MY VIEW: David Walker June 2012
In Tuesday’s The Hill, former Comptroller General David Walker calls for a process that would lead to a comprehensive debt reform deal in 2013. He argues:
While it is unrealistic to expect the post-Election, pre-Inauguration Congress to achieve a so-called “grand bargain,” it could lay solid groundwork so that the next Congress can hit the ground running. The critical step would be for Congress to set up a process, significantly improved from last year’s failed “supercommittee”, that could open the way for a meaningful fiscal deal in 2013.
The fiscal cliff remains a great concern for the economy and while we should move to avoid it, we cannot keep adding to the debt in the long term. Walker agrees, saying:
Washington needs to demonstrate that it is serious about putting our federal financial house in order. Otherwise, the type of debt challenges that are currently facing several European nations will reach our shores. And if they do, it won’t be pretty. Let’s take steps to make sure that doesn’t happen.
Click here to read more about the process Walker proposes.
"My Views" are works published by members of the Committee for a Responsible Federal Budget, but they do not necessarily reflect the views of all members of the committee.