Death, taxes … and deficit
By Erskine Bowles, Alan Simpson, Pete V. Domenici, and Alice Rivlin
May 16, 2011
Extreme partisanship has made it doubtful whether Congress will have the courage to forge a comprehensive, multiyear debt reduction plan. Postponing it, however, would be bad news for the country. Both parties should move toward achieving fundamental fiscal reform this year.
Here are some lessons we learned from our recent experience chairing the president’s fiscal commission, which achieved supermajority support, and the Bipartisan Policy Center’s Debt Reduction Task Force, which achieved consensus.
Read more here.
A sword of Damocles for the debt ceiling
By Pete V. Domenici and Alice Rivlin
The Washington Post
May 15, 2011
Congress must increase the debt limit in the next few weeks to avoid a financial crisis. Calls for default on the obligations our government has already incurred are reckless posturing that does nothing to alter future obligations and makes the world doubt our elected representatives’ ability to govern responsibly. We favor raising the debt ceiling promptly and mandating actions to put the federal budget back on a sustainable path.
The best outcome would be for Congress and President Obama to enact comprehensive policies similar to the recommendations of the president’s fiscal commission or the Bipartisan Policy Center’s Debt Reduction Task Force, which we co-chaired. We are hopeful that bipartisan agreement on substantive policies to contain future debt will be achieved this year, but crafting such a difficult bargain is nearly impossible on the timeline imposed by the debt ceiling.
Read more here.