CRFB Comments on Administration Budget
The Committee for a Responsible Federal Budget today applauded President Obama for proposing a specific fiscal goal in his Fiscal 2011 budget plan, but said the $3.8 trillion plan does not go far enough.
The Administration must take the lead on preparing the country for the types of tough choices that will be needed, CFRB said, in a press release. Promises of tax cuts for the bulk of the population or new spending programs before a debt reduction plan is adopted, other than for well-targeted stimulus, are counter-productive.
“Clearly the Administration understands the importance of reducing the deficit, and is elevating the issue through this budget. A small spending freeze, some minor tax reforms to raise revenues, and a budget commission are all excellent ideas,” said CRFB President Maya MacGuineas. “But this budget doesn’t go nearly far enough, and it will require presidential leadership to develop a responsible fiscal plan. This has to be the start—not the extent of—the President’s push to implement a strategy to dig us out of this fiscal hole. “
The administration said it wants to reach a balanced budget excluding interest payments on the debt by 2015.
Big Bureaucracy
You guys found a great way to politely tell the President that his budget is what we the people who are not politically correct call an irresponsible and dreamy budget. Maya's call for Plan B is a great move! Very courageous! Hope that somebody will listen to CRFB.
Greetings! Ellie from http://www.bigbureaucracy.com/
Budget doesn't cut taxes!
The President's FY 2011 budget proposal incorporates the expiration of tax cuts adopted during the previous (Bush) administration, a de facto tax increase for many individuals and businesses. If these increases helped reduce the scale of Federal borrowing for non-Capital operations, that would at least be a slim silver lining to a very dark cloud. However, the proposed budget immediately spends these new revenues to entrench several new initiatives, including their "Energy Efficiency" program.
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