- The Foundry: Conservative Policy News Blog from The Heritage Foundation - http://blog.heritage.org -
Irony Alert: Debt Commission is Running Out of Money
Posted By Brandon Stewart On June 5, 2010 @ 2:00 pm In Economics | Comments Disabled
In an ode to irony, The Fiscal Times reports  that President Obama’s Commission on Fiscal Responsibility and Reform (more popularly known as the “debt commission”) is running out of money:
President Obama’s bipartisan fiscal commission is operating on a shoestring budget and some panel members and lawmakers worry that it may run short of money.
The 18-member commission faces the daunting challenge of coming up with proposals by Dec. 1 to tame the federal government’s trillion-dollar budget deficit. But the panel’s own budget  is only $500,000, barely enough to cover office rent and the salaries of four staff members.
And though the White House and Treasury have loaned the panel experts from their own payrolls, and several think tanks are helping as well, the total full-time staff currently is only about 15 people and not expected to exceed 20. Money is so tight that the commission recently abandoned hopes of holding field hearings around the country to gather views from outside of Washington.
The reasons for and solutions to our fiscal problems are not unknown. We spend too much money on bloated government budgets, while continually shoveling money in to entitlement programs that are careening towards fiscal ruin. The only way to get a handle on the debt is to fundamentally change the way the federal government spends money and the programs it spends it on. In fact, the only question that is ever in doubt is whether politicians in Washington have the political will to do what needs to be done.
When the commission was set to begin deliberations, Heritage released a short WebMemo  outlining many of the steps that must be taken to get our historic debt under control. Those principles of reform are simple:
And the best part? Our advice is free.
Article printed from The Foundry: Conservative Policy News Blog from The Heritage Foundation: http://blog.heritage.org
URL to article: http://blog.heritage.org/2010/06/05/irony-alert-debt-commission-is-running-out-of-money/
URLs in this post:
 Image: http://www.foundry.org/wp-content/uploads/Obama-commission-100218.jpg
 reports: http://www.thefiscaltimes.com/Issues/Budget-Impact/2010/06/04/Obama-Fiscal-Commission-Running-Short-of-Money.aspx
 panel’s own budget: http://www.fiscalcommission.gov/charter/
 a short WebMemo: http://www.heritage.org/Research/Reports/2010/04/Guidelines-for-a-Successful-Fiscal-Commission
Copyright © 2011 The Heritage Foundation. All rights reserved.