 |
Bob Sunshine | |
|---|---|
| Director of the Congressional Budget Office | |
Acting | |
| In office November 25, 2008 –January 22, 2009 | |
| Preceded by | Peter R. Orszag |
| Succeeded by | Douglas Elmendorf |
Robert A. Sunshine is an American government official. He is Senior Adviser to the Director of the Congressional Budget Office,having served as the Deputy Director of the CBO from 2007 to 2016 and Acting Director from November 2008 to January 2009. [1]
Before coming to CBO,Sunshine was a senior associate with Simat,Helliesen and Eichner,a transportation consulting firm. He has been with the CBO almost from its inception. From 1976 to 1978,he was a principal analyst in CBO's Budget Analysis Division,covering transportation issues. From 1978 to 1994,he served as Chief of the Natural and Physical Resources Cost Estimates Unit in that division. From 1995 to 1999,he was the Deputy Assistant Director of the Budget Analysis Division. [1]
From 1999 to 2007,he was the Assistant Director for Budget Analysis. In that capacity,he oversaw much of the work of the agency. He supervised the preparation of cost estimates and intergovernmental mandate statements (which identify the costs of federal mandates on state,local,or tribal governments) for legislation being considered by the Congress. He managed the preparation of CBO's multi-year projections of federal spending that constitute the baseline for the Congressional budget process,the agency's annual analysis of the Presidential budget,and its ongoing estimates of spending for the Congressional budget score keeping system. He also coordinated the preparation of CBO's Monthly Budget Review. [1]
In 2003,Sunshine received the James L. Blum Award for exceptional and distinguished accomplishment and leadership in public budgeting from the American Association for Budget and Program Analysis. [1]
Sunshine served as Acting Director of the CBO from November 25,2008,to January 22,2009. In January 2009 testimony before the Senate Budget Committee,Sunshine warned of the significance of the 2008–2012 global recession. "This isn't your run-of-the-mill recession." [2]
On January 15,2009,CBO issued its preliminary score of Congressional Democratic Leaders' economic stimulus package designed to counter the 2008–2012 recession. CBO's analysis found that the stimulus bill would not be as stimulative as Democrats had hoped. Then House Appropriations Committee Chairman David Obey (D-Wisconsin) called them "off the wall",while Senate Majority Leader Harry Reid (D-Nevada) and Senate Appropriations Committee Chairman Daniel Inouye (D-Hawaii) also blasted the agency's report. Former CBO Director Peter R. Orszag,who a few weeks earlier worked with Sunshine,sent a letter to Congress stating that the CBO analysis "did not assess the overall package". The Washington newspaper The Hill editorialized that "what Sunshine did took courage". [3]
In May 2010,Sunshine briefed members of the National Commission on Fiscal Responsibility and Reform on historical trends and CBO's projections related to mandatory spending. [4]
The United States budget process is the framework used by Congress and the President of the United States to formulate and create the United States federal budget. The process was established by the Budget and Accounting Act of 1921,the Congressional Budget and Impoundment Control Act of 1974,and additional budget legislation.
The Congressional Budget Office (CBO) is a federal agency within the legislative branch of the United States government that provides budget and economic information to Congress. Inspired by California's Legislative Analyst's Office that manages the state budget in a strictly nonpartisan fashion,the CBO was created as a nonpartisan agency by the Congressional Budget and Impoundment Control Act of 1974.
A balanced budget amendment is a constitutional rule requiring that a state cannot spend more than its income. It requires a balance between the projected receipts and expenditures of the government.
The United States budget comprises the spending and revenues of the U.S. federal government. The budget is the financial representation of the priorities of the government,reflecting historical debates and competing economic philosophies. The government primarily spends on healthcare,retirement,and defense programs. The non-partisan Congressional Budget Office provides extensive analysis of the budget and its economic effects. It has reported that large budget deficits over the next 30 years are projected to drive federal debt held by the public to unprecedented levels—from 98 percent of gross domestic product (GDP) in 2020 to 195 percent by 2050.
The United States federal budget is divided into three categories:mandatory spending,discretionary spending,and interest on debt. Also known as entitlement spending,in US fiscal policy,mandatory spending is government spending on certain programs that are required by law. Congress established mandatory programs under authorization laws. Congress legislates spending for mandatory programs outside of the annual appropriations bill process. Congress can only reduce the funding for programs by changing the authorization law itself. This normally requires a 60-vote majority in the Senate to pass. Discretionary spending on the other hand will not occur unless Congress acts each year to provide the funding through an appropriations bill.
Baseline budgeting is an accounting method the United States Federal Government uses to develop a budget for future years. Baseline budgeting uses current spending levels as the "baseline" for establishing future funding requirements and assumes future budgets will equal the current budget times the inflation rate times the population growth rate. Twice a year—generally in January and August—CBO prepares baseline projections of federal revenues,outlays,and the surplus or deficit. Those projections are designed to show what would happen if current budgetary policies were continued as is—that is,they serve as a benchmark for assessing possible changes in policy. They are not forecasts of actual budget outcomes,since the Congress will undoubtedly enact legislation that will change revenues and outlays. Similarly,they are not intended to represent the appropriate or desirable levels of federal taxes and spending.
Kevin Page is a Canadian economist. He was the first Parliamentary Budget Officer for Canada. He was appointed to the position on March 25,2008,and his term was completed on March 22,2013. He now teaches at the University of Ottawa. In 2013,Page was named as the Jean-Luc Pepin Research Chair on Canadian Government. In 2016,Page became the head of the newly created Institute of Fiscal Studies and Democracy (IFSD),a think tank with a focus on public finance and policy at the University of Ottawa.
The American Recovery and Reinvestment Act of 2009 (ARRA),nicknamed the Recovery Act,was a stimulus package enacted by the 111th U.S. Congress and signed into law by President Barack Obama in February 2009. Developed in response to the Great Recession,the primary objective of this federal statute was to save existing jobs and create new ones as soon as possible. Other objectives were to provide temporary relief programs for those most affected by the recession and invest in infrastructure,education,health,and renewable energy.
The Committee for a Responsible Federal Budget (CRFB) is a non-profit public policy organization based in Washington,D.C. that addresses federal budget and fiscal issues. It was founded in 1981 by former United States Representatives Robert Giaimo (D-CT) and Henry Bellmon (R-OK),and its board of directors includes former Members of Congress and directors of the Office of Management and Budget,the Congressional Budget Office and the Federal Reserve.
The economic policy of the Barack Obama administration,or in its colloquial portmanteau form "Obamanomics",was characterized by moderate tax increases on higher income Americans designed to fund health care reform,reduce the federal budget deficit,and decrease income inequality. President Obama's first term (2009–2013) included measures designed to address the Great Recession and subprime mortgage crisis,which began in 2007. These included a major stimulus package,banking regulation,and comprehensive healthcare reform. As the economy improved and job creation continued during his second term (2013–2017),the Bush tax cuts were allowed to expire for the highest income taxpayers and a spending sequester (cap) was implemented,to further reduce the deficit back to typical historical levels. The number of persons without health insurance was reduced by 20 million,reaching a record low level as a percent of the population. By the end of his second term,the number of persons with jobs,real median household income,stock market,and real household net worth were all at record levels,while the unemployment rate was well below historical average.
The 2012 United States federal budget was the budget to fund government operations for the fiscal year 2012,which lasted from October 1,2011 through September 30,2012. The original spending request was issued by President Barack Obama in February 2011. That April,the Republican-held House of Representatives announced a competing plan,The Path to Prosperity,emboldened by a major victory in the 2010 Congressional elections associated with the Tea Party movement. The budget plans were both intended to focus on deficit reduction,but differed in their changes to taxation,entitlement programs,defense spending,and research funding.
The United States federal budget consists of mandatory expenditures,discretionary spending for defense,Cabinet departments and agencies,and interest payments on debt. This is currently over half of U.S. government spending,the remainder coming from state and local governments.
Political debates about the United States federal budget discusses some of the more significant U.S. budgetary debates of the 21st century. These include the causes of debt increases,the impact of tax cuts,specific events such as the United States fiscal cliff,the effectiveness of stimulus,and the impact of the Great Recession,among others. The article explains how to analyze the U.S. budget as well as the competing economic schools of thought that support the budgetary positions of the major parties.
The United States fiscal cliff refers to the combined effect of several previously-enacted laws that came into effect simultaneously in January 2013,increasing taxes and decreasing spending.
The Department of State Operations and Embassy Security Authorization Act,Fiscal Year 2014 is a bill that was introduced in the United States House of Representatives during the 113th United States Congress. The bill would authorize $17,573,992,000 to be appropriated to improve the security of U.S. Embassies throughout the world.
The Economic Stimulus Appropriations Act of 1977 was a stimulus package enacted by the 95th Congress and signed into law by President Jimmy Carter on 13 May 1977. Developed in response to the longest and deepest economic recession post World War II,the primary objective of the stimulus package was to provide the economy with a boost.
The Baseline Reform Act of 2013 is a bill that would change the way in which discretionary appropriations for individual accounts are projected in CBO’s baseline. Under H.R. 1871,projections of such spending would still be based on the current year’s appropriations,but would not be adjusted for inflation going forward. Other adjustments to projections of future discretionary spending would also be eliminated.
The Pro-Growth Budgeting Act of 2013 is a bill that would require the Congressional Budget Office to provide a macroeconomic impact analysis for bills that are estimated to have a large budgetary effect.
The Intelligence Authorization Act for Fiscal Years 2014 and 2015 is a bill that authorizes different intelligence agencies and their activities in fiscal years 2014 and 2015. The total spending authorized by the bill is classified,but estimates based on intelligence leaks made by Edward Snowden indicate that the budget could be approximately $50 billion.
The United States federal budget for fiscal year 2018,which ran from October 1,2017,to September 30,2018,was named America First:A Budget Blueprint to Make America Great Again. It was the first budget proposed by newly elected president Donald Trump,submitted to the 115th Congress on March 16,2017.
This article incorporates public domain material from the United States Government.
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