on track to end the year with a $36 million surplus.
Econ Comments & Analysis
Washington Times | Forcing Obama to live within our means
Budgeting has never been at the top of President Obama’s list of priorities. For the fourth time in five years, the White House missed the statutory deadline Monday for submitting its annual spending blueprint to Congress. Mr. Obama isn’t in a rush to let the world know that his intention is to keep spending the country into the red.
CRS | The American Taxpayer Relief Act of 2012: Modifications to the Budget Enforcement Procedures in the Budget Control Act
The Budget Control Act of 2011 (BCA; P.L. 112-25) established, among other things, statutory limits on discretionary spending and an automatic process of spending reductions if Congress and the President did not enact deficit reduction legislation by January 15, 2012.
Washington Times | Uncle Sam gets an F in money management
Twelve years ago today, when I was comptroller general of the United States and head of the Government Accountability Office, I presented testimony to the Senate Finance Committee, “Moving From Balancing the Budget to Balancing Fiscal Risk.”
Blogs
Economist | How scary is the sequester?
America managed, more or less, to avoid tumbling over (running into?) the fiscal cliff, but there is still an awful lot of fiscal tightening programmed for 2013. The tax deal struck to start the year extended most of the Bush tax cuts and delayed the sequester, but the stimulative payroll tax cut was allowed to expire, and is now taking a hefty bite out of paychecks.
CATO | If Spending Is Capped So It Grows at the Rate of Inflation, the Budget Is Balanced in 2018
New 10-year budget projections have been released by the Congressional Budget Office, so it’s time once again for me to show how easy it is to balance the budget with modest spending restraint (though never forget that our goal should be smaller government, not fiscal balance).
