CRFB Releases and Events
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.
Tomorrow, September 12, CRFB's Moment of Truth Project and the National Coalition on Health Care will host a briefing on Medicare delivery system and payment reforms. The briefing will begin at 10:30 AM in the Capitol Visitor Center with presentations by John Rother of NCHC, and Ed Lorenzen of the Moment of Truth Project. Sarah Kliff of the Washington Post will moderate a panel discussion with Bipartisan Policy Center's Bill Hoagland and the Brookings Institution's Keith Fontenot.
It is now three weeks and counting until the start of FY 2014, when lawmakers will have to pass a bill funding the government or incur a shutdown. With the two chambers $91 billion apart on funding levels, they have some work to do in the next few weeks -- and perhaps in the coming months -- to find a level they are both comfortable with for the year. And with Congress only in session for nine legislative days before the end of the month, they will have to work quickly.
With Congress returning to DC, eyes are turning towards the fiscal speed bumps that they will face in the fall: funding the government, raising the debt limit, and dealing with the sequester. With the long-term fiscal situation still unsustainable, it is important that lawmakers use these speed bumps as an opportunity to put our debt on a downward path as a share of GDP.
Last week, we noted that it was the 78th birthday of the Social Security program, but cautioned that reform was needed before we could count on another 78 years of sustainability.