CRFB President Testifies Before President's Fiscal Commission
This afternoon, CRFB President Maya MacGuineas testified before the National Commission on Fiscal Responsibility and Reform, offering several suggestions for the commission's work leading up to the December report. She argued that:
- The Commission needs both a medium- and long-term fiscal goal. (As we've argued for here)
- It's time to get specific.
- Focus on policies that are conducive to growth.
- Process reforms can be used to both help force changes and enforce a plan.
In the vein of getting specific, MacGuineas offered her own specific plan on how to stabilize the debt at 60 percent of GDP by 2018, proposing a package of $650 billion in savings in 2018. Included were savings from revenue changes, defense, Social Security, health care, and some other discretionary changes. Click here to read her testimony and see her plan.
As for her last point, the Peterson-Pew Commission on Budget Reform is currently working on its second report focusing on comprehensive budget process reform. Stay tuned for its release this fall.