Washington, DC – Robert L. Bixby, Executive Director
of The Concord Coalition, testified before a subcommittee on
the Senate Homeland Security and Government Affairs
Committee regarding the 2007 Financial Report and the nation’s future
fiscal challenges. Bixby emphasized that
the 2007
Financial Report, which shows future "fiscal exposures" with a present value
Washington, DC – Robert L. Bixby, Executive Director
of The Concord Coalition, testified before a subcommittee on
the Senate Homeland Security and Government Affairs
Committee regarding the 2007 Financial Report and the nation’s future
fiscal challenges. Bixby emphasized that
the 2007
Financial Report, which shows future "fiscal exposures" with a present value
of $53 trillion, demonstrates that future promises cannot be sustained and
improving the nation’s long-term fiscal outlook will require hard choices on
spending and taxes.
The hearing,
entitled "In the Red: Addressing the Nation’s Financial
Challenges" was held by
Senators Thomas Carper and Tom Coburn, the Chairman and
Ranking Member respectively, of the Subcommittee on Federal Financial
Management, Government Information, Federal Services, and International Security.
Bixby
noted that
there is
nothing inevitable about a fiscal crisis, and the
problem we face—essentially a structural
imbalance between what government promises and how much it collects in taxes to
pay for those promises—is
one that can be cured if we begin to address it now.
As a
framework for action, Bixby recommended that Congress
and the next President should:
- Commit to a balanced budget
- Incorporate long-term projections and controls into
the budget process - Take every reasonable step to constrain the rising
cost of health care and retirement programs—Social
Security and, especially, Medicare - Make clear to Americans that ultimately taxes cannot
be cut unless programs are cut commensurately
To view Robert
Bixby’s entire testimony, please click
here.
(Requires
Adobe Acrobat Reader)
###
The Concord Coalition is a nonpartisan, grassroots
organization dedicated to balanced federal budgets and generationally
responsible fiscal policy. Former U.S. Senators Warren Rudman (R-NH) and Bob
Kerrey (D-NE) serve as Concord’s co-chairs and former Secretary of Commerce
Peter Peterson serves as president.
CONTACT:
Jonathan DeWald
(703) 894-6222
jdewald@concordcoalition.org
