CRFB Releases and Events
The recent offers from the White House and Republican House leadership have shown that both parties appear to be committed to finding a compromise. But lawmakers still have a long ways to go. Not only must Congress and the President find a way to replace the fiscal cliff, but they should do so with a plan that adequately addresseses our unsustainable debt problem. To do this, all ideas must be on the table.
Reporting from The Wall Street Journal has indicated that lawmakers from both parties are taking a look at using an alternative measure of inflation, the "chained CPI," in a final deal that would avert the fiscal cliff. As far as possible options, this is one that makes a lot of sense for both technical and budgetary reasons.
In recent weeks, we've heard a lot about what each side is willing to do to avoid the fiscal cliff, but not nearly enough about how lawmakers intend to put our budget back on a sustainable path in the long term. The immediate and blunt nature of deficit reduction under the fiscal cliff would have a devastating impact on the economy, but we also cannot avoid addressing our medium- and long-term debt problem.
Tomorrow, the Campaign to Fix the Debt will be hosting a half-day event that will bring together tax, health, and budget experts for a series of discussions on pressing budget issues. The event will start at 8:30 AM and will feature remarks from former OMB director and current Senator Rob Portman (R-OH), Senate Finance Committee chair Max Baucus (D-MT), and National Economic Council Director Gene Sperling.
If you've ever wanted to design your own corporate tax reform, now you can with our new Interactive Tax Reform Calculator.
There is no question that the U.S. corporate tax system is badly in need of reform, and leaders in both parties have been pursuing this goal.
In a joint POLITICO ad with the Concord Coalition and the Bipartisan Policy Center, the Committee for a Responsible Federal Budget sent an open letter to leaders in Washington telling them to, well, lead!
CRFB has just released a new analysis of CBO's updated Budget and Economic Outlook. The CBO updates its baseline every year in January, March, and August to account for changes in its forcasting of the Current Law and Alternate Fiscal Scenario (AFS) baselines. Below is the current law projection for each baseline that CBO has produced this year.
A week ago, the Campaign to Fix the Debt launched the "Citizen's Petition to Fix the Debt," demanding that Congressional leaders and the president work together to fix the debt. Today, over 92,000 concerned citizens have pledged their support for this effort. Over 50,000 signatures were gained in the first 48 hours alone.
Earlier today, the New America Foundation held the event "Red Ink: Inside the High-Stakes Politics of the Federal Budget", focusing on Wall Street Journal economics editor David Wessel's book of the same name. The event also included CRFB senior policy director Marc Goldwein and was moderated by New America fellow Noam Scheiber.