CRFB Releases and Events
Today, CRFB released its report on the long-term effects of the recent health care reform package (be sure to check it out!), based on information provided in CBO's Long Term Outlook. CBO's analysis reflects the relatively inconclusive results of health reform's true budget impact. While those on the right and the left have argued that the reform package will either substantially increase or decrease the U.S.
In her testimony before the President’s Fiscal Commission last week, CRFB President Maya MacGuineas presented the following plan as an option to stabilize the federal debt at the popularly considered maximum, 60 percent of GDP, in response to the request for specific policies to deal with the debt. Her plan (shown in the below table) is meant to achieve the 60 percent goal in a balanced manner, while protecting the most vulnerable and promoting economic growth. What follows is only one option for stabilizing the debt—but regardless of the plan we ultimately choose, it’s time to get specific in determining exactly how we are going to fix this grave problem.
CRFB just released its analysis of the long term outlook. The analysis noted that while the debt picture has improved somewhat under CBO's extended baseline scenario, there is still much work to be done to prevent debt from reaching unsustainable levels.
This afternoon, CRFB President Maya MacGuineas testified before the National Commission on Fiscal Responsibility and Reform, offering several suggestions for the commission's work leading up to the December report. She argued that:
Americans will get the chance to have their voices heard on what policymakers should do about the unsustainable fiscal outlook at some upcoming events.
Congress may be dropping the budget ball, but CRFB doesn’t intend to – literally. We will be participating in the 2nd Annual Budgetball on the Mall tomorrow.
Yesterday, The Committee for a Responsible Federal Budget hosted a chilling conference on “What a Fiscal Crisis Would Look Like in the U.S.” An all-star group discussed: what a tipping point might be; how a crisis might unfold; and what policies would be best to avoid a crisis. There was a clear consensus in the room that without changes, a crisis in inevitable.
Be sure to join America Speaks this afternoon from 3 - 4:30 pm for a National Briefing on Our Budget and Economy. A panel of experts, including Maya MacGuineas, Alice Rivlin, David Walker, Alison Fraser, and Bob Greenstein, will discuss the country's fiscal health and will respond to questions posted by viewers over the internet.
The webcast of the event is below.
In its new paper “A Preventable Crisis: Exploring Fiscal Crisis Scenarios for the United States”, the Fiscal Roadmap Project of the Committee for a Responsible Federal Budget looks at the increased risk of a sovereign debt crisis for the United States if our current budget course is not changed.