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Jun 3 2011
When it comes to reaching a deal on reducing the national debt, the Senate’s Gang of Six is “our best shot” and one that Americans must “pray for,” say fiscal hawks Alan Simpson and Erskine Bowles.
Jun 2 2011
Moody's put Congress on notice Thursday, warning that it will review the United States for a downgrade if it doesn't see progress on raising the debt ceiling.
Jun 1 2011
WASHINGTON (MNI) – The history of reports on fiscal policy generated by blue ribbon commissions in the U.S. is not a positive or encouraging one. For at least the past 30 years, a number of panels chaired by prominent Americans have generated broad plans to overhaul U.S. fiscal policy. But these plans have quickly faded into obscurity. But the fiscal plan assembled by the National Commission on Fiscal Responsibility and Reform at the end of 2010, often referred to as the Simpson-Bowles report, continues to influence the fiscal debate in the U.S. six months after its release, budget experts say.
May 31 2011
Marc Goldwein, policy director of the Committee for a Responsible Federal Budget, and his colleague Adam Rosenberg have written a paper making the case for the chained CPI. Because a panoply of government benefits are tied to the consumer price index, “over-indexation,” i.e., overestimating inflation and adjusting transfer payments accordingly, represents a costly error.
May 26 2011
GETTING THE DEBT under control will require some difficult choices, but not every step must be painful. There is a relatively easy way to save about $300 billion over the next decade — by adopting a more accurate method of calculating increases in the cost of living. Even in an era of trillion-dollar deficits, that is real money — and the savings would be even greater in later years. This change, which has been endorsed by groups across the ideological spectrum, ought to be taken up in the debt reduction discussions being chaired by Vice President Biden.
May 19 2011
U.S. Sen. Mark Warner said Wednesday that the loss of a key conservative senator from the so-called Gang of Six doesn't mean they're giving up on producing a complex plan to cut trillions from the national debt through deep spending cuts, entitlement reforms and changes in taxes.
May 11 2011
Ready to hear about a cool but wonky idea that could save us about half as much as letting the Bush tax cuts expire on the rich? Adam Rosenberg and Marc Goldwein have a new clear-eyed paper that calls for changing -- or rather, chaining -- the way the government measures inflation. Think about Social Security. It's a check-mailing program, basically. The first check is determined by your wages. Then next year's checks get a bump to keep up with cost of living. That bump is determined by the consumer price index.
May 11 2011
President Obama on Wednesday jumped into the sluggish negotiations over reducing the budget deficit, spearheading a debate that has yet to produce a clear path to political victory for the White House - if one even exists. The president met with Senate Democrats Wednesday and plans to discuss deficit fixes with their Republican counterparts Thursday.
May 2 2011
A bipartisan group of six senators is closing in on what could represent the best chance for tackling a deficit crisis that has forced the government to borrow more than 40 cents of every dollar it spends.
Apr 27 2011
President Barack Obama's choice of expert budget-cutter Leon Panetta to lead the Defense Department is a clear signal that the White House perceives the nation's deficit crisis, not the wars in Iraq and Afghanistan, as its toughest challenge.