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National Commission on Fiscal Responsibility and Reform

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65: 918: 1048:$ 238 billion in Social Security reform, to be used to ensure the program is sustainably solvent in the infinite horizon by slowing benefit growth for high and medium-income workers, increase the early and normal retirement age to 68 by 2050 and 69 by 2075 by indexing it to longevity, index cost of living adjustments to the Chained-CPI, include newly hired state and local workers after 2020, increase the payroll tax cap to cover 90 percent of wages by 2050 and creates a new minimum and old-age benefit. 60: 579:(Wyo.), after his appointment to co-chair the commission, criticized the former supporters who had voted against the bill, saying that their purpose "was to stick it to the president." In the absence of special legislation, the commission's proposals are not guaranteed to be considered by Congress in a single up-or-down vote, although then-Speaker of the House of Representatives Nancy Pelosi and Senate Majority Leader 1042:$ 341 billion in federal health care savings by reforming the Sustainable Growth Rate for Medicare, repeals the CLASS Act (which has already happened), increase Medicare cost sharing, reform health-care tort, change provider payments, increase drug rebates and establishes a long-term budget for total federal health-care spending after 2020 to GDP + 1 percent. 598:
The first vote on the final recommendations, originally set for December 1, 2010, was delayed until December 3 when the commission fell short of the supermajority of 14 of 18 votes needed to approve the report. The eleven voting for it were five Democrats (Bowles, Conrad, Durbin, Rivlin, Spratt) and
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Both Simpson and Bowles have appeared on numerous media outlets discussing their plan and the current fiscal situation such as the fiscal cliff at the end of 2012 and are widely quoted in the press on fiscal issues. In addition, Simpson and Bowles have helped form two organizations that are working
1283:, was formed attempting to forge a consensus on deficit reduction. Later, Senators Mike Bennett and Mike Johans. The Gang of 6 released their plan during the summer of 2011, during the Debt Ceiling negotiations, but since then has continued to work on ways to forge a way to avoid the fiscal cliff. 1278:
The Simpson–Bowles framework and its goal of $ 4 trillion of deficit reduction has been used by other, such as President Obama and Speaker Boehner in their negotiations during the summer of 2011. A Senate "Gang of Six", with Senators Mark Warner, Kent Conrad, Richard Durbin, Tom Coburn, Mike Crapo
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Built off a baseline called the "Plausible Baseline", which closely resembled the Congressional Budget Office's Alternative Fiscal Scenario, the plan proposed roughly $ 2 in spending cuts to $ 1 in revenue increases. The Plausible Baseline built off of a current law baseline by assuming that the
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calculated that the proposed spending cuts would reduce payroll employment by roughly 1.9 million jobs by 2014, and that the resulting loss in the government's tax revenues would cut the proposal's deficit-reducing effect in half. The institute called instead for "budgeting for more desperately
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said such failure alone would not result in a change in U.S. ratings, as the trigger would still result in $ 1.2 trillion in cuts. In that regard, Simpson and Bowles stated, "the only thing worse than failure by the committee to agree on savings would be removing the 'sequester' mechanism for
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On November 10, co-chairs Simpson and Bowles released a draft proposal for consideration by other commission members providing the basis for the final report to be released later. The co-chairs proposal reduced the deficit by $ 4 trillion, reformed Social Security and the tax code and included
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One proponent, Maya MacGuineas at the Committee for a Responsible Federal Budget, said of the plan, "the Commission released not only a credible plan, but an excellent plan. Of course it is filled with things people don't like—that is the nature of deficit reduction. And yet the plan received
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The plan was not universally praised. Commission member Jan Schakowsky, who voted against the Bowles-Simpson plan, released an alternative plan of her own, proposing a liberal budget plan that would cut the deficit by $ 441 billion. Schakowsky's plan would raise revenue (by eliminating the
1035:$ 995 billion in additional revenue with $ 785 billion in new revenues from tax reform by lowering income and corporate tax rates and broadening the base by eliminating tax expenditures. An additional $ 210 billion in revenue is also raised in other revenue by switching to the 952:
for its large cuts in income tax rates. Krugman dismissed the idea that current marginal rates are a drag on economic growth. Further, he doubted that proposed combination of rate cuts and removal of deductions and loopholes will be revenue neutral, let alone increase revenue.
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that created the commission, a supermajority of 14 of the 18 commissioners had to agree to a recommendation before it was sent to Congress for a vote. In a vote in December 2010, the commission fell short of that requirement, with only 11 out of the 18 commissioners (five
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noted that, "Hardly a day goes by in Congress or on the hustings without some lawmaker extolling Simpson–Bowles as the kind of potent fiscal medicine Americans must swallow if the country is to fix its debt and deficit problems, reform government and revive the economy."
1260:. And it raises the Social Security retirement age because life expectancy has risen completely ignoring the fact that life expectancy has only gone up for the well-off and well-educated, while stagnating or even declining among the people who need the program most." 1025:
2001/2003 tax cuts were extended except for those above $ 250,000, the estate tax and Alternative Minimum Tax would continue at 2009 levels, the Medicare physicians pay freeze would continue and war spending would decrease based on current administration policy.
1045:$ 215 billion in other mandatory savings by moving to the Chained CPI for all inflation-indexed programs, reform the military and civil service retirement system, reduce farm subsidies, reduce student loans and various other reforms. 1020:
Outlays would equal 21.6 percent of GDP in 2015, compared to 23.8 percent in 2010 and would fall to 21.0 percent by 2035. Revenues would rise from 14.9 percent in 2010 to 19.3 percent in 2015 and would equal 21.0 percent in 2035.
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wrote, "Simpson–Bowles is terrible. It mucks around with taxes, but is obsessed with lowering marginal rates despite a complete absence of evidence that this is important. It offers nothing on Medicare that isn't already in the
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The final plan, released on December 1, 2010, aimed to reduce the federal deficit by nearly $ 4 trillion, stabilizing the growth of debt held by the public by 2014, reduce debt 60 percent by 2023 and 40 percent by 2035.
937:(D-ND), however, declined to criticize the proposal, saying "nstead of shooting this down propose an alternative. But one that does as good a job as this one does in getting us back on a sound fiscal course." Senator 599:
five Republicans (Coburn, Cote, Crapo, Gregg, Simpson) and one Independent (Fudge); the seven voting against it were four Democrats (Baucus, Becerra, Schakowsky, Stern) and three Republicans (Camp, Hensarling, Ryan).
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The original proposal for a commission came from bipartisan legislation that would have required Congress to vote on its recommendations as presented, without any amendment. In January 2010, that bill failed in the
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supporter, stated that the proposed changes to entitlement spending should take effect sooner instead of in future decades but praised the proposal for also having "some good ideas". The
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Additionally, during the spring of 2012, a Budget Resolution based in part on the Simpson–Bowles plan was voted on in the House of Representatives. The plan was voted down 382–38.
1226:); cut defense spending by $ 110 billion and non-defense spending by $ 33 billion; and spend $ 200 billion on infrastructure and other measures aimed at boosting economic growth. 2793: 494: 2703: 2423: 236: 2695: 571:
by a vote of 53–46, when six Republicans who had co-sponsored it nevertheless voted against it. Thereafter, President Obama established the commission by Executive Order
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and six private citizens, first met on April 27, 2010. A report was released on December 1, recommending a combination of spending cuts (including an increase in the
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charged with making budget adjustments by Congress, urging the 12 supercommittee members to "go big" toward the $ 4 trillion in savings the NCFRR had recommended
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needed fiscal stimulus in the near-term." The chairmen's proposal was also criticized by conservative interest groups such as defense contractors, for cutting
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The plan, released on December 1, 2010, fell short of a supermajority during voting on December 3, with 11 of 18 votes in favor. Voting for the report were
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The plan also proposed an additional $ 673 billion in savings, due to lower projected spending interest payments as a result from lower deficits.
423: 260: 94: 1032:$ 1,661 billion of discretionary spending cuts by putting in place discretionary spending caps into law lower than what is projected to be spent. 2737: 1150:, "somewhat less in tax increases," to a vote in the House where it was rejected 382 to 38. 22 Democrats and 16 Republicans supported the bill. 2798: 2435: 1353: 1298: 1215: 251: 246: 241: 199: 189: 2338: 1974: 1511: 664: 371: 2215: 2005: 1636: 970: 142: 99: 2803: 2683: 1189:
As time has gone on, there has been increased support for the plan, including some who initially opposed it such as former union leader
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Simpson and Bowles have done further outreach themselves. In November, 2011, Simpson and Bowles submitted written testimony to the
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bipartisan support from a majority of the Commission at a time where, up until now, fiscal leadership has been in short supply"
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Center on Budget & Policy Priorities – What Was Actually in Bowles-Simpson – And How Can We Compare it With Other Plans?
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During the time of the commission, the co-chairs spent time holding public hearings and appearing on various media outlets.
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The Commission included 18 members and one executive director appointed by the president. This included six members of the
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Report of the National Commission on Fiscal Responsibility and Reform-Public Debt as % GDP Under Various Scenarios
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Budget Process Reforms by creating discretionary spending caps and caps total federal revenue at 20 percent of GDP.
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Bowles-Simpson, while never officially coming to a vote, has received significant attention since its inception.
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There was mixed reaction to the plan. Some praised the recommendations of the proposal while others attacked it.
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There were six public meetings of testimony and deliberation of the commission, with numerous private ones.
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automatic cuts". Bowles said in verbal testimony that "ollectively, I'm worried you're going to fail".
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criticized the deficit report for omitting a tax on the financial industry, as was recommended by the
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on the eve of the first Commission meeting. Simpson's latter appearance, particularly as it bore on
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and for putting the national debt on a stable and then downward path. Prominent supporters include
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Schakowsky Deficit Reduction Plan: Fiscal Responsibility That Protects the Lower and Middle Class
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members, Senator Durbin and Representative Schakowsky, publicly criticized the plan. Senator
1909:"Deficit panel leaders propose curbs on Social Security, major cuts in spending, tax breaks" 1804: 1237: 1223: 1143: 512: 215: 2690:
The Moment of Truth: Report of the National Commission on Fiscal Responsibility and Reform
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health-care savings and an illustrative savings of $ 200 billion of discretionary cuts.
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to identify "policies to improve the fiscal situation in the medium term and to achieve
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rejected the plan saying it cut spending, especially on Social Security, too much. The
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in part for their plan—the Moment of Truth Project and the Campaign to Fix the Debt.
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The final plan was broken down into six major components (savings are 2012–2020):
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included discretionary spending caps, albeit at a lower level. Additionally, the
2531: 2385: 1183: 1179: 1104: 1084: 1072: 1036: 993: 934: 883: 790: 778: 729: 490: 2364:"Pelosi flips, backs Bowles-Simpson plan she had called 'simply unacceptable'" 2250: 1565:"Pelosi flips, backs Bowles-Simpson plan she had called 'simply unacceptable'" 1310: 1229: 1190: 1147: 1139: 1132: 1108: 1092: 1076: 1068: 985: 938: 784: 768: 762: 756: 660: 580: 508: 451: 2078: 1588:"Excerpts of Hillary Clinton's Paid Speeches to Goldman Sachs Finally Leaked" 2132: 1326: 1124: 1116: 997: 989: 719: 547: 539: 352: 2609: 1772: 1416:"Executive Order – National Commission on Fiscal Responsibility and Reform" 465:
The commission's recommendations were politically controversial. Under the
2031:"Deficit Commission Panel Co-Chair Recommendations Could Undercut Defense" 1728: 438:
over the long run". The 18-member Commission, consisting of 12 members of
1688:"Simpson-Bowles Plan Is a $ 5 Trillion Net Tax Hike in First Full Decade" 887: 446:
retirement age and cuts to military, benefit, and domestic spending) and
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the $ 1.2 trillion deficit reduction most discussed by the committee of
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Think Tank Backs Plan; Challenges Left and Right to “Put Up or Shut Up”
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The proposal was better received by the Democrat-affiliated think tank
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Finally, some aspects of the Simpson–Bowles plan have become law. The
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Concord Coalition Applauds Bowles-Simpson Deficit Reduction Framework
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Sen. Conrad: Extend All Tax Cuts; Time to Get 'Serious' About Deficit
478:, and one independent) voting to endorse the commission's blueprint. 2388:. The Committee for a Responsible Federal Budget. September 11, 2011 1975:"Pelosi, political left rip proposal from debt commission chairmen" 2502:"Wonkbook: House reaches bipartisan deal to reject Simpson-Bowles" 1343:
United States Congress Joint Select Committee on Deficit Reduction
1146:(R-OH) put a bill modeled on the plan, with, according to analyst 916: 2726:
Erskine Bowles and Alan Simpson, Co-chairs, US Deficit Commission
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Erskine Bowles and Alan Simpson, Co-chairs, US Deficit Commission
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Wonkbook: House reaches bipartisan deal to reject Simpson-Bowles
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Proponents of the plan praised it for hitting all parts of the
2275:. Committee for a Responsible Federal Budget. December 3, 2010 2058:"Draft deficit plan launches likely grueling political battle" 1170:
Other prominent supporters of the plan include New York mayor
538:. Critics on the right, such as Republican commission members 2756: 2552:, Nov. 1, 2011, 2:06 pm EDT. Retrieved November 1, 2011. 2535:, Nov. 1, 2011, 3:12 pm EDT. Retrieved November 1, 2011. 2209:"The National Commission on Fiscal Responsibility and Reform" 1858:"Deficit Commission's Alan Simpson Denounces Fat Cat Geezers" 1512:"In a 11–7 Tally, the Fiscal Commission Falls Short on Votes" 929:
After the chairmen's briefing to the commission members, two
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pledged to bring its recommendations for an up or down vote.
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has called for a deal based on the Simpson–Bowles framework.
2655: 2006:"Fiscal commissioners' proposal would cost millions of jobs" 878:
December 1, 2010 – The Commission released its final report.
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The Bowles-Simpson "Chairmen’s Mark" Deficit Reduction Plan
2273:"CRFB Commends the Excellent Work of the Fiscal Commission" 1637:"Van Hollen Calls Simpson-Bowles a Framework for Debt Deal" 526:, opposed the Simpson–Bowles proposal because it would cut 2339:"McCain: Simpson-Bowles 'Template' for Budget Deal: Video" 854:; public forum featuring nearly 90 groups and individuals. 2175:
Rand Paul: Fiscal commission report doesn't go far enough
1729:"National Commission on Fiscal Responsibility and Reform" 1539:"JPMorgan Chief Jamie Dimon Asks For Simpson-Bowles Now" 450:
increases (including restricting or eliminating certain
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Critics on the left, such as Democratic Representative
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National Commission on Fiscal Responsibility and Reform
2476:"DOCUMENT: Gang of Six Deficit Plan Executive Summary" 2317:"Greenspan: Obama Should Have Embraced Simpson-Bowles" 2004:
Bivens, Josh; Fieldhouse, Andrew (November 16, 2010).
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Organisation for Economic Co-operation and Development
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Rep. Jan Schakowsky on the Deficit Commission Report
2564:"Erskine Bowles and Alan Simpson on Current Affairs" 1656: 1654: 984:, the Progressive Policy Institute, Representative 875:; Patricia Dalton, Government Accountability Office 500:(although at first she opposed the proposal), then- 2424:U.S. deficit panel member unveils alternative plan 1711:"Obama's debt commission warns of fiscal 'cancer'" 2546:"Bowles says he worries supercommittee will fail" 1453:Panel Seeks Social Security Cuts and Higher Taxes 2654:Campaign to Fix the Debt (December 10, 2012). 2709:February 18, 2010 President's Executive Order 2631:Moment of Truth Project (December 10, 2012). 2087:November 10, 2010 Retrieved November 11, 2010 944:The proposal was dismissed as "unserious" by 882:In April 2010, Al Simpson was interviewed by 379: 8: 2794:Publications of the United States government 2527:"Fiscal experts sternly warn supercommittee" 893:Simpson and Bowles were also interviewed by 1218:, dividends, and bonds, and establishing a 1039:and an increase in the federal gasoline tax 1755:"Debt commission falls short on test vote" 1331:Patient Protection and Affordable Care Act 859:Committee for a Responsible Federal Budget 850:June 30, 2010 – Doug Elmendorf, Director, 386: 372: 28: 2750:, summary and detailed analysis from the 1902: 1900: 1506: 1504: 1502: 1500: 1420:White House Office of the Press Secretary 1349:Omnibus Budget Reconciliation Act of 1993 1174:, former Chairmen of the Federal Reserve 2682:of the commission (archives through the 2386:"Urging the Super Committee to "Go Big"" 2158:Drop Everything: The Simpson-Bowles Reax 1827:"More Words of Wisdom from Alan Simpson" 1537:Agustino Fontevecchia (April 18, 2012). 1447: 1445: 1443: 1441: 601: 534:programs, including Social Security and 430:reduction, created in 2010 by President 2297:. capitalnewyork.com. February 13, 2012 1973:Bolton, Alexander (November 10, 2010). 1381: 1234:Center for Economic and Policy Research 46: 2779:United States Presidential Commissions 2759:campaign founded by Simpson and Bowles 2408:Schakowsky offers liberal deficit plan 1999: 1997: 1907:Montgomery, Lori (November 11, 2010). 1391: 1389: 1387: 1385: 1264:Continuing outreach and current status 595:, and six members of the U.S. Senate. 2744:(TRNN), December 3, 2010 (video 5:14) 2608:Moment of Truth (December 10, 2012). 2585:Meet the Press (September 14, 2012). 1753:McLaughlin, Seth (December 3, 2010). 1426:from the original on February 6, 2017 960:and several Democrats Representative 665:Service Employees International Union 7: 2366:. The Hill Newspaper. March 29, 2012 2214:. September 30, 2012. Archived from 1396:Paletta, Damian (December 1, 2010). 522:(a Commission member) and economist 2684:University of North Texas Libraries 1825:Lieberman, Trudy (April 30, 2010). 1138:On March 28, 2012, Representatives 833:, frm. Congressional Budget Office. 2587:"Press Pass: Simpson & Bowles" 2319:. Wall Street Journal. May 1, 2012 2173:Jordan Fabian (November 12, 2010) 1800:Fox News Sunday With Chris Wallace 1398:"Mortgage Tax Break in Crosshairs" 1333:but was repealed January 1, 2013. 867:September 29, 2010 – Paul Posner, 25: 2722:, November 16, 2010 (50:37 video) 1635:Rowley, James (October 4, 2012). 1609:Rowley, James (October 4, 2012). 1329:was enacted as Title VIII of the 992:(D-Oregon) and Harvard economist 857:July 28, 2010 – Maya MacGuineas, 2198:Press Release, November 11, 2010 2107:The Atlanta Journal-Constitution 2056:Cohen, Tom (November 11, 2010). 2035:Aerospace Industries Association 873:Government Accountability Office 63: 58: 2562:Charlie Rose (March 29, 2012). 2341:. Bloomberg. September 25, 2012 1563:Lillis, Mike (March 29, 2012). 1212:foreign earned income exclusion 823:Office of Management and Budget 2734:, March 29, 2012 (51:43 video) 2450:"The Legend of Simpson-Bowles" 1795:"Episode dated April 25, 2010" 912: 317:2023 Removal of Kevin McCarthy 1: 2799:United States economic policy 2500:Ezra Klein (March 29, 2012). 1182:and Democratic Minority Whip 901:, attracted comment from the 623:(co-chair; fmr. U.S. Senator) 593:U.S. House of Representatives 1957:Conscience of a Liberal blog 1586:Lee Fang (October 7, 2016). 1366:United States Federal Budget 1360:National Economic Commission 817:, Federal Reserve; Director 575:. Former Republican Senator 511:; Democratic Representative 410:from the names of co-chairs 1709:Balz, Dan (July 12, 2010). 1242:International Monetary Fund 852:Congressional Budget Office 846:International Monetary Fund 458:and increasing the federal 2820: 2804:Presidency of Barack Obama 2658:. Campaign to Fix the Debt 2102:"Deficit Commission Draft" 1832:Columbia Journalism Review 1371:Budget Control Act of 2011 1323:Budget Control Act of 2011 903:Columbia Journalism Review 655:White House Chief of Staff 230:2007–2008 financial crisis 2784:2010 in American politics 2696:Co-chairs' draft proposal 2635:. Moment of Truth Project 2633:"Moment of Truth Project" 2612:. Moment of Truth Project 2010:Economic Policy Institute 1690:. ATR. September 30, 2012 1666:Krugman.blogs.nytimes.com 966:Economic Policy Institute 913:Chairmen's draft proposal 702:House of Representatives 615:President's Appointments 609: 607:Republican / Independent 606: 507:, and Republican Senator 261:2013 budget sequestration 166:Bowles–Simpson Commission 18:Simpson-Bowles Commission 2704:White House Announcement 2686:Cyber Cemetery project) 1222:system taxing corporate 975:Americans for Tax Reform 556:Americans for Tax Reform 550:, and anti-tax activist 222:Subprime mortgage crisis 51:United States of America 34:This article is part of 869:George Mason University 861:; Barry Anderson, fmr. 631:Honeywell International 424:Presidential Commission 1775:. Fiscalcommission.gov 1216:taxes on capital gains 1193:and Democratic leader 1107:. Voting against were 956:Union leaders such as 922: 842:University of Maryland 210:Social Security debate 49:Budget and debt in the 2100:(November 11, 2010). 1933:George Stephanopoulos 1883:"Co-Chairs' Proposal" 1422:. February 18, 2010. 1354:Deficit Reduction Act 1309:", though separately 920: 675:Brookings Institution 436:fiscal sustainability 358:Continuing resolution 2426:, November 16, 2010. 2414:(November 16, 2010). 2221:on December 14, 2012 1955:(November 10, 2010) 1935:(November 11, 2010) 1885:. September 30, 2012 1668:. September 30, 2012 1459:(November 10, 2010). 1271:The National Journal 871:; Janet S. Laurent, 844:; Carlo Cottarelli, 268:Government shutdowns 2544:Schroeder, Robert, 2525:Schroeder, Robert, 2506:The Washington Post 2480:NationalJournal.com 2454:NationalJournal.com 2259:The Washington Post 2156:(November 10, 2010 2135:. November 10, 2010 2037:. November 10, 2010 1913:The Washington Post 1862:Unsilent Generation 1715:The Washington Post 1615:The Washington Post 1402:Wall Street Journal 1258:Affordable Care Act 988:(D-Tenn.), Senator 971:spending on defense 827:The Urban Institute 663:(fmr. president of 641:Young & Rubicam 422:) was a bipartisan 348:Balance of payments 237:Debt-ceiling crises 160:Contemporary issues 1803:. April 25, 2010. 1733:Commission Members 1518:. December 3, 2010 1516:The New York Times 1472:(April 27, 2010). 1345:("Supercommittee") 1210:; eliminating the 923: 825:; Rudolph Penner, 587:Commission members 502:Secretary of State 95:Financial position 2752:Tax Policy Center 2253:(29 March 2012), 2240:Member Statements 2195:Concord Coalition 2131:(Press release). 2033:(Press release). 1491:National Archives 1418:(Press release). 1172:Michael Bloomberg 1006:Concord Coalition 831:Robert Reischauer 813:April 27, 2010 – 799: 798: 532:social safety net 396: 395: 205:Political debates 200:Healthcare reform 190:Deficit reduction 16:(Redirected from 2811: 2680:Official website 2668: 2667: 2665: 2663: 2651: 2645: 2644: 2642: 2640: 2628: 2622: 2621: 2619: 2617: 2605: 2599: 2598: 2596: 2594: 2589:. Meet the Press 2582: 2576: 2575: 2573: 2571: 2559: 2553: 2542: 2536: 2523: 2517: 2516: 2514: 2512: 2497: 2491: 2490: 2488: 2486: 2471: 2465: 2464: 2462: 2460: 2448:Aloysius, John. 2445: 2439: 2433: 2427: 2421: 2415: 2404: 2398: 2397: 2395: 2393: 2382: 2376: 2375: 2373: 2371: 2360: 2351: 2350: 2348: 2346: 2335: 2329: 2328: 2326: 2324: 2313: 2307: 2306: 2304: 2302: 2291: 2285: 2284: 2282: 2280: 2269: 2263: 2248: 2242: 2237: 2231: 2230: 2228: 2226: 2220: 2213: 2205: 2199: 2188: 2182: 2171: 2165: 2151: 2145: 2144: 2142: 2140: 2125: 2119: 2118: 2116: 2114: 2094: 2088: 2076: 2070: 2069: 2067: 2065: 2053: 2047: 2046: 2044: 2042: 2027: 2021: 2020: 2018: 2016: 2001: 1992: 1991: 1989: 1987: 1970: 1964: 1950: 1944: 1930: 1924: 1923: 1921: 1919: 1904: 1895: 1894: 1892: 1890: 1879: 1873: 1872: 1870: 1868: 1850: 1844: 1843: 1841: 1839: 1822: 1816: 1815: 1813: 1811: 1805:Fox News Channel 1791: 1785: 1784: 1782: 1780: 1769: 1763: 1762: 1759:Washington Times 1750: 1744: 1743: 1741: 1739: 1725: 1719: 1718: 1706: 1700: 1699: 1697: 1695: 1684: 1678: 1677: 1675: 1673: 1658: 1649: 1648: 1646: 1644: 1632: 1626: 1625: 1623: 1621: 1606: 1600: 1599: 1597: 1595: 1583: 1577: 1576: 1574: 1572: 1560: 1554: 1553: 1551: 1549: 1534: 1528: 1527: 1525: 1523: 1508: 1495: 1494: 1488: 1486: 1466: 1460: 1449: 1436: 1435: 1433: 1431: 1412: 1406: 1405: 1393: 1356:of various years 1291:"supercommittee" 1224:carbon emissions 1144:Steve LaTourette 996:. Senator-elect 931:Democratic Party 909:, among others. 732:(South Carolina) 677:, fmr. director 653:(co-chair; fmr. 602: 513:Chris Van Hollen 388: 381: 374: 278:1981, 1984, 1986 216:Starve the beast 74:Major dimensions 67: 62: 52: 41: 38: 29: 21: 2819: 2818: 2814: 2813: 2812: 2810: 2809: 2808: 2769: 2768: 2698:, November 2010 2692:, December 2010 2676: 2671: 2661: 2659: 2653: 2652: 2648: 2638: 2636: 2630: 2629: 2625: 2615: 2613: 2607: 2606: 2602: 2592: 2590: 2584: 2583: 2579: 2569: 2567: 2561: 2560: 2556: 2543: 2539: 2524: 2520: 2510: 2508: 2499: 2498: 2494: 2484: 2482: 2474:Fernholz, Tim. 2473: 2472: 2468: 2458: 2456: 2447: 2446: 2442: 2434: 2430: 2422: 2418: 2405: 2401: 2391: 2389: 2384: 2383: 2379: 2369: 2367: 2362: 2361: 2354: 2344: 2342: 2337: 2336: 2332: 2322: 2320: 2315: 2314: 2310: 2300: 2298: 2293: 2292: 2288: 2278: 2276: 2271: 2270: 2266: 2249: 2245: 2238: 2234: 2224: 2222: 2218: 2211: 2207: 2206: 2202: 2189: 2185: 2172: 2168: 2154:Andrew Sullivan 2152: 2148: 2138: 2136: 2127: 2126: 2122: 2112: 2110: 2096: 2095: 2091: 2077: 2073: 2063: 2061: 2055: 2054: 2050: 2040: 2038: 2029: 2028: 2024: 2014: 2012: 2003: 2002: 1995: 1985: 1983: 1972: 1971: 1967: 1951: 1947: 1931: 1927: 1917: 1915: 1906: 1905: 1898: 1888: 1886: 1881: 1880: 1876: 1866: 1864: 1856:(May 6, 2010). 1854:Ridgeway, James 1852: 1851: 1847: 1837: 1835: 1824: 1823: 1819: 1809: 1807: 1793: 1792: 1788: 1778: 1776: 1771: 1770: 1766: 1752: 1751: 1747: 1737: 1735: 1727: 1726: 1722: 1708: 1707: 1703: 1693: 1691: 1686: 1685: 1681: 1671: 1669: 1660: 1659: 1652: 1642: 1640: 1634: 1633: 1629: 1619: 1617: 1608: 1607: 1603: 1593: 1591: 1590:. The Intercept 1585: 1584: 1580: 1570: 1568: 1562: 1561: 1557: 1547: 1545: 1536: 1535: 1531: 1521: 1519: 1510: 1509: 1498: 1484: 1482: 1468: 1467: 1463: 1451:Jackie Calmes, 1450: 1439: 1429: 1427: 1414: 1413: 1409: 1395: 1394: 1383: 1379: 1339: 1281:Saxby Chambliss 1266: 1203: 1164: 1156: 1061: 1014: 915: 838:Carmen Reinhart 836:May 26, 2010 – 804: 802:Public outreach 759:(New Hampshire) 589: 564: 552:Grover Norquist 505:Hillary Clinton 467:executive order 444:Social Security 392: 363: 362: 331: 323: 322: 321: 311:Related events 309: 258: 227: 226: 161: 153: 152: 148:Social Security 143:Social programs 133: 125: 124: 100:Military budget 75: 50: 48: 36: 33: 23: 22: 15: 12: 11: 5: 2817: 2815: 2807: 2806: 2801: 2796: 2791: 2786: 2781: 2771: 2770: 2767: 2766: 2760: 2754: 2745: 2735: 2723: 2711: 2706: 2701: 2700: 2699: 2693: 2675: 2674:External links 2672: 2670: 2669: 2656:"Fix the Debt" 2646: 2623: 2600: 2577: 2566:. Charlie Rose 2554: 2537: 2518: 2492: 2466: 2440: 2428: 2416: 2399: 2377: 2352: 2330: 2308: 2286: 2264: 2243: 2232: 2200: 2183: 2166: 2146: 2120: 2089: 2071: 2048: 2022: 1993: 1965: 1961:New York Times 1945: 1925: 1896: 1874: 1845: 1817: 1786: 1764: 1745: 1720: 1701: 1679: 1650: 1627: 1601: 1578: 1555: 1529: 1496: 1479:whitehouse.gov 1461: 1457:New York Times 1437: 1407: 1380: 1378: 1375: 1374: 1373: 1368: 1363: 1357: 1351: 1346: 1338: 1335: 1299:congresspeople 1265: 1262: 1249:New York Times 1247:Economist and 1214:, raising the 1202: 1199: 1176:Alan Greenspan 1163: 1160: 1155: 1152: 1060: 1057: 1053: 1052: 1049: 1046: 1043: 1040: 1033: 1013: 1010: 958:Richard Trumka 946:New York Times 914: 911: 907:James Ridgeway 880: 879: 876: 865: 855: 848: 834: 803: 800: 797: 796: 795: 794: 793:(North Dakota) 788: 782: 779:Richard Durbin 774: 773: 772: 766: 760: 752: 748: 747: 746: 745: 742:Jan Schakowsky 739: 736:Xavier Becerra 733: 725: 724: 723: 717: 714:Jeb Hensarling 711: 703: 699: 698: 697: 696: 690: 668: 658: 651:Erskine Bowles 646: 645: 644: 634: 624: 616: 612: 611: 608: 605: 588: 585: 563: 560: 544:Jeb Hensarling 520:Jan Schakowsky 487:JPMorgan Chase 483:federal budget 416:Erskine Bowles 408:Bowles–Simpson 404:Simpson–Bowles 402:(often called 394: 393: 391: 390: 383: 376: 368: 365: 364: 361: 360: 355: 350: 332: 329: 328: 325: 324: 320: 319: 313: 308: 307: 306: 305: 300: 295: 290: 285: 280: 275: 264: 257: 256: 255: 254: 249: 244: 233: 225: 224: 219: 212: 207: 202: 197: 192: 187: 186: 185: 175: 169: 163: 162: 159: 158: 155: 154: 151: 150: 145: 140: 134: 131: 130: 127: 126: 123: 122: 120:Gov't spending 117: 112: 107: 102: 97: 92: 90:Federal budget 87: 82: 76: 73: 72: 69: 68: 55: 54: 44: 43: 24: 14: 13: 10: 9: 6: 4: 3: 2: 2816: 2805: 2802: 2800: 2797: 2795: 2792: 2790: 2789:Fiscal policy 2787: 2785: 2782: 2780: 2777: 2776: 2774: 2764: 2761: 2758: 2755: 2753: 2749: 2746: 2743: 2742:The Real News 2739: 2736: 2733: 2732: 2727: 2724: 2721: 2720: 2715: 2712: 2710: 2707: 2705: 2702: 2697: 2694: 2691: 2688: 2687: 2685: 2681: 2678: 2677: 2673: 2657: 2650: 2647: 2634: 2627: 2624: 2611: 2604: 2601: 2588: 2581: 2578: 2565: 2558: 2555: 2551: 2547: 2541: 2538: 2534: 2533: 2528: 2522: 2519: 2507: 2503: 2496: 2493: 2481: 2477: 2470: 2467: 2455: 2451: 2444: 2441: 2437: 2432: 2429: 2425: 2420: 2417: 2413: 2409: 2403: 2400: 2387: 2381: 2378: 2365: 2359: 2357: 2353: 2340: 2334: 2331: 2318: 2312: 2309: 2296: 2290: 2287: 2274: 2268: 2265: 2261: 2260: 2256: 2252: 2247: 2244: 2241: 2236: 2233: 2217: 2210: 2204: 2201: 2197: 2196: 2192: 2187: 2184: 2181: 2180: 2176: 2170: 2167: 2164: 2163: 2159: 2155: 2150: 2147: 2134: 2130: 2124: 2121: 2109: 2108: 2103: 2099: 2098:Dupree, Jamie 2093: 2090: 2086: 2084: 2080: 2075: 2072: 2059: 2052: 2049: 2036: 2032: 2026: 2023: 2011: 2007: 2000: 1998: 1994: 1982: 1981: 1976: 1969: 1966: 1963: 1962: 1958: 1954: 1949: 1946: 1943: 1942: 1938: 1934: 1929: 1926: 1914: 1910: 1903: 1901: 1897: 1884: 1878: 1875: 1863: 1859: 1855: 1849: 1846: 1834: 1833: 1828: 1821: 1818: 1806: 1802: 1801: 1796: 1790: 1787: 1774: 1768: 1765: 1760: 1756: 1749: 1746: 1734: 1730: 1724: 1721: 1716: 1712: 1705: 1702: 1689: 1683: 1680: 1667: 1663: 1657: 1655: 1651: 1638: 1631: 1628: 1616: 1612: 1605: 1602: 1589: 1582: 1579: 1567:. Thehill.com 1566: 1559: 1556: 1544: 1540: 1533: 1530: 1517: 1513: 1507: 1505: 1503: 1501: 1497: 1492: 1481: 1480: 1475: 1471: 1465: 1462: 1458: 1454: 1448: 1446: 1444: 1442: 1438: 1425: 1421: 1417: 1411: 1408: 1403: 1399: 1392: 1390: 1388: 1386: 1382: 1376: 1372: 1369: 1367: 1364: 1361: 1358: 1355: 1352: 1350: 1347: 1344: 1341: 1340: 1336: 1334: 1332: 1328: 1324: 1319: 1315: 1312: 1308: 1304: 1300: 1296: 1292: 1287: 1284: 1282: 1276: 1273: 1272: 1263: 1261: 1259: 1254: 1250: 1245: 1243: 1239: 1235: 1231: 1227: 1225: 1221: 1220:cap-and-trade 1217: 1213: 1209: 1200: 1198: 1196: 1192: 1187: 1185: 1181: 1177: 1173: 1168: 1161: 1159: 1153: 1151: 1149: 1145: 1141: 1136: 1134: 1130: 1126: 1122: 1118: 1114: 1110: 1106: 1102: 1098: 1094: 1090: 1086: 1082: 1078: 1074: 1070: 1066: 1058: 1056: 1050: 1047: 1044: 1041: 1038: 1034: 1031: 1030: 1029: 1026: 1022: 1018: 1011: 1009: 1007: 1003: 999: 995: 991: 987: 983: 978: 976: 972: 967: 963: 962:Raul Grijalva 959: 954: 951: 947: 942: 940: 936: 932: 927: 919: 910: 908: 904: 900: 896: 895:Chris Wallace 891: 889: 885: 877: 874: 870: 866: 864: 860: 856: 853: 849: 847: 843: 840:, Professor, 839: 835: 832: 828: 824: 820: 816: 812: 811: 810: 807: 801: 792: 789: 786: 783: 780: 777: 776: 775: 770: 767: 764: 761: 758: 755: 754: 753: 750: 749: 743: 740: 737: 734: 731: 728: 727: 726: 721: 718: 715: 712: 709: 706: 705: 704: 701: 700: 694: 691: 688: 684: 680: 676: 672: 669: 666: 662: 659: 656: 652: 649: 648: 647: 642: 638: 635: 632: 628: 625: 622: 619: 618: 617: 614: 613: 604: 603: 600: 596: 594: 586: 584: 582: 578: 574: 570: 561: 559: 557: 553: 549: 545: 541: 537: 533: 529: 525: 521: 516: 514: 510: 506: 503: 499: 496: 495:House Speaker 492: 488: 484: 479: 477: 473: 468: 463: 461: 457: 453: 449: 445: 441: 437: 433: 429: 425: 421: 417: 413: 409: 405: 401: 389: 384: 382: 377: 375: 370: 369: 367: 366: 359: 356: 354: 351: 349: 346: 345: 344: 340: 336: 327: 326: 318: 315: 314: 312: 304: 301: 299: 296: 294: 291: 289: 286: 284: 281: 279: 276: 274: 271: 270: 269: 266: 265: 263: 262: 253: 250: 248: 245: 243: 240: 239: 238: 235: 234: 232: 231: 223: 220: 217: 213: 211: 208: 206: 203: 201: 198: 196: 193: 191: 188: 184: 181: 180: 179: 176: 174: 173:Bush tax cuts 171: 170: 168: 167: 157: 156: 149: 146: 144: 141: 139: 136: 135: 129: 128: 121: 118: 116: 113: 111: 108: 106: 103: 101: 98: 96: 93: 91: 88: 86: 83: 81: 78: 77: 71: 70: 66: 61: 57: 56: 53: 45: 42: 39: 31: 30: 27: 19: 2765:October 2012 2757:Fix the Debt 2731:Charlie Rose 2729: 2719:Charlie Rose 2717: 2662:December 10, 2660:. Retrieved 2649: 2639:December 10, 2637:. Retrieved 2626: 2616:December 10, 2614:. Retrieved 2603: 2593:December 10, 2591:. Retrieved 2580: 2570:December 10, 2568:. Retrieved 2557: 2549: 2540: 2530: 2521: 2509:. Retrieved 2505: 2495: 2483:. Retrieved 2479: 2469: 2457:. Retrieved 2453: 2443: 2431: 2419: 2411: 2406:John Maggs, 2402: 2390:. Retrieved 2380: 2370:December 10, 2368:. Retrieved 2343:. Retrieved 2333: 2321:. Retrieved 2311: 2299:. Retrieved 2289: 2277:. Retrieved 2267: 2257: 2246: 2235: 2223:. Retrieved 2216:the original 2203: 2193: 2186: 2177: 2169: 2162:The Atlantic 2160: 2149: 2139:November 11, 2137:. Retrieved 2123: 2113:November 11, 2111:. Retrieved 2105: 2092: 2081: 2074: 2064:November 11, 2062:. Retrieved 2051: 2041:November 11, 2039:. Retrieved 2025: 2015:November 26, 2013:. Retrieved 1986:November 11, 1984:. Retrieved 1978: 1968: 1959: 1953:Paul Krugman 1948: 1939: 1928: 1918:November 11, 1916:. Retrieved 1912: 1887:. Retrieved 1877: 1867:November 11, 1865:. 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Cote 621:Alan Simpson 597: 590: 577:Alan Simpson 565: 524:Paul Krugman 517: 498:Nancy Pelosi 480: 464: 460:gasoline tax 432:Barack Obama 419: 412:Alan Simpson 407: 403: 399: 397: 310: 259: 228: 195:Fiscal cliff 178:Debt ceiling 165: 164: 115:Unemployment 85:Expenditures 32: 26: 2550:MarketWatch 2532:MarketWatch 2511:December 1, 2485:December 1, 2459:December 1, 2392:December 1, 2345:December 1, 2323:December 1, 2301:December 1, 2279:December 1, 2225:December 1, 1889:December 1, 1779:December 1, 1694:December 1, 1672:December 1, 1643:December 1, 1639:. Bloomberg 1620:December 1, 1571:December 1, 1548:December 1, 1522:December 1, 1184:Steny Hoyer 1180:John McCain 1142:(D-TN) and 1037:Chained-CPI 994:Greg Mankiw 935:Kent Conrad 884:Neil Cavuto 791:Kent Conrad 730:John Spratt 710:(Wisconsin) 689:vice chair) 610:Democratic 528:entitlement 491:Jamie Dimon 472:Republicans 452:tax credits 333:Cumulative 330:Terminology 105:Public debt 2773:Categories 2251:Ezra Klein 1738:August 17, 1594:October 7, 1470:Lee, Jesse 1377:References 1251:columnist 1238:Washington 1230:Dean Baker 1191:Andy Stern 1178:, Senator 1148:Ezra Klein 1140:Jim Cooper 1129:Schakowsky 1121:Hensarling 1059:Final vote 1012:Final plan 1000:(R-KY), a 986:Jim Cooper 948:columnist 939:Judd Gregg 785:Max Baucus 781:(Illinois) 769:Mike Crapo 765:(Oklahoma) 763:Tom Coburn 757:Judd Gregg 744:(Illinois) 722:(Michigan) 693:Bruce Reed 661:Andy Stern 639:(fmr. CEO 581:Harry Reid 509:Tom Coburn 456:deductions 2133:Ron Wyden 2083:Third Way 1327:CLASS Act 1307:downgrade 1201:Criticism 1002:Tea Party 998:Rand Paul 990:Ron Wyden 982:Third Way 787:(Montana) 720:Dave Camp 708:Paul Ryan 548:Dave Camp 540:Paul Ryan 476:Democrats 353:Inflation 303:2018–2019 288:1995–1996 2412:Politico 2262:WonkBlog 2179:The Hill 1980:The Hill 1941:ABC News 1424:Archived 1337:See also 1303:senators 1208:FICA cap 1154:Reaction 888:Fox News 536:Medicare 440:Congress 339:Interest 298:Jan 2018 138:Medicare 132:Programs 110:Taxation 37:a series 1362:of 1987 1311:Moody's 1232:of the 1113:Becerra 1101:Simpson 771:(Idaho) 751:Senate 716:(Texas) 643:Brands) 562:History 474:, five 428:deficit 335:deficit 183:history 80:Economy 2610:"News" 1543:Forbes 1162:Praise 1131:, and 1109:Baucus 1105:Spratt 1103:, and 1097:Rivlin 1085:Durbin 1073:Conrad 1069:Coburn 1065:Bowles 973:, and 681:& 569:Senate 546:, and 40:on the 2219:(PDF) 2212:(PDF) 2060:. CNN 1133:Stern 1093:Gregg 1089:Fudge 1077:Crapo 573:13531 420:NCFRR 418:; or 2664:2012 2641:2012 2618:2012 2595:2012 2572:2012 2513:2012 2487:2012 2461:2012 2394:2012 2372:2012 2347:2012 2325:2012 2303:2012 2281:2012 2227:2012 2141:2010 2115:2010 2085:.org 2066:2010 2043:2010 2017:2010 1988:2010 1920:2010 1891:2012 1869:2010 1840:2010 1812:2010 1781:2012 1740:2011 1696:2012 1674:2012 1645:2012 1622:2012 1596:2016 1573:2012 1550:2012 1524:2012 1487:2010 1432:2010 1301:and 1279:and 1125:Ryan 1117:Camp 1081:Cote 905:and 530:and 489:CEO 454:and 414:and 398:The 343:Debt 293:2013 283:1990 273:1980 252:2023 247:2013 242:2011 2740:on 2728:on 2716:on 1236:in 886:on 687:Fed 683:OMB 679:CBO 554:of 462:). 448:tax 426:on 406:or 2775:: 2548:, 2529:, 2504:. 2478:. 2452:. 2410:, 2355:^ 2104:. 2008:. 1996:^ 1977:. 1911:. 1899:^ 1860:. 1829:. 1797:. 1757:. 1731:. 1713:. 1664:. 1653:^ 1613:. 1541:. 1514:. 1499:^ 1476:. 1455:, 1440:^ 1400:. 1384:^ 1295:v. 1244:. 1197:. 1186:. 1135:. 1127:, 1123:, 1119:, 1115:, 1111:, 1099:, 1095:, 1091:, 1087:, 1083:, 1079:, 1075:, 1071:, 1067:, 829:; 821:, 685:, 542:, 493:, 341:≈ 337:+ 2666:. 2643:. 2620:. 2597:. 2574:. 2515:. 2489:. 2463:. 2438:. 2396:. 2374:. 2349:. 2327:. 2305:. 2283:. 2229:. 2143:. 2117:. 2068:. 2045:. 2019:. 1990:. 1922:. 1893:. 1871:. 1842:. 1814:. 1783:. 1761:. 1742:. 1717:. 1698:. 1676:. 1647:. 1624:. 1598:. 1575:. 1552:. 1526:. 1493:. 1434:. 1404:. 673:( 667:) 657:) 633:) 629:( 387:e 380:t 373:v 218:" 214:" 20:)

Index

Simpson-Bowles Commission
a series
Budget and debt in the
United States of America



Economy
Expenditures
Federal budget
Financial position
Military budget
Public debt
Taxation
Unemployment
Gov't spending
Medicare
Social programs
Social Security
Bowles–Simpson Commission
Bush tax cuts
Debt ceiling
history
Deficit reduction
Fiscal cliff
Healthcare reform
Political debates
Social Security debate
Starve the beast
Subprime mortgage crisis
2007–2008 financial crisis
Debt-ceiling crises

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