Signs of a Not-Good Payroll Number on Friday...
Doug Elmendorf Speaks! The Message I Hear: Stick to PAYGO and We Are OK...

What Is CBO Doing with Its Long-Term Budget Outlook.

Last year the 75-year fiscal gap was 3.2% of GDP under the current-law baseline and 8.1% under the alternative fiscal scenario.

This year--thanks to PAYGO and health-care reform--the 75-year gap under PAYGO is 0.7% of GDP--and under the alternative fiscal scenario is 8.7% of GDP.

That is a huge delta--both the effectiveness of the PPACA inr estranging cost growth and in the gap between current laws and congressional business-as-usual...

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