Ten former leaders of the President’s Council of Economic Advisers have written an op-ed column,
appearing Thursday on Politico, urging Congress and President Obama to
stop bickering and take up the proposals offered by a bipartisan deficit
commission.
The commentary is signed by economists from both Republican and Democratic administrations.
These former economic advisers lament the fact that a comprehensive deficit-reduction proposal issued last December — by a presidential commission
led by Erskine Bowles and Alan Simpson — has been largely ignored. The
proposal contained a mix of changes to both sides of the federal ledger,
including entitlement cuts and tax increases.
While the commission itself was created with great fanfare, its
proposals for long-term budget fixes — like, frankly, most proposals for
long-term budget fixes — have fallen by the wayside. Lately Congress
has instead focused on cuts to the 2011 fiscal year deficit.
In the commentary, the former White House advisers acknowledge that
they do not necessarily each endorse every individual piece of the
presidential commission’s proposal, but say they believe that the
overall package should still be “the starting point of an active
legislative process that involves intense negotiations between both
parties.”
They write:
Each one of us could probably come up with a deficit
reduction plan we like better. Some of us already have. Many of us
might prefer one of the comprehensive alternative proposals offered in
recent months.
Yet we all strongly support prompt consideration of the bipartisan
commission’s proposals. The unsustainable long-run budget outlook is a
growing threat to our well-being. Further stalemate and inaction would
be irresponsible.
We know the measures to deal with the long-run deficit are
politically difficult. The only way to accomplish them is for members
of both parties to accept the political risks together. That is what
the Republicans and Democrats on the commission who voted for the
bipartisan proposal did.
We urge Congress and the president to do the same.
Ex-White House Economists Urge Action on Deficit
The commentary is signed by economists from both Republican and Democratic administrations.
These former economic advisers lament the fact that a comprehensive deficit-reduction proposal issued last December — by a presidential commission led by Erskine Bowles and Alan Simpson — has been largely ignored. The proposal contained a mix of changes to both sides of the federal ledger, including entitlement cuts and tax increases.
While the commission itself was created with great fanfare, its proposals for long-term budget fixes — like, frankly, most proposals for long-term budget fixes — have fallen by the wayside. Lately Congress has instead focused on cuts to the 2011 fiscal year deficit.
In the commentary, the former White House advisers acknowledge that they do not necessarily each endorse every individual piece of the presidential commission’s proposal, but say they believe that the overall package should still be “the starting point of an active legislative process that involves intense negotiations between both parties.”
They write: