Calendar Clarity

 

Our upcoming release of the mid-session review (MSR) in August has sparked some speculation. But any speculation about timing games ignores recent history. 

 

In transition years when the presidency changes parties, the full budget and the mid-session review are released later than non-transition years.  In our case, we released the full budget in early May and the mid-session review is on track for release in mid-August.

 

This is right in line with recent past practice.  In the first year of President George W. Bush’s administration, the mid-session review was issued on August 22.  In President Clinton’s first year in office, the MSR wasn’t released until September 1. 

 

From the moment we released the budget overview in February, I’ve been asked about the changes that could be in the mid-session review.  Although the details will be released next month, the basic contours won’t surprise anyone.  For one, the deficit picture is very challenging.  That’s one reason we have to get health care reform done – and done right – so that we address the single-largest threat to our long-term fiscal stability.