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1. #CONGRESSIONAL BUDGET OFFICE BUSH TAX CUTS DRIVERS#
2. #CONGRESSIONAL BUDGET OFFICE BUSH TAX CUTS FULL#

#CONGRESSIONAL BUDGET OFFICE BUSH TAX CUTS FULL#

Bush a letter pleading for a full reinstatement of the old rules. On Thursday, a bipartisan group of senators sent Mr. Those rules expired in the last few years, and Congress has not renewed them.Ĭonservative Republicans as well as many Democrats, complaining about a budget deficit that is expected to exceed $500 billion this year, have begun calling for a return to budget restraints that would include taxes as well as spending.

Bush has just enacted a law that will add prescription drug benefits to Medicare at a cost of $540 billion over 10 years.Ĭongress adopted what were known as ''pay-go'' rules in the early 1990's, under which new spending programs and new tax cuts had to be financed by either spending cuts or tax increases in other areas. The entitlement programs are far more sensitive politically, and Mr. Greenspan, by contrast, urged lawmakers to examine cuts in mandatory entitlement programs like Social Security and Medicare. Bush, who has promised to reduce the budget deficit primarily by freezing or cutting most federal programs outside of defense and homeland security. Other costs included disaster aid and other discretionary spending (493 billion), repeal of several Affordable Care Act-related taxes (299 billion), and hundreds of.

#CONGRESSIONAL BUDGET OFFICE BUSH TAX CUTS DRIVERS#

Bush's fiscal policies directly and made it clear that he preferred to reduce deficits by spending less rather than taxing more.īut his proposals went much further than those of Mr. 1 Background Toggle Background subsection 1.1 Etymology 1.2 Legislative history 1.3 Key laws leading to the fiscal cliff 2 Effects Toggle Effects subsection 2. The largest drivers were pandemic-relief legislation (3.9 trillion), the 2017 tax cuts (2 trillion), and legislation raising the discretionary spending caps (1.6 trillion). This year he has escalated his criticism of the deficits, which are expected this year and for the foreseeable future.Ī Republican whose views have enormous influence among lawmakers from both parties, the Fed chairman did not criticize Mr. Bush's last round of tax-cutting proposals. Greenspan expressed similar opinions last year, when he gave tepid support to Mr. ''That's what they're there for, taxes and spending,'' he said. When asked whether he would apply the restrictions to new tax cuts as well as to new spending, the Fed chairman said he would. That makes it the biggest tax cut since the introduction of the. ''But I would argue strenuously that it should be taken out on the expenditure side.'' First some numbers: Reagan’s tax cut slashed revenues by 2.9 of GDP, according to the Committee for a Responsible Federal Budget. ''I am in favor, as I have indicated in the past, for continuing the tax cuts that are in dispute at this particular stage,'' he said.

Greenspan, who expressed increased alarm this week about the prospect of large budget deficits for years to come, called for reinstating Congressional restraints that were in force during much of the 1990's and required lawmakers to offset new tax cuts and spending proposals.