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One Year Anniversary of the Moment of Truth Report

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December 1, 2011 marked one year since the release of The Moment of Truth report by the National Commission on Fiscal Responsibility and Reform. The report declared that the era of deficit denial is over. In the year since the report was issued, fiscal responsibility and reform has become the dominant national issue and the debate has shifted from a question of if we should reduce long-term deficits to a matter of when and how we will do so.

While the Joint Select Committee on Deficit Reduction (Select Committee) failed to reach an agreement on $1.2 trillion in deficit reduction, the momentum behind enacting a bipartisan, comprehensive fiscal plan based on the framework put forward by the Fiscal Commission has continued to grow. In the wake of the Select Committee's failure, a growing number of lawmakers from across the political spectrum have voiced support for a bipartisan and comprehensive approach to solving our fiscal problems, with many of them specifically calling for reviving the Fiscal Commission's recommendations. These calls have been echoed by many editorial boards and columnists and organizations.

Former Fiscal Commission co-chairs and current Moment of Truth project (MOT) co-chairs Erskine Bowles and Sen. Alan Simpson remain active in the discussion on how to solve our nation's fiscal problems. They testified before the Select Committee on November 1 and have had several op-eds published in addition to speaking to audiences across the country. They continue to receive very positive reactions from audiences across the political spectrum (Sen. Simpson reports that he continues to get "more thumbs up than other digits"), providing further evidence of what the Commission wrote in The Moment of Truth preface:

"The American people are a long way ahead of the political system in recognizing that now is the time to act. We believe that far from penalizing leaders for making the tough choices, Americans will punish politicians for backing down -- and well they should."

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  • Click here to read the official statement from former Fiscal Commission members Erskine Bowles, former Sen. Alan Simpson, Alice Rivlin, Dave Cote, Andy Stern, Ann Fudge, former Sen. Judd Gregg and former Rep. John Spratt.
  • Click here to see where we would we be if the Fiscal Commission's recommendations had been adopted one year ago.
  • Click here for examples of support from lawmakers on both sides of the aisle.
  • Click here for examples of support in newspaper editorials and op-eds from across the country.
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Dec 2, 2011
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December 1, 2011 marked one year since the release of The Moment of Truth report by the National Commission on Fiscal Responsibility and Reform.