CRFB Releases and Events
With the release of President Obama's deficit reduction plan this morning, CRFB has put out a press release commenting on the proposal.
Yesterday, we released a letter signed by over 60 leading budget experts from various fields urging the Joint Select Committee on Deficit Reduction (“Super Committee”) to Go Big in its mission to address the nation’s deficit and debt.
Letter Urging Super Committee to "Go Big" Signed by Over 60 Business Leaders, Former Government Officials and Experts
Following CRFB's theme of urging the Super Committee to "go big," a group of more than 60 former lawmakers, policymakers, economists and business leaders have signed a letter to the committee's co-chairs, urging them to exceed their mandate and put our country on a sustainable fiscal path.
Update: Click here to watch C-SPAN's video of the press conference.
In case you missed it yesterday afternoon, CRFB put out its expectations for the Super Committee, urging them to Go Big! Given the severity of our debt challenge, enacting only $1.5 trillion savings over the next ten years is not enough. Compared to our Realistic Baseline, this amount would keep debt on an upward path relative to the economy, both over the medium-term and the long-term.
As the first meeting of the Super Committee has come and gone, it is important to take a look at the policies that they could consider. CRFB's table of overlapping policies, which appears in our recent paper on what we hope to see from the Super Committee, is a great resource for looking at the sort of ideas that will get some attention in the upcoming negotiations.
Update: CRFB's newest policy paper, What We Hope to See from the Super Committee, shows CRFB Realistic projections for spending by category and revenues over the long-term. Check out the graph (posted below) and the rest of our recommendations!
In light of the Budget Control Act (BCA) that passed one month ago and updated budget and economic projections from CBO, CRFB has updated its 75-year Realistic Baseline.
In the wake of Hurricane Irene and last week's job report, calls for Washington to enact some form of emergency spending measures have intensified. Given recent events and the weak economy, such measures may indeed be warranted. Given our country's fiscal situation, however, we cannot afford to add to our already massive debt burden.
With the S&P downgrade of U.S. debt from AAA to AA+ on the books, CRFB has released a paper that goes into the credit rating system, the possible effects of the downgrade, and how other countries have fared in a similar situation.
We explain the reasons that S&P gave for the downgrade: