It’s Time for a New Fiscal Commission
Yesterday, Speaker McCarthy suggested the idea of a bipartisan fiscal commission to explore long-term budgetary issues.
The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:
The Fiscal Responsibility Act will help make important progress in addressing the discretionary side of the federal budget, but much more needs to be done to get the debt under control.
A bipartisan commission would offer policymakers in both parties the opportunity to take a serious look at all parts of the federal budget and tax code and develop a plan to put us on a more sustainable path. In the past, these commissions have helped move the debate forward, developed new ideas and proposals, and sometimes led to major legislative successes.
Any commission must be bipartisan, and should include input from the House, Senate, and President. And the commission only works if everything is on the table – including revenue and including Social Security and Medicare.
The country is facing high inflation, rising interest rates, debt approaching record levels of the economy, surging federal interest costs, and looming trust fund insolvency. It’s time for Democrats and Republicans to come together to tackle these important issues.
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