Statement about the CBO's analysis of the Patient Protection and Affordable Care Act and the provisions of the Health Care and Education Reconciliation Act of 2010 ("the Reconciliation Act,") that are related to health care. CBO and the staff of the Joint Comm. on Taxation have provided the Congress with extensive analyses of the legislation both before and after its enactment in March 2010. This statement summarizes the major results of those analyses -- in particular, the projected effects of those laws on the federal budget (over the first 10 years and the subsequent decade), health insurance coverage, Medicare, premiums for health insurance, and labor markets. Charts and tables. This is a print on demand report.
Testimony on the opportunities and challenges that the Congress faces in pursuing two major policy goals: (1) expanding health insurance coverage, so that more Americans receive appropriate health care without undue financial burden; and (2) making the health care system more efficient, so that it can continue to improve Americans¿ health but at a lower cost in both the public and private sectors. Both are complex endeavors in their own right, and interactions and trade-offs between them may arise.
Here is a year-by-year estimate of the economic effects of the American Recovery and Reinvestment Act of 2009 (ARRA, Public Law 111-5), which was enacted on February 17, 2009. Taking all of the short- and long-run effects into account, the legislation implies an increase in GDP relative to a baseline forecast of between 1.4 percent and 3.8 percent by the fourth quarter of 2009, between 1.1 percent and 3.4 percent by the fourth quarter of 2010, between 0.4 percent and 1.2 percent by the fourth quarter of 2011, and declining amounts in later years. Beyond 2015, the legislation is estimated to reduce GDP by between zero and 0.2 percent. Tables and graphs.
This report to Congress discusses the budgetary effects of legislation that would permanently prevent the use of appropriated funds to implement the Patient Protection and Affordable Care Act of 2010 (PPACA) and provisions related to health care in the Health Care and Education Reconciliation Act of 2010. It discusses many of the potential effects of a permanent ban on the use of appropriated funds to implement the health care laws and, where possible, provides information on whether those effects would increase or decrease direct spending or revenues. This is a print on demand edition of an important, hard-to-find report.
This is a print on demand edition of a hard to find publication. Provides an estimate of the budgetary impact of the activities of Fannie Mae and Freddie Mac (two gov¿t.-sponsored enterprises, or GSEs, that provide credit guarantees for more than half of the residential mortgages in the U.S.). This report also discusses alternative budgetary treatments for the GSEs, describes the usefulness of alternative treatments, and explains the rationale for the use of fair-value subsidy estimates for the GSEs in its baseline budget projections. Those fair-value estimates deviate from FCRA-based estimates in an important way: By incorporating a market-based risk premium associated with the GSEs¿ credit guarantees, they reflect the fact that the government¿s assumption of financial risk is costly to taxpayers.
This is a print on demand edition of a hard to find publication. Reviewing CBO's recent analyses of the economic outlook and the potential impact on the economy of various fiscal policy options. It also adds to those analyses by quantifying the economic impact of extending some or all of the 2001 and 2003 tax cuts that are scheduled to expire in three months. CBO expects -- as do most private forecasters -- that the economic recovery will proceed at a modest pace during the next few years. Charts and tables.
Testimony on the distribution of revenues that could be generated by a cap-and-trade program for reducing U.S. emissions of carbon dioxide. The potential cost of reducing the effect of climate change may be significant because it would entail substantial reductions in global emissions over the coming decades. One option for reducing emissions in a cost-effective manner is to establish a carefully designed cap-and-trade program. Under such a program, the government would set gradually tightening limits on emissions, issue rights (or allowances) consistent with those limits, and then let firms trade the allowances among themselves. Charts and tables.
The U.S. has just suffered through the most severe recession since the 1930s. The good news is that the economy appears to be starting to recover. In all likelihood the recovery will be dampened by a number of factors, including the continuing fragility of some financial markets and institutions; declining support from fiscal and monetary policy; and limited increases in households¿ spending because of slow income growth, lost wealth, and a large number of vacant houses. Real GDP will increase by 2.4 percent in 2011. Real GDP will accelerate after 2011. For 2012 through 2014, real GDP will increase by an average of 4.4 percent per year, which would close the gap between actual output and potential output by the end of 2014. Figures.
This report provides a preliminary estimate for Congress that President Barack Obama¿s health care bill would reduce the federal deficit by $138 billion over 10 years. The $940-billion legislation would provide coverage by 2016 to 32 million currently uninsured Americans, raising the number of insured to about 95%. Further, the report estimates that the legislation might continue to reduce the federal deficit in its second decade, and it discusses the several factors that would bring this about. Charts and tables.