Plan Will Rebuild the Economy, Cut Spending and Debt, and Create a Simple, Pro-Growth Tax System
Nov. 10, 2010
Washington, D.C. – The Bipartisan Policy Center (BPC) applauds the efforts of Erskine Bowles and Alan Simpson, co-chairs of President Obama’s National Commission on Fiscal Responsibility and Reform, to address the nation’s serious fiscal problems and hopes they can achieve the commission’s support for a viable plan.
The BPC’s Debt Reduction Task Force, chaired by former Senate Budget Committee Chairman Pete Domenici and former White House Budget Director and Federal Reserve Vice Chair Alice Rivlin, will release its own bipartisan, bold, comprehensive, and politically viable budget plan to reduce the debt and strengthen the economy next week.
The plan, Restoring America’s Future, will reduce and stabilize the debt at below 60 percent of the economy, and it will balance the “primary” budget (the budget other than interest payments) by 2014 and every year thereafter. It also will dramatically simplify personal and corporate taxes to make America more competitive, ensure that Social Security can pay benefits to future generations, control health care costs for families, businesses, and government, cap defense and non-defense discretionary spending at realistic levels, and raise new revenues. By stabilizing the debt, simplifying the tax code, and controlling health care costs, it will lay the groundwork for a brighter future.
This plan will show that a bipartisan group of leading Americans from across the country, with divergent views about public policy and the role of government, can come together to address the problem of soaring deficits and debt that, in the coming years, will threaten the nation’s economic health. The Task Force members will urge the nation’s leaders to adopt their plan or something like it expeditiously.
Former Senate Majority Leader Tom Daschle, one of the BPC’s four founders, will make opening remarks and Domenici, Rivlin, and other Task Force members will discuss the plan and answer questions. The bipartisan Task Force includes 19 former White House and Cabinet officials, former Senate and House members, former governors and mayors, and business, labor and other leaders. For a full list, please visit www.bipartisanpolicy.org.
Economic Policy Project