Today, a group of fiscally conservative House Democrats known as the Blue Dog Coalition released a set of targets for long-term fiscal reform. CRFB praised the Blue Dogs in a press release earlier today, commending them for their "bold and balanced framework". The benchmarks include:

• Largest deficit cuts in history by 2013
• Cut the deficit by $4 trillion over the next 10 years
• Stabilize the debt and maintain a debt ratio of 60 percent of GDP by 2024
• Return to 2008 spending levels by 2013
• Reduce the deficit to 2.3 percent of GDP in 4 years
• Reduce the size of government
• Achieve deficit reduction with 2/3 spending cuts and 1/3 tax reform
• Everything must be on the table (Security and non-security discretionary spending cuts, tax reform, entitlement reform, other mandatory policies, and process reforms)

According to a Washington Post article this morning, House GOP leaders have reached out to the Blue Dog Coalition for potential support in reaching a bipartisan deal on the FY 2011 budget. Working to find common ground under a bipartisan approach should be the model for all budget discussions, both on FY 2011 debates and on a long-term fiscal plan. CRFB commends the Blue Dogs for putting forward such aggressive and balanced targets. As CRFB president Maya MacGuineas said,

The Blue Dogs have done an excellent job outlining the parameters for legislative action to confront our mounting debt. Their framework is bold and balanced and we'd all be lucky if the final deal reflects their framework. While this is not the only approach to fixing our budget challenges, it is one that would not only reassure markets, it lends itself to bipartisan compromise, which is a key stepping stone to success.

By releasing these benchmarks, the Blue Dogs join the growing bipartisan group of lawmakers, economists, and experts who have called on leaders in Washington to address our nation's fiscal problems and get our debt and deficits under control. We sincerely hope that the Administration and Congressional leaders will respond to these calls.

Click here to read our full press release.