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Save-as-you-Go (SAVEGO) Overview

The President and Congress should address the nation’s looming debt crisis by immediately enacting policy changes, as was recommended by both the Bowles-Simpson and Domenici-Rivlin commissions. A first step, however, can be to create a new budget process to direct policymakers to achieve savings immediately and in the future. In light of President Obama’s emphasis in his budget speech on the use of enforcement mechanisms, we strongly urge that such a process set goals in terms of policy changes, which are under the direct control of policymakers, rather than specific deficit targets (as in Gramm-Rudman-Hollings), which are not under policymakers’ direct control because they are influenced by movements in the economy.

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2011-04-20 00:00:00

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