Lessons Learned: Setting a Bipartisan Fiscal Commission Up for Success
A group of respected policy experts share their views on how a bipartisan fiscal commission could help break the cycle of governing by crisis.
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A group of respected policy experts share their views on how a bipartisan fiscal commission could help break the cycle of governing by crisis.
In January 2013, a series of tax increases and spending cuts are slated to go into effect automatically and all at once. Many are calling this major fiscal policy shift the "Fiscal Cliff." If all of the changes are allowed to proceed, future budget deficits would be substantially reduced. However, the nonpartisan Congressional Budget Office has forecast that the economy would be thrown into recession in 2013 — an outcome that threatens our still-fragile economic recovery.
The Concord Coalition and The Peter G. Peterson Foundation today launched a national “Fiscal Solutions Tour” to foster informed public dialogue about possible answers to the nation’s daunting fiscal and economic challenges over the next decade and beyond.
“Voters are clearly concerned about the growing national debt, and are calling for answers from the candidates at the September 10 presidential debate,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2024/08/fci-press-release
The federal government is slated to borrow about $1.9 trillion this year, and that annual shortfall is projected to grow to $2.9 trillion by 2034.
The more important question for fiscal policy is what happens when monetary policy normalizes.
Convened in November 2012, "Post-Election: The Fiscal Cliff and Beyond" brought together top elected leaders and policy experts to discuss potential paths forward for America.
https://www.pgpf.org/what-we-are-doing/events/the-fiscal-cliff-and-beyond
Learn about Peterson Foundation projects designed to address America's long-term fiscal and economic challenges.
“America’s fiscal outlook is more dangerous and daunting than ever, threatening our economy and the next generation."
“Today’s report provides a troubling snapshot of America’s fiscal outlook, which we know will only get worse from here,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2021/03/peterson-statement-on-cbos-long-term-outlook