News

January 31, 2011

Member Statements for Final Commission Report

December 1, 2010

The Moment of Truth: Report of the National Commission on Fiscal Responsibility and Reform

November 10, 2010

CoChairs' Proposal

September 28, 2010

Presidential commission to hear from budget experts

WASHINGTON – The National Commission on Fiscal Responsibility and Reform, the bi-partisan commission charged with identifying policies to improve the fiscal situation of the federal budget in the medium term and to achieve long-term fiscal sustainability, will hold its next public meeting on Wednesday, September 29 at 9:30am ET in the Dirksen Senate Office Building. The 18-member commission will hear from three witnesses:

  • Dr. Paul Posner, Director of the Public Administration Program, George Mason University,
  • Janet St. Laurent, Managing Director, Defense Capabilities and Management, Government Accountability Office
  • Patricia Dalton, Managing Director, Natural Resources and Environment, Government Accountability Office

Dr. Posner will discuss performance budgeting. Ms. St. Laurent and Ms. Dalton will discuss finding potential budget savings from addressing duplication and overlap and eliminating wasteful spending.

WHO: The National Commission on Fiscal Responsibility and Reform

WHAT: Public meeting to discuss budgetary issues and budget reform ideas

WHEN: Wednesday, September 29th, 2010, 9:30am – 12:00pm ET

WHERE: Dirksen Senate Office Building, Room 608

WEB: Watch the meeting live at www.whitehouse.gov/live

August 25, 2010

Sen. Simpson apologizes to OWL for his remarks

 
Ashley Carson
Executive Director
Older Women’s League
1828 L Street NW Suite 801
Washington, DC 20036

 
Dear Ms. Carson,

My wife Ann and I are in Yellowstone National Park for the opening of the new visitor center, so I only just now have had the opportunity to read your response to my recent e-mail. I apologize for what I wrote. I can see that my remarks have caused you anguish, and that was not my intention. I certainly did not intend to diminish your hard work for the Older Women’s League. I know you care deeply about strengthening Social Security, and so do I, just as deeply. I remember your testimony at our public hearing in June about the importance of retirement security for women. Over the last 40 years, I have had my size 15 feet in my mouth a time or two. To quote my old friend and colleague, Senator Lloyd Bentsen, when I make a mistake, “It’s a doozy!”

Next time I’m in Washington, perhaps we could meet in person, and I could learn further of your sincere concerns.

Most sincerely,

Alan Simpson

July 1, 2010

Presidential commission hears testimony and ideas from 75 groups and individuals

WASHINGTON – The National Commission on Fiscal Responsibility and Reform, the bi-partisan commission charged with identifying policies to improve the fiscal situation of the federal budget in the medium term and to achieve long-term fiscal sustainability, held a public forum on Wednesday, June 30 and heard from 75 different groups, think tanks, policy experts and individual citizens.“We were heartened by the turnout of the young, the old, the everyday folks, people from think tanks, advocates and people from across the spectrum who came to speak to us. It shows us that the American people truly care about our mission and our country. This is exactly what we’re looking for: ideas on how we can accomplish the goals the president has laid out for us,” said Co-Chairs Alan Simpson and Erskine Bowles.

The 18- member National Commission on Fiscal Responsibility and Reform will make recommendations to Congress by December 1, 2010 to put the budget in primary balance so that all operations and programs for the federal government are paid for (achieving deficits of about 3 percent of GDP) by 2015 and to meaningfully improve the long-term fiscal outlook. For more information, please visit: www.fiscalcommission.gov

Below is a list of all 75 groups and individuals that testified:

  • AFL-CIO
  • ASCFME
  • Alliance for Retired Americans
  • America Speaks
  • American Academy of Pediatrics
  • American Association of University Women
  • Americans for Tax Reform
  • Association of American Universities
  • Bread for the World
  • Business Coalition for Fair Competition
  • Business Roundtable
  • California Retired Teachers Association
  • Carnegie Endowment for International Peace
  • Cato Institute
  • Center for American Progress
  • Center on Budget and Policy Priorities
  • Charles Lyle
  • Citizens for Tax Justice
  • Coalition for Health Funding
  • Coalition on Human Needs
  • Committee for a Responsible Federal Budget
  • Committee on Education Funding
  • Concerned Youth of America
  • Concord Coalition
  • Consortium of Citizens with Disabilities
  • Democratic Leadership Council
  • Economic Policy Institute
  • Financial Services Forum
  • Fiscal Policy Institute
  • Frank Restly
  • Hanover Investment Group
  • Healthcare NOW
  • Heritage Foundation
  • Immigration Policy Center
  • Institute for America’s Future
  • Institute for Women’s Policy Research
  • Joseph Guggenheim
  • Mercatus Center at George Mason University
  • Migration Policy Institute
  • Military Officers Association of America
  • National Academy of Social insurance
  • National Active and Retired Federal Employees
  • National Committee to Preserve Social Security and Medicare
  • National Council of Women’s Organizations
  • National Disability Institute and Burton Blatt Institute, Syracuse University
  • National Education Association
  • National Gay and Lesbian Task Force
  • National Immigration Forum
  • National Nurses United
  • OMB Watch
  • Older Women’s League
  • Paralyzed Veterans of America
  • Peter G. Peterson Foundation
  • Pew Charitable Trusts
  • Physicians for a National Health Program
  • Progressive Policy Institute
  • Prosperity Agenda
  • Roosevelt Institute at American University
  • Service Employees International Union
  • Small Business Legislative Council
  • Social Security Works
  • Speak Out America Now
  • Stephen Moorhead
  • Third Way
  • U.S. Public Interest Research Group
  • United Church of Christ
  • Virginia P Reno
  • Voices for America’s Children
  • Wider Opportunities for Women
  • William McClellan
  • Women Impacting Public Policy
  • Women’s Action for New Directions
  • Yavapai Regional Capital
  • Young Americans for Federal Debt Awareness
  • Zero to Three
     

 

June 7, 2010

Joshua Odintz Joins Fiscal Commission as Chief Tax Counsel

WASHINGTON - The National Commission on Fiscal Responsibility and Reform, the bi-partisan commission charged with identifying policies to improve the fiscal situation of the federal budget in the medium term and to achieve long-term fiscal sustainability, is pleased to announce that Joshua Odintz has joined the staff as Chief Tax Counsel. Odintz will be responsible for helping the commission explore tax and reform options that will be part of the Commission's recommendations to Congress by December 1, 2010.

Odintz is being detailed to the Commission from the Department of the Treasury, where he served as the Acting Tax Legislative Counsel. Odintz will return to the Office of Tax Policy once the Commission completes its work.

"We are thrilled to have Josh Odintz join our team," said Executive Director Bruce Reed. "This commission has been tasked with making the tough choices necessary to address our country's fiscal problems and Josh's skills and background will help us with that task."

Prior to joining the Department of the Treasury, Odintz was a tax counsel at the Senate Finance Committee, majority staff, from 2007 to July 2009. His portfolio included corporate tax, international tax, and the taxation of private equity and hedge funds. Before working in the U.S. Senate, Odintz was a partner in the tax department of the law firm of McDermott Will & Emery LLP in Washington, D.C.

About the commission:

The bipartisan National Commission on Fiscal Responsibility and Reform will make recommendations to Congress by December 1, 2010 to put the budget in primary balance so that all operations and programs for the federal government are paid for (achieving deficits of about three percent of GDP) by 2015 and to meaningfully improve the long-term fiscal outlook. President Obama has named six bipartisan appointees to the commission. The remaining 12 members of the commission are appointed by Senate and House leaders, including three each by the Republican and Democratic leaders of both chambers.

May 26, 2010

National Commission on Fiscal Responsibility and Reform to Hold Public Meeting

Presidential commission to hear from economic experts

Washington – The National Commission on Fiscal Responsibility and Reform, the bi-partisan commission charged with identifying policies to improve the fiscal situation of the federal budget in the medium term and to achieve long-term fiscal sustainability, will hold its next public meeting on Wednesday, May 26 at 9:30am ET in the Dirksen Senate Office Building. The 18-member commission will hear from two witnesses – Professor Carmen Reinhart of the University of Maryland and Carlo Cottarelli, Director, Fiscal Affairs for the International Monetary Fund (IMF) – who will discuss debt and fiscal outlook both here in the United States and overseas.

Who: The National Commission on Fiscal Responsibility and Reform

What: Public meeting to discuss current economic conditions

When: Wednesday, May 26th, 2010, 9:30am – 12:00pm ET

Where: Dirksen Senate Office Building, Room 608

April 29, 2010

Bipartisan Fiscal Commission Launches Website

On heels of Commission’s inaugural meeting, www.fiscalcommission.gov website provides testimony, videos, and announcements, and gives public an opportunity to submit ideas and suggestions.

WASHINGTON – Today, the bipartisan National Commission on Fiscal Responsibility and Reform announced the launch of its official website, www.fiscalcommission.gov. The website will provide easy access to information regarding the commission, including videos, testimonies, news releases, and announcements, as well as give the public an opportunity to submit ideas and suggestions on how to address the nation’s long-term fiscal challenge.

The website launch comes on the heels of this week’s Commission’s inaugural meeting. After meeting with President Obama to discuss the scope of the nation’s fiscal challenges, the Commission heard testimony from Federal Reserve Chairman Ben Bernanke, OMB Director Peter Orszag, and former CBO Directors Rudolph Penner and Robert Reischauer. Video of the full meeting as well as all four prepared testimonies can be found under the Meetings tab on www.fiscalcommission.gov.

As with Tuesday’s inaugural meeting, the Commission will make its monthly public meetings available via live webcast through www.whitehouse.gov/live. All meeting videos will be archived on the new website, www.fiscalcommission.gov.

The website also features information on how to submit comments and ideas to the Commission. Citizens are encouraged to email suggestions to commission@fc.eop.gov.

The National Commission on Fiscal Responsibility and Reform was created to address our nation's fiscal challenges. The Commission is charged with identifying policies to improve the fiscal situation in the medium term and to achieve fiscal sustainability over the long run. Specifically, the Commission shall propose recommendations designed to balance the budget, excluding interest payments on the debt, by 2015.

April 27, 2010

Remarks by the President at the First Meeting of the Fiscal Commission

March 30, 2010

Co-Chairs Bowles and Simpson Announce First Meeting of Bipartisan National Commission on Fiscal Responsibility and Reform

WASHINGTON — Today, Erskine Bowles and Alan Simpson, Co-Chairs of the bipartisan National Commission on Fiscal Responsibility and Reform, announced that the Commission will hold its first meeting on April 27th in Washington, DC from 10:00 am to 1:00 pm. The meeting will be open to the press.

All 18 members of the Commission have now been appointed by the President and the bipartisan, bicameral congressional leadership. Bruce Reed has been announced as the Commission's Executive Director.

The Commission will build bipartisan consensus to put forth America on the path toward fiscal reform and responsibility. The Commission will make recommendations to the President by December 1, 2010 that put the budget in primary balance so that we are paying for all operations and programs for the federal government (achieving deficits of about 3 percent of GDP) by 2015 and meaningfully improve the long-term fiscal outlook.

The full text of the letter by the Co-Chairs to the Commission members is below and attached:

Dear Commission Member,

Thank you for serving on the National Commission on Fiscal Responsibility and Reform. Our nation’s daunting fiscal challenges can be solved only through the efforts of experienced, principled individuals of good will who are ready to set aside partisanship and focus on putting our nation back on stable fiscal footing. That is why you were asked to serve on the National Commission on Fiscal Responsibility and Reform and why we are confident that our work can provide the solutions needed to restore our country’s fiscal health.

Certainly, it will not be easy. Over the next decade, both the Office of Management and Budget and the Congressional Budget Office project deficits exceeding $8 trillion – with spending that is estimated to average above 23% of GDP and revenues estimated to average around 19% of GDP over that time. This is symptomatic of a problem that has afflicted our government for years: a willingness to spend more than it collects in revenues, to countenance the escalation of debt, and to permit our country’s budget to remain on its negative medium- and long-term trajectory.

But it is for these very reasons that our work is so important. Our efforts will help ensure that future generations are not oppressed by mountains of debt they inherit. Our grandchildren and great-grandchildren are not responsible for our current fiscal quandary and they should not be saddled with the task of correcting our generation’s errors. By stabilizing the budget now, we will not only stop the problem from getting worse, we will also provide Americans decades from now with the financial freedom to address needs we cannot even currently anticipate, and to maintain our country’s high standard of living.

The National Commission on Fiscal Responsibility and Reform was created by Executive Order in mid-February. Its mandate is to provide recommendations to the President to put the budget into primary balance, meaning that the federal government will pay for all of its programmatic obligations. That would result in deficits roughly in the range of 3 percent of GDP in 2015, which is approximately the point at which debt would not increase relative to the size of the economy. In addition, the Commission is tasked with making recommendations to the President to meaningfully improve the long-term fiscal outlook. This will cover the growth of entitlement spending and the projected long-term gap between the federal government’s revenue and expenditures.

The Commission’s goals are ones on which we can all agree. They are not Republican or Democratic objectives. The solvency of our federal government is a matter of such importance that it transcends political parties. Thus, it is appropriate that the National Commission on Fiscal Responsibility and Reform is co-chaired by a Republican and a Democrat.

In addition to the co-chairs, the Commission consists of sixteen other members: four appointed by the President and twelve appointed by Congressional leaders (three by the Republican and Democratic leaders of each chamber). The Commission’s recommendations must be made to the President by December 1, 2010 and will require approval by fourteen of its eighteen members, thus guaranteeing that all recommendations are the result of bipartisan consensus.

We would like to invite you to the first meeting of the National Commission on Fiscal Responsibility and Reform, to be held from 10:00 a.m. to 1:00 p.m. on April 27th in Washington, DC. We seriously urge your attendance. We will be in contact with your offices with further details.

Together, this Commission will look to the needs of the next generation, not the next election. The country can no longer defer the task of restoring fiscal responsibility. We look forward to beginning this difficult – but profoundly important – work with you.

Sincerely and with best personal regards,
Erskine Bowles and Alan Simpson
Co-Chairs

March 25, 2010

Co-Chairs Bowles and Simpson Name Executive Director of Bipartisan National Commission on Fiscal Responsibility and Reform

WASHINGTON—Today, Erskine Bowles and Alan Simpson, Co-Chairs of the bipartisan National Commission on Fiscal Responsibility and Reform, announced that Bruce Reed will serve as the Commission’s Executive Director.

Co-Chair Simpson said, “The Commission will benefit from Bruce’s years of experience in public policy to help us complete our challenging and crucial work. I look forward to working with him.”

Co-Chair Bowles said, “I am confident that Bruce’s deep knowledge of the federal budget will be extremely helpful in making our efforts a success. I am delighted to have the opportunity to work with him again.”

Bruce Reed is currently Chief Executive Officer of the Democratic Leadership Council. He served as chief domestic policy advisor and director of the White House Domestic Policy Council during the Clinton Administration. In that capacity, he developed and oversaw the administration’s agenda on welfare reform, crime, education, tobacco, and other domestic issues. He helped write the landmark 1996 welfare reform law, create the 100,000 police program, and enact President Clinton’s education agenda. In 1992, Reed served as deputy campaign manager for policy of the Clinton-Gore campaign. He previously served as policy director of the DLC and on the staff of then-Senator Al Gore. A native of Coeur d’Alene, Idaho, he is a graduate of Princeton University and was a Rhodes Scholar at Oxford University.

The bipartisan National Commission on Fiscal Responsibility and Reform will build bipartisan consensus to put forth America on the path toward fiscal reform and responsibility. The Commission will make recommendations to Congress by December 1, 2010 that put the budget in primary balance so that we are paying for all operations and programs for the federal government (achieving deficits of about 3 percent of GDP) by 2015 and meaningfully improve the long-term fiscal outlook.

February 26, 2010

President Obama Names Members of Bipartisan National Commission on Fiscal Responsibility and Reform

February 18, 2010

President Obama Establishes Bipartisan National Commission on Fiscal Responsibility and Reform