The Bipartisan Policy Center’s (BPC) Debt Reduction Task Force – a highly diverse group of private individuals – has laid out a comprehensive approach to closing the deficit and slowing the rise in national debt. They do this through a combination of spending reductions, many though not all of which are excellent and transformational (about 53%) and tax increases, all of which are ill-advised (about 47%). The report’s near silence on Obamacare is noteworthy and unfortunate even to the exclusion of the universally abhorred CLASS Act. Their cuts to defense …
Today in Washington, the Bipartisan Policy Center (BPC) launched its new Debt Reduction Task Force, chaired by former Sen. Pete Domenici (R-NM) and former OMB director and CBO director Dr. Alice Rivlin. The task force will aggressively address the abysmal fiscal outlook of the United States economy due to government spending. As Domenici and Rivlin displayed, the amount of debt held by the public is set to reach 100% of Gross Domestic Product (GDP) by 2019. Under the same trajectory, the debt would reach 400% of GDP by 2049. As …
