The Bottom Line

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.

September 11, 2012
Don’t Delay Fencing Off the ‘Fiscal Cliff’

CRFB board member Barry Anderson, along with Steve Bell of the Bipartisan Policy Center and Joe Minarik of the Committee for Economic Development, write in today's The Hill that letting the country go off the cliff and cleaning up the mess later would create even more problems for Congress.

September 11, 2012

Today, the credit rating agency Moody’s made it clear that it is unlikely that the U.S. will be able to maintain its Aaa rating unless a comprehensive budget deal is reached. According to Moody’s, the only way the U.S.

September 11, 2012

As the Troubled Assets Relief Program (TARP) continues to wind down, the biggest programs remaining are the support of GM and AIG. The latest estimate of TARP from CBO projected the two programs would cost $41 billion combined, larger than the $32 billion overall cost projection for TARP. That means the remaining elements of TARP have been a net gain for taxpayers.

September 10, 2012

In an op-ed in the Philadelphia Inquirer, Campaign to Fix the Debt Co-Chair Ed Rendell called for politicians to rise above partisan politics and choose the "third path" between the fiscal cliff and the mountain of debt from waiving the cliff entirely. He held up fellow Pennsylvania lawmaker Rep.

September 10, 2012

In a joint POLITICO ad with the Concord Coalition and the Bipartisan Policy Center, the Committee for a Responsible Federal Budget sent an open letter to leaders in Washington telling them to, well, lead!

September 7, 2012

Last night, President Obama gave his acceptance speech in Charlotte (with our team on the ground). Among the many points in his speech, President Obama talked about our nation's debt. He claimed that his plan would save $4 trillion over the next ten years. Doing what they try do best, fact checkers looked at his numbers. And this time, CRFB's own analysis was there to help.

September 7, 2012

The final night of the Democratic National Convention means that convention season is finally over. The campaigns now come into the home stretch, with debates and endless travel ahead.

September 6, 2012

Not to be outdone by the first day, day 2 of the Democratic National Convention once again featured a full lineup of speakers, including House Minority Leader Nancy Pelosi (D-CA), House Minority Whip Steny Hoyer (D-MD), House Budget Committee ranking member Chris Van Hollen (D-MD), Massachusetts Senate candidate Elizabeth Warren, and former President Bill Clinton.

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