CRFB Releases and Events
With the fiscal debt clock ticking, the Committee for a Responsible Federal Budget yesterday brought together members of Congress and other fiscal experts to talk about "Let's Get Specific: Ways to Fix the Federal Budget". Facing a soaring federal debt, it's difficult to discuss how to close the fiscal gap without getting specific, CRFB Co-Chairman Bill Frenzel told those attending the half-day session.
Our nation faces budget deficits for as far as the eye can see. When it comes to specific solutions to this problem, many politicians are more likely to embrace changes that would make the deficit situation worse, not better. The forum (click here for more details) will focus on a number of specific solutions to put the debt back on a sustainable path.
Today, the White House announced its intent to appoint CFRB Board Member Jim Kolbe and CFRB Co-Chair Bill Frenzel to the Advisory Committee for Trade Policy and Negotiations. The Advisory Committee for Trade Policy and Negotiations is part of the Office of the United States Trade Representative.
Today, CRFB released a new policy paper showing a more probable fiscal outlook over the coming decade than what baseline budget projections would predict. Late last week, CBO released its updated current law budget and economic assumptions. While current law projections show debt continuing to grow over the next ten years, it is highly likely that actual deficits and debt will be much worse over both the medium- and long-term.
The National Commission on Fiscal Responsibility and Reform held its fourth meeting yesterday where it heard from our very own CRFB President, Maya MacGuineas, and board member, Barry Anderson.
CRFB board member Doug Holtz-Eakin and CRFB president Maya MacGuineas both had essays in the most recent edition of the Ripon Forum. While they focused on different subjects (spending and the possibility of a fiscal crisis, respectively), their message was the same: our current course is unsustainable.
Here are some quotes from each essay:
This morning, CRFB president Maya MacGuineas will testify before the National Commission on Fiscal Responsibility and Reform, an executive committee formed by President Obama to tackle our nation's mounting fiscal crisis. The topics covered will be broad, but the focus must be on fixing America's unsustainable fiscal situation.
You can watch video of the testimony and the Commission meeting here.
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.