Elaine Kamarck and James Pinkerton, co-chairs of The RATE Coalition, a bipartisan group dedicated to promote tax reform, write in today's The Hill that we should look back to 1986 as an example on how to move forward on corporate tax reform.
On New America's weekly podcast series The Sidebar, CRFB Research Director Jason Peuquet added some analysis on Representative Paul Ryan's (R-WI) budget and how his pick as Governor Mitt Romney's running mate will change the focus of the presidential election. Peuquet was excited about the Ryan pick, as it keeps fiscal issues in the political spotlight.
Is the Simpson-Bowles plan where the budget debate will eventually end up? The latest edition of the Ripon Forum seems to think so, making the plan the main focus. The Forum explores how Simpson-Bowles or something similar may be the only viable path to get something substantive done on the budget.
One article, written by editor Lou Zickar, states the following about the plan:
This afternoon Senator Mike Crapo (R-ID) and Congressman Mike Simpson (R-ID) will join CRFB President Maya MacGuineas in a public discussion at the the Idaho Statehouse on the "fiscal cliff" and the threat of our rising government debt. Senator Crapo is both a member of the "Gang of Six" and served on the Simpson-Bowles Fiscal Commission, while Rep.
There has been much discussion over the "Ryan Plan" since the House Budget Chairman was selected by Governor Romney to be his running-mate. However, there is not just one Ryan plan, but multiple iterations of the Congressman's proposals. They have evolved over time on specifics, although the overall approach has remained clear.
The Announcement Effect Club has a new member after this weekend—Fiscal Commission Co-Chair Alan Simpson. Simpson discussed the dangers of the fiscal cliff and the need for deficit reduction in an interview with Neil Cavuto. In particular, Simpson focused on the need for having a long-term plan: the direction and certainty it would provide the country would be very beneficial.
In an op-ed in The Hill, former Sen. Judd Gregg (R-NH) argues that whoever is President next year should eschew the standard President's budget--with its detailed line-by-line policies and numbers--and instead issue a budget submission with a few big policies. As he says:
Erskine Bowles and Alan Simpson appeared alongside Warren Buffett on CNBC's Squawk Box this morning, discussing the need for Congress to pass a comprehensive and sizeable deficit reduction plan.
As Senator Mark Warner pointed out last week in the Christian Science Monitor, the United States is still in a position where long-term debt reduction is much easier than in several European countries now in fiscal crisis.