CRFB Releases and Events
Over the past few years, lawmakers have engaged in a series of budget showdowns trying to avoid fiscal speed bumps and reduce deficits. However, debt projections continue to show an unsustainable outlook, and there appears to be little appetite for the kind of deal that would be necessary to put it on a downward path as a percent of GDP. That's where you come in.
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: