Peterson-Pew's New Fiscal Toolkit
In the last few weeks there has been an incredible amount of talk about using targets, triggers, caps, and failsafes to help set us on a sustainable course. Many different approaches can be taken to solve the broken budget problem, and CRFB hopes the new Fiscal Toolbox from the Peterson-Pew Commission (PPC) will offer guidance in choosing the right approach to repair the budget.
According to CRFB President, Maya MacGuineas, “We have lots of tools to choose from here – everything from spending limits to balanced budget rules to debt targets.” In a time of uncertainty, when no plan has emerged as the frontrunner to control debt, MacGuineas goes on to say, “What we need to do is take the best parts of each plan to design the tool that will best help policymakers to bring the debt under control."
The fiscal toolbox looks at proposals put forth by the PPC, Fiscal Commission, President's Framework, Corker-McCaskill, Bipartisan Policy Center, and balanced budget amendments, comparing the overall goals and specifics of each proposal.