![]() It also authorizes AmeriCorps Seniors to award grants. The Congressional Budget Office projects that, if the debt limit remains unchanged, the government’s ability to borrow using extraordinary measures will be exhausted between July and September 2023that is, in the fourth quarter of the current fiscal year. The Annual Plan is the formal vehicle through which the Board of Directors authorizes AmeriCorps State and National, VISTA, and National Civilian Conservation Corps programs and authorized agency staff to make grants and/or enroll (or authorize grantees to enroll) eligible individuals as AmeriCorps members. This report, as well as the agency’s financial statements, auditor’s report, and other accompanying information to address the specialized information needs of some readers, are provided below.įiscal Year 2021 Annual Management Reportįiscal Year 2022 Annual Management Report Annual Plan for Grantmaking The document below follows the reporting requirements under the OMB Pilot Performance and Accountability Report (PAR) process, and, therefore, represents an overall assessment of AmeriCorps’ performance. Oversight of the Congressional Budget Office (CBO) In addition to creating the House and Senate Budget Committees, the Budget Act also established the Congressional Budget Office. But the CBO report shows both how daunting the challenge is and how narrow their target for achieving that goal is.AmeriCorps is committed to ensuring the highest level of accountability in our financial and program operations. Lawmakers say they want to reduce the deficit. But if Congress retains all of those provisions, TPC figures it would reduce projected revenues by more than $3 trillion. If that happens, individual income taxes will increase from about 8.8 percent of GDP in 2025 to roughly 9.6 percent thereafter. 4366 Military Construction Veterans Affairs and Related Agencies Appropriations Act 2024 S.J. Thus, it projects income tax revenues will rise after 2025, when all the of individual income tax provisions of the 2017 Tax Cuts and Jobs Act (TCJA) expire. ![]() Keep in mind CBO is required to make assumptions based on current law, no matter how improbable. CBO expects individual income tax receipts will fall from their historic highs in 2022, mostly because capital gains taxes will decline, thanks to last year’s awful stock and bond market returns. The nation’s balance sheet won’t be helped much by tax revenues. CBO estimates this so-called nondefense discretionary spending will fall from 3.6 percent of GDP to 3.2 percent in 2033. The rest is a relatively small, and shrinking, piece of the federal government. ![]() We’re not likely to see much cutting there. ![]() The feds pay the biggest share of costs in poor red states. Much of that money goes to provide health care for children, young people with disabilities, and frail older adults getting care in nursing facilities and at home. And there are the hundreds of domestic discretionary programs that most Americans think of as government- programs such as border and homeland security, farm aid, national parks, the FAA, education, and the like.įederal support for the state/federal Medicaid program has been growing in recent years. There is Medicaid, the Children’s Health Insurance Program (CHIP) and Affordable Care Act (ACA) health insurance subsidies. That leaves spending that isn’t Social Security, Medicare, the military, and interest payments. And Republicans are dead set against any tax increases. Nobody will cut military spending while the Russians are in Ukraine and China grows as a threat. But it can’t reduce the projected debt unless it cuts spending or raises taxes.īut Biden and the Democrats won’t touch Social Security and Medicare, and seem to have outmaneuvered Republicans, who a month ago vowed to cut those programs but now deny they ever said such a thing. Well, it could drive them to stratospheric levels by defaulting on the debt, an event CBO projects will happen this summer without congressional action. More than $46 trillion a decade from now.Ĭongress can’t do anything about those interest payments. But the biggest culprit is the debt itself will be so big. Budget authority is the authority provided by federal law to incur financial obligations that will result in immediate or future outlays of federal government funds. CBO estimates the government will pay an average rate of 3.2 percent on its debt in 2033, compared to 2.1 percent last year. Part of the reason will be higher interest rates. CBO projects net interest will roughly triple, from $475 billion, or 1.9 percent of GDP, in 2022 to more than $1.4 trillion, or 3.6 percent, in 2033 alone.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |