President Bush has released his budget for fiscal 2008. It would restrain the growth of domestic spending, increase defense spending, and make some minor reforms to entitlement programs. The budget supposedly would eliminate the deficit by 2012, but it would not repeal the damaging alternative minimum tax (AMT). Are there any substantial reforms in the budget? Does it do enough to restrain spending? How will Congress respond to the president’s proposals? What will be the fate of the president’s tax cuts, particularly the 2003 supply‐​side reforms that have boosted economic growth?

Rep. John Campbell, head of the Republican Study Committee’s Budget and Spending Taskforce, will discuss the Bush budget and the RSC’s fiscal agenda. Stephen Slivinski will provide details regarding the president’s proposed spending changes. Chris Edwards will discuss the AMT and the danger of increased taxes in the coming years. Dan Mitchell will discuss the economic impact of the Bush tax and spending proposals.