Committee for a Responsible Federal Budget

COVID Relief Lifted Personal Income to Record Levels

Of the $5.9 trillion ($5.2 trillion net) of enacted COVID relief, we estimate $3.6 trillion was committed or disbursed over the one-year period beginning last April. New data from the Bureau of Economic Analysis shows that COVID relief directly increased personal income by $1.6 trillion over the course of the year. Incorporating the economic impact of COVID relief, it’s likely income was boosted by over $2.5 trillion. All told, nominal disposable personal income (DPI) grew 10.6 percent, or $1.8 trillion from the 12 months before April 2020 to the 12 months through last month. By comparison,...

What's in President Biden's American Families Plan?

This evening, President Joe Biden will unveil the third part of his ambitious “Build Back Better” agenda, the American Families Plan . According to the Administration, the plan will cost roughly $1.8 trillion and includes $1.5 trillion of offsets, resulting in a $300 billion net deficit impact over a decade.

Virtual Screening of UnRepresented and Panel Discussion

The pandemic and election exposed deep divisions among the public and raised serious questions about whether our political system is up to the task of addressing the major challenges we face. Along with FixUS, we co-hosted an advance screening of UnRepresented – a new documentary about how to overcome these partisan frictions – and a panel discussion featuring the filmmakers and subject matter experts. 

Webinar: The Cost of the Trump and Biden Campaign Plans

Whoever is inaugurated on January 20, 2021, will face many fiscal challenges over his term. The Committee for a Responsible Federal Budget published the only existing comprehensive study to detail and compare the fiscal cost of President Donald Trump and Vice President Joe Biden's campaign agendas. We estimate that both candidates would add trillions to the debt – but in very different ways.

Follow the Money: Tracking COVID

The Committee for a Responsible Federal Budget launched our brand new interactive COVID Money Tracker tool. Our new state-of-the-art database allows users to better explore the data on their own – tracking new levels of detail with greater usability and interactivity. Users can now explore the data through a sunburst visualization or dive down using an interactive table.

Where Does the Next Phase of COVID Relief Stand?

Lawmakers on Capitol Hill have been negotiating over a new package of economic and public health support to combat COVID-19. Already, Congress has already enacted $3.7 trillion of spending, tax cuts and deferrals, loans, and other fiscal aid, but some of this support is now expiring, particularly expanded unemployment benefits. Committee for a Responsible Federal Budget senior vice president Marc Goldwein discussed "Where Does the Next Phase of COVID Relief Stand?"

Projecting COVID's Fiscal Impact

The current economic crisis and response has dramatically expanded federal deficits. While this borrowing is largely necessary and desirable to combat the effects of the pandemic and resulting recession, it will lead to a permanent increase in the national debt.

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