MillennialDEBT

In a join statement released by the Concord Coalition and the Committee for a Responsible Federal Budget, the follow components were identified as being necessary to the fiscal commission announced by President Obama this week:

• First, the commission must be truly bipartisan. Any effort to push swift enactment of a  partisan agenda would doom the effort to failure.  In addition to bipartisan co-chairs, there must  be equitable representation.
• Second, it must have a broad mandate. While it is critical to control the growth of programs such as Medicare and Social Security — the sources of the long-term problem — the commission must examine all components of the budget (including discretionary spending, revenues and “tax expenditures”) to offset the excessive buildup of debt already underway.
• Third, it must have no preconditions. If one side sets preconditions, the other will retaliate. All policy options must be open to consideration.  All credible proposals should be received with respect and analyzed on their merits rather than with partisan rhetoric.
• Fourth, it must be transparent. The President and congressional leaders of both parties must ensure that the recommendations receive a full public debate. The public will be more receptive to the necessary hard choices if they can see the process at work.
• Fifth, its recommendations should be voted on in Congress. Absent this element, the report would join many others on a shelf.  It is time to go beyond studying problems and solve them.