Publication Date: March 2007
Publisher: Center on Budget and Policy Priorities (Washington, D.C.)
Author(s): Jim Horney
Research Area: Banking and finance
Keywords: Economic projections; Federal budget; Tax code
The budget plan being unveiled today by Senate Budget Committee Chairman Kent Conrad represents a fundamental and important change in budget policy. In contrast to budgets of recent years that simply assumed that new entitlement spending and tax cuts would be financed by additional borrowing, the Conrad plan requires that even widely popular expansions of entitlement programs and tax cuts be offset by reductions in other entitlement spending or increases in other taxes.