budget borrowing in white papers

Decentralization and the Challenge of Hard Budget Constraints

White Paper In many developing and transition economies that are rapidly decentralizing, hard budget constraints may require rules that restrain local borrowing in the short term. Indeed, they can facilitate it by promoting local revenue collection, improving... [10 Apr 2008]

Social Security Reform: The Use of Private Securities and the Need for Economic Growth

White Paper The use of private versus public securities, the creation of personal accounts, the scheduling of future tax increases, and reliance on future borrowing by government are all means of financing that prescribe how resources would be drawn from the... [07 Jul 2005]

Macroeconomic Impacts of Stylized Tax Cuts in an Intertemporal Computable General Equilibrium Model

White Paper In the first option - a balanced budget rule - the government contemporaneously matches tax cuts with spending cuts; as a result, tax cuts require no new borrowing. In the second and third options, the government instead temporarily pays for tax... [29 Jun 2005]

Tax-Credit Bonds and the Federal Cost of Financing Public Expenditures

White Paper In instances in which the bonds would be used as an alternative to federal appropriations as a source of funding, the cost to the federal government would be greater than it would be with financing through conventional borrowing by the Department... [29 Jun 2005]

Should the Budget Rules Be Changed so That Large-Scale Borrowing to Fund Individual Accounts Is Left Out of the Budget?

White Paper Recent plans to replace part of Social Security with individual accounts would significantly increase federal borrowing for at least several decades. Over the next 10 years alone, various individual account proposals funded by borrowing would... [20 May 2005]

Should the Budget Be Changed to Exclude the Cost of Individual Accounts?

White Paper Treating federal borrowing for individual accounts differently from federal borrowing for other purposes would create a large loophole in longstanding budget rules that is unwarranted and inconsistent with other federal budgeting practice. [20 May 2005]

States' Heavy Reliance on Spending Cuts and One-Time Measures to Close Their Budget Gaps Leaves Programs at Risk

White Paper As a result, states cut spending, drew down their reserves, raised taxes and used one-time measures such as borrowing, federal fiscal relief and payment date shifts to close those gaps. Between fiscal year 2002 and fiscal year 2004, states faced... [20 May 2005]

The Impact of the President's Proposal on Social Security Solvency and the Budget

White Paper By any of these measures, borrowing trillions of dollars and draining money from the Social Security trust fund would be worrisome. Analysts use a variety of measures to gauge the impact of Social Security reforms on Social Security solvency and... [20 May 2005]

Would Borrowing $2 Trillion for Individual Accounts Eliminate $10 Trillion in Social Security Liabilities?

White Paper Administration officials have been downplaying the significance of the $2 trillion in transition costs required by some individual accounts plans, by comparing that cost to the unfunded liability in Social Security over an infinite time horizon... [20 May 2005]

Many Middle-Class Families Likely to Wind Up as Net Losers From the "Middle-Class" Tax-Cut Legislation

White Paper To date, all of the tax cuts enacted since 2001 have been financed by borrowing, which has contributed to higher deficits. But financial markets will not indefinitely tolerate large, persistent deficits of the type that the nation is projected to... [20 May 2005]

An Analysis of Senator Graham's Social Security Plan

White Paper The plan rests on large-scale borrowing that would increase deficits and the national debt for decades. The Graham plan has serious shortcomings. It would result in deep cuts in Social Security benefits, yet do little or nothing to improve the... [20 May 2005]

The Ultimate Burden of the Tax Cuts: Once the Tax Cuts Are Paid for, Low- and Middle-Income Households Likely to Be Net Losers, on Average

White Paper To date, the tax cuts have been funded with increased borrowing. This postpones but does not eliminate the required payments. It can also create the misleading impression that tax cuts make almost everyone better off because the direct tax-cut... [20 May 2005]

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