Reducing the Budget Deficit: The President’s Fiscal Commission and Other Initiatives Page: 3 of 24
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Reducing the Budget Deficit: The President's Fiscal Commission and Other Initiatives
Contents
Federal Budget Outlook...............................................................................1
What is Fiscal Sustainability? ......................................................................2
Short-Run Issues .................................................................................. 2
Long-Run Issues .................................................................................. 3
Recent Developments ..............................................................................4
Framing the Issues and Evaluating the Tradeoffs......................................................4
Social Effects........................................................................................ 5
Economic Effects.................................................................................. 6
Generational Effects............................................................................... 7
Work of Fiscal Reform Groups .........................................................................7
National Commission on Fiscal Responsibility and Reform .....................................9
Galston-MacGuineas Plan.........................................................................12
Peterson-Pew Commission on Budget Reform ..................................................14
NRC/NAPA Committee on the Fiscal Future of the United States.............................15
The Debt Reduction Task Force ..................................................................18
Other Groups.......................................................................................19
Tables
Table 1. Overview of Plan Components................................................................8
Table 2. Summary of Fiscal Commission Plan .......................................................10
Table 3. Summary of Galston-MacGuineas Plan.....................................................13
Table 4. NRC/NAPA Proposals for Four Paths to Achieving Fiscal Sustainability ...............16
Table 5. Distribution of DRTF's Changes to Spending and Revenue ..............................18
Contacts
Author Contact Information........................................................................... 21Congressional Research Service
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Reducing the Budget Deficit: The President’s Fiscal Commission and Other Initiatives, report, June 8, 2011; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc812300/m1/3/?rotate=270: accessed April 17, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.