Business Support for Go Big Grows

Going big is getting bigger. A letter to the Super Committee today from a coalition of business organizations that spans numerous industries underscores the growing support from the corporate community for the panel to go above and beyond its mandate. The letter garnered the support of 200 business organizations.

Rick Perry's Plan for Taxes and Economic Growth

Earlier today, Texas Governor and Republican presidential candidate Rick Perry announced details of his "Cut, Balance and Grow" plan for spending and tax reform.

Two More Calls for the U.S. to Tackle Its Debt

Two recent warnings over the United States' fiscal outlook are worth taking a look at. First, Bank of America Merrill Lynch released a report last week voicing concerns about the Super Committee and the risk of another potential credit-rating downgrade if they don't succeed.

What We Hope to Hear from Tonight's Debate

The Republican presidential contenders will be at it again tonight in yet another debate, but for those who are already suffering from debate fatigue, this evening's affair at Dartmouth University in the first primary state of New Hampshire promises to be different. First of all, the questions will focus on the economy, meaning that voters should hear more from the candidates on the two intertwined issues that polls indicate matter most to them - the economy/jobs and deficits/national debt.

CRFB President Maya MacGuineas and Board Member Douglas Holtz-Eakin Testify on the Economic Effects of the Deficit

In case you missed it last Wednesday, CRFB President Maya MacGuineas and CRFB board member Douglas Holtz-Eakin testified in front of the Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Economic Policy.

JP Morgan on the Financial Perspective of Fiscal Policy

In a recent report, JP Morgan summed up a number of reasons, from a financial perspective, on why it is important for the Joint Select Committee on Deficit Reduction (or Super Committee) to "Go Big" and exceed their savings mandate of $1.5 trillion.  The report warns that markets will be closely watching the committee's work, as fears that stagnant economic growth may persist are mounting in the face of inaction on the nation's debt.

More on the Downside Risk of Changes to Budget Forecasts

Yesterday, we argued that to actually stabilize the debt as a share of the economy, you probably need to propose a plan with even more savings than what would stabilize the debt under current projections. The risks come from both the economic and political uncertainties:

Offsetting the Jobs Bill

Yesterday, the President offered a plan for how he would pay for his $447 billion jobs proposal. The pay-fors would come entirely from revenues, mainly from limiting itemized deductions and other tax expenditures for people earning over $200,000 ($250,000 for families) per year.

Recent Proposals for Job Growth

Leading up to President Obama’s job speech tomorrow evening, there has been much speculation as to the measures the president will propose. The current expectations are that he will suggest a $200 - 300 billion jobs plan, including extensions of the payroll tax holiday, unemployment insurance, and certain business incentives.

CBO's Newest Economic Projections

In CBO's latest Budget and Economic Outlook, CBO includes revised projections of various economic indicators as part of its update. Since there is such a major relationship between economic conditions and fiscal policy, these numbers are of significant importance. CBO's latest economic projections do contain worse real GDP growth for the first few years, but much faster growth mid-decade.

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