The Bottom Line

September 20, 2012

Today on Bloomberg, Edward Lazear -- the former chairman of the Council of Economic Advisors under former President George W. Bush -- talked about the revenue impact of Simpson-Bowles when comparing it to Governor Romney's plan.

September 20, 2012

Today, NPR's Planet Money featured a helpful "three and a half graphic" breakdown of the fiscal cliff, relying on CRFB's figures. The piece breaks down the size of the tax increases and spending cuts (about $380 billion and $100 billion, respectively), and also details the source of each.

September 20, 2012

Tonight, the Concord Coalition will present their annual Paul E. Tsongas Patriot Award to the Brave 38—the 22 Democratic and the 16 Republican Congressman that voted for the bipartisan Cooper-LaTourette budget resolution.

September 19, 2012

The United States is not the only country in the world who has, or is, facing fiscal problems. Our neighbor to the north faced some severe fiscal problems during the mid-1990s when they had high budget deficits and when the Mexican peso crisis seemed to make Canada the next focus of international worries.

September 19, 2012

We have seen many lawmakers and business leaders claim that the fiscal cliff is holding back the recovery and leading to higher unemployment, and in today's The Wall Street Journal, a Bank of America survey shows that in the mind of investors it is the top risk for the U.S. economy.

September 18, 2012

A column in The Wall Street Journal today asks "Should the Eligibility Age for Medicare Be Raised?" Taking the "yes" side is CRFB president Maya MacGuineas, arguing it is a fair and effective way to lower Medicare spending. MacGuineas says that because life expectancy at age 65 has increased significantly since Medicare was first enacted, the eligibility age should reflect this increase.

September 18, 2012
Congress Leaving on a Debt Plane

CRFB President Maya MacGuineas writes in today's The Hill that as Congress returns home for another recess, there is plenty of evidence that continuing to kick the can down the road will no longer work.

September 18, 2012

Today, the Concord Coalition and Next 10 released a new budget simulator that allows participants to choose for themselves how to reduce our unsustainable budget deficit. The simulator presents a wide range of options on both the spending and revenue sides, and calculates with interest what the budget deficit or surplus would be over the next 10 years.

September 18, 2012

In today's Financial Times, former chair of the Council of Economic Advisors durign President Clinton's Administration and CRFB board member Laura Tyson writes that tax reform represents a deficit reduction opportunity that both parties can agree on.

September 17, 2012

The second of four Strengthening of America—Our Children's Future forums was held today on national security and the national debt. The event featured two panels, the first discussing the national security threat excessive debt poses, while the second panel presented the possible solutions of Bowles Simpson and Domenici-Rivlin.  

September 17, 2012
Bill Clinton’s Call for Bipartisan Cooperation Worth Heeding

Former Senator and CRFB board member Judd Gregg (R-NH) writes in today's The Hill that former President Bill Clinton's call for bipartisanship may be one of the most important messages for this election and the next Congress. Gregg says that the country's tremendous fiscal problem represents so many difficult choices that it will be highly unlikely for one party to be able to impose their will in passing a solution.

September 14, 2012

CRFB Board Members, Fix the Debt Campaign Co-Founders and Fiscal Commission Co-Chairs Erskine Bowles and Alan Simpson recently appeared on Meet The Press to discuss the nation's fiscal situation and the plan that bears their name, Simpson-Bowles

September 14, 2012

This afternoon, the OMB released its legally required report on the $1.2 trillion sequester, detailing how and where the cuts would fall on the various programs that would take a hit. The nearly 400 page report goes account by account showing what and how much programs are cut and what is exempt, but the overview for FY 2013 comes early on in the report.

Overall, the sequester will reduce budget authority in FY 2013 by $109 billion. Here's how it falls:

September 14, 2012

The legally required report on what programs the automatic sequester would apply to and how large the cuts would be, as stipulated in last month's Sequester Transparency Act, has been released by OMB. We will have more analysis of the report on the blog later today, so stay tuned for further coverage.

September 13, 2012

Yesterday, a group of farmers and farm state lawmakers gathered in Washington to rally for the passage of a farm bill, on which progress has stalled according to the New York Times. The Senate earlier this summer passed a bill on a 64-35 vote with bipartisan support.

September 13, 2012

After months of speculation and anticipation, the Federal Open Market Committee decided to undertake a third round of quantitative easing. The centerpiece of QE will be the purchase of more mortgage-backed securities at a pace of $40 billion per month.

September 13, 2012

In The Wall Street Journal yesterday, economics editor David Wessel wrote about the Fix the Debt campaign's effort to shape the deficit debate in Washington.

September 12, 2012

The Center for Strategic and International Studies hosted an event today chaired by former Senators Sam Nunn (D-GA), who is a member of the steering committee for the Campaign to Fix the Debt, and Pete Domenici (R-NM) entitled "Economic and Foreign Policy Implications of America's Debt." It featured comments from former Treasury Secretary Robert Rubin, former Treasury Secretary and Secretary of State James Baker, and a panel of former members of Congress.

September 12, 2012

The Committee for a Responsible Federal Budget, along with many others, have been calling on the presidential candidates to Debate the Debt, and more recently calling on each debate's moderator to devote the neccessary time to a discussion of our unsustainable federal debt and each candidate's plan to fix it.

September 12, 2012

For all you can say about the budget process in recent years, at least this time Congress is on track to resolve spending levels ahead of a deadline -- not the April 15 budget resolution deadline, but the absolute minimum September 30 deadline.

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