CRFB Releases and Events
In his recent testimony, CBO directory Doug Elmendorf argued that it would be beneficial for policymakers to make large improvements to our budgetary picture, but that small steps forward would be better than nothing, and "no steps at all would be better than stepping backward." Budget gimmicks fall squarely into that stepping backwards category by potentially offsetting real costs with phony savings.
Our paper released yesterday detailed how our long term debt problems are far from solved, making clear the unsustainability of federal debt over the long term and how much deficit reduction remains to fix it. As policymakers consider how to achieve long term deficit reduction, they must make sure they effectively evaluate policy options available to them, and have better information on the long term impact of different policies.
Today, CRFB has released a new paper, Our Long-Term Debt Problems Are Very Far from Solved, which shows while recent improvements may have benefited our budget outlook over the short and medium term, we have made little progress on the long term and sizable challenges still remain.
Yesterday, former Defense Secretary and CRFB board member Leon Panetta headlined a press conference at the National Press Club on the need for our lawmakers to come together and work toward a comprehensive debt deal.
On September 18, CRFB hosted "Defining Moments in Debt," a panel discussion at the Captial Visitor Center about the many impending "fiscal speed bumps," approaching this fall. There was widespread agreement about the severity of the upcoming debt limit and potential shutdown, as well as the unsustainablity of the budget in the long term. The panel was moderated by CNNMoney writer Jeanne Sahadi, and featured:
This morning, at 9 AM Eastern time at the Capitol Visitors Center, CRFB will host "Defining Moments for the Debt," an event which will discuss the many "fiscal speed bumps" that are coming in the next month. The event will be highlighted by a heavy-hitting and diverse panel discussion, moderated by CNNMoney writer Jeanne Sahadi and featuring:
CBO's Long-Term Budget Outlook is a sizeable 126-page document with tons of facts and figures, and an accompanying spreadsheet with even more data. In order to help people pull out the key findings and takeaways from the report, we've condensed the document down to a concise 7-page analysis of the key facts and figures.
Beginning tomorrow, the Federal Open Market Committee, the Fed's interest rate setting and deliberative body that meets eight times a year -- will meet for two days to make decisions about the future path of U.S. monetary policy. In particular, many are looking to see whether the Fed will begin a "taper" and slow the rate of asset purchases, signaling the beginning of an unwind of the Fed's expanded balance sheet.