Democratic Whip Steny Hoyer (MD) has been a member of CRFB's Announcement Effect Club since June of last year. During a briefing on the Hill yesterday, Rep. Hoyer reaffirmed his position in the club when he pointed out that simply committing to a balanced and comprehensive fiscal plan could do a lot to restore confidence in the U.S. economy.
More specifically, Rep. Hoyer stated that:
We need to address jobs. We need to address deficits and debt. I suggest that they are interrelated. My view is that one of the most positive things we could do to address confidence in the economy would be to come up with a big, bold and balanced fiscal plan for the coming decade to get us to balance.
We are glad to see Rep. Hoyer highlight the immediate potential benefits of agreeing on a comprehensive deficit-reduction plan. It is not that reducing the deficit through immediate spending cuts or tax increases would help the economy, but that having a plan with gradual savings that puts the debt on a downward path would increase confidence in our economic future. In addition, there would be confidence that leaders in Washington of both parties are willing and able to work together and compromise for the good of the country.
To read more about CRFB's Announcement Effect Club and see a full list of members, click here.