The Economic Policy Project’s work revolves around a central strategy: to illustrate the unsustainability of current federal fiscal policy, to demonstrate the consequences of inaction, and to create a path toward a comprehensive fiscal plan that would spur economic growth and also stabilize the nation’s debt trajectory. The Economic Policy Project’s most visible work was the highly praised federal budget plan developed by its Debt Reduction Task Force, co-chaired by former Senator and BPC Senior Fellow Pete Domenici and former Director of both the Office of Management and Budget and the Congressional Budget Office Dr. Alice Rivlin.
As the country’s growing fiscal and debt problems became an almost daily media event, the Economic Policy Project became a trusted voice in the public dialogue. The project’s staff met regularly with various media outlets, explaining the complicated actions required to implement the 2011 Budget Control Act, the operation of the sequester, the economic impact of the “fiscal cliff,” as well as ways to avoid going off that cliff. The Economic Policy Project’s analysis of budget recommendations (by President Obama and four budget submissions by caucuses of the House of Representatives) was used by a wide variety of media and analytical sources.
Domenici and Rivlin have testified before several congressional committees on fiscal policy and a coherent budget path forward. Both appeared weekly on a variety of media, as did Economic Policy Project senior staff. A large number of op-eds in major newspapers, coupled with many fiscal analyses posted on BPC’s website, made the project among the most respected authorities on federal budgeting and the congressional budget process.
Additionally, the Economic Policy Project works closely with other BPC policy projects. The Economic Policy Project teamed with the Foreign Policy Project to outline the impact of the sequester on national defense and the economy. This analysis was widely cited on the House and Senate floors during debate and by members of Congress at various public events across the country. Both projects continued that two-year-long effort with an update on the Fiscal Year (FY) 2013 sequester impact on defense and the consequences of the FY 2014–FY 2015 defense sequesters.
The Economic Policy Project also collaborated with BPC’s Health Project to produce a system-wide approach to health care cost containment that explores and evaluates the most promising value-based strategies that have the greatest potential for bipartisan support and political success in 2013.