CRFB Compares the Major Deficit Reduction Plans
Comparing fiscal plans can often be a difficult task. The plans may use different baselines, use different ten-year windows, have different estimates for the same policy, or use some magic asterisks to try to make everything add up. Seeing how the plans stack up on the same basis often requires digging through a lot of numbers and cutting through a lot of claims. But no more!
CRFB has just released its apples-to-apples comparison of four major fiscal plans: the Fiscal Commission plan, the House budget resolution last year, the Obama-Boehner near-deal, and the President's FY 2013 budget. The table compares all four plans on the same 2012-2021 window against the same current policy baseline.
Overall, we need a fiscal plan that balances the concerns of short-term economic vulnerability and long-term sustainability. As we said:
It would be far preferable to gradually phase in well thought-out spending cuts and revenue increases to give individuals and the economy time to adjust. CBO’s latest projections show the opportunity in front of lawmakers to “Go Big” by enacting a comprehensive and multi-year debt reduction plan that makes calculated decisions on where to spend less and where and howto raise additional revenues.
Click here to see the full release.