Event Recap: Leon Panetta and Others Urge Action on Fiscal Issues

Yesterday, former Defense Secretary and CRFB board member Leon Panetta headlined a press conference at the National Press Club on the need for our lawmakers to come together and work toward a comprehensive debt deal. Panetta was joined by CRFB President Maya Macguineas, former Director of the Office of Management and Budget and Congressman Jim Nussle (R-IA), President & CEO of US Hispanic Chamber of Commerce Javier Palomarez, Executive Director of Leaders Engaged on Alzheimer's Disease Ian Kremer, President of the National Small Business Association Todd McCracken, President of the Association of American Universities Hunter Rawlings, and President & CEO of Research!America Mary Woolley.

Panetta said that at a very least lawmakers shouldn't take actions that cause harm. Of particular note given his background as Secretary of Defense, Panetta argued that the combination of this shutdown and the sequester was hurting national defense by "virtually hollowing out our military." From ships and infantry that could not be deployed because of the sequestered to the furlough Department of Defense workers, Panetta explained that the "negotiate-by-crisis" approach taken by lawmakers was having real consequences.

On today's agreement in the Senate, former OMB Director Nussle was pleased but emphasized the need to do more. "We have an opportunity, cooler heads did prevail," he said.  But in order to take advantage of this second fact, lawmakers needed to begin to look at entitlement and tax reform - and that would require tough choices. "No one is going to agree 100 percent of the time" said Nussle. But he added that everyone should be able to find some areas of compromise.

MacGuineas called for lawmakers to move forward on a comprehensive plan to put debt on a downward path. She said that the nation would only get its fiscal house in order after taking a hard look at entitlement programs, other spending, and the tax code. That was a common sentiment among the other speakers, with many expressing frustration of the failure of lawmakers to protect key investments as we work to address the national debt.

It's always important to remember that fiscal responsibility is hard, and requires difficult choices on the behalf of lawmakers. But for Panetta, that is part of the job description and lawmakers needed to trust the other people in the room. Panetta reflected on his own experience:

It was tough. Not easy. It took courage, and there were risks involved. But that’s what governing’s all about. That’s why we elect people. We don’t elect people to simply serve blind in office. We elect people to make the tough choices of governing this country. Hopefully, having been through this experience of a shutdown and the implications of not increasing the debt ceiling, that will be a sufficient enough incentive for them to now turn to governing.

The budget deal has at least averted disaster, but the hardest work lies ahead. Hopefully, lawmakers hear the message that was delivered today.

Click here for video of the event.