The Bottom Line

December 6, 2010

After the addition of the Fiscal Commission to the Announcement Effect Club last week, Steven Pearlstein of the Washington Post kept the membership growing with an op-ed in Friday's Post. 

December 4, 2010

In a Heritage Foundation analysis of the President's Fiscal Commission's final plan, Brian Riedl argues that the recommendations have "too much taxes, not enough spending cuts." Riedl takes issue with the Fiscal Commission's claim that the primary (before interest) savings are split between 65 percent spending cuts and 35 percent tax increases.

December 3, 2010

Once again, Congress earlier this week had to pass a short-term stop-gap spending measure to keep the lights on. The House and Senate passed a continuing resolution (CR) keeping the federal government funded at current levels through December 18. The resolution was needed because Congress has passed none—that’s right none—of the twelve Fiscal Year 2011 appropriations measures.

December 3, 2010
Safe Haven From Eurozone, Upside Consumer Surprises, Then Caution

What a week it’s been. Just look at the ups and downs of the yield on the benchmark 10-year Treasury note.

December 3, 2010

Update: 11 out of the commission's 18 members voted to approve of the final proposal. See our release here.

December 2, 2010

Senator Richard Durbin (D-IL) has just voted for the Fiscal Commission's final plan. In an op-ed in the Chicago Tribune explaining why he is choosing to support the plan, Durbin states that:

"The simple fact is this: America needs to grow our economy and reduce our $13.8 trillion debt."

December 2, 2010

Today, Andy Stern, a member of the Fiscal Commission, released the 21st Century Plan for America’s Leadership, a proposal to reduce the federal deficit while increasing the level of basic investment by the government in the long term.

December 2, 2010

Since the Fiscal Commission released its final report yesterday, CRFB has updated its comprehensive table covering all of the deficit reduction packages out there to date. The comparison grid includes the Fiscal Commission’s co-chair and final proposals (a great way to compare the two!), Paul Ryan’s Roadmap, the Galston-MacGuineas Plan, the Esquire Commission’s plan, the Debt Reduction Task Force, and Rep. Schakowsky’s plan.

December 2, 2010

In the wake of the release of the Fiscal Commission’s deficit reduction plan, it’s interesting to note the dichotomy between the focus on deficit reduction and the debate over the extension of the Bush-era tax cuts. Both of these issues are at the forefront of public debate right now. The Fiscal Commission should be applauded for its hard work in trying to draft a coherent and credible plan that will address our medium and long-term fiscal challenges.

December 2, 2010

Update: Senator Dick Durbin (D-IL) has also decided to support the Fiscal Commission's plan, helping to give the recommendations a bipartisan, majority backing of 11 votes.

December 1, 2010

In today's release of the Fiscal Commission's final recommendations, the report undoubtedly, unequivocally, indubitably joined the Announcement Effect Club. In the section on how the plan can fit into "fostering an economic recovery", here's what they had to say:

December 1, 2010

The co-chairs of the President's fiscal commission today released the deficit reduction plan that members will be asked to vote on Friday.

December 1, 2010
Why We Need to Address our Fiscal Challenges – Now

As they read over the draft Fiscal Commission plan released today, many politicians will wonder why in the world should they agree on a plan – any plan - that contains so many features they don't like and which would more than likely set in motion painful adjustments for their constituents?

December 1, 2010

The President's National Commission on Fiscal Responsibility and Reform will meet this morning to discuss the deficit reduction proposal they will vote on this week. Watch live video here and check out our live-Tweeting of the meeting at http://twitter.com/budgethawks

View the report here.

 

 

November 30, 2010

The December 1st deadline for the President’s Fiscal Commission has nearly arrived. With a Co-Chairs draft proposal already in circulation (see our commentary here), the commission’s final proposal is something CRFB is eagerly awaiting.

November 30, 2010

Rep. Mike Quigley (D-IL) released a report today proposing 15 ways that the federal budget process could be improved to give a clearer picture of the fiscal situation and more focus on achieving long-term stability.

November 30, 2010

As the Fiscal Commission discusses its final proposal for deficit reduction, CRFB issued a press release today urging the Commission’s members to come together and agree on a bipartisan, comprehensive deficit reduction plan.

November 30, 2010

CBO has issued new numbers for the total costs of the Troubled Asset Relief Program (TARP). CBO now estimates that TARP will cost $25 billion over the life of the program. This is down $41 billion from CBO's previous estimate of $66 billion in their August 2010 Budget and Economic Outlook, $84 billion less than CBO's March 2010 estimate, and $88 billion less than OMB's most recent analysis (which relies on data up to May 31, 2010).

CBO gives the reasoning as to why the cost estimate has gone down over the past year:

November 29, 2010

You might have missed it last week if you were preparing to chow down on some turkey, but Our Fiscal Security (OFS)--a joint project of the Economic Policy Institute, Demos, and the Century Foundation--became another in a long list of groups/experts to put out a specific proposal for our long-term fiscal situation.

November 29, 2010

Pete Davis over at Capital Gains and Games joined the Announcement Effect Club over the weekend and FDIC head Sheila Bair came very close.

In a blog post at CG&G, Davis called for a fiscal plan to put our debt on a sustainable trajectory. But how soon?

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