The Concord Coalition today reiterated its support for enacting statutory pay-as-you-go (PAYGO) rules, particularly in light of proposals to expand the federal government’s health care commitments. Concord warned, however, that the Obama Administration’s PAYGO proposal would exempt $3.5 trillion of specific policies from the rule and protect most spending programs from across-the-board cuts intended to enforce the rule.
The Concord Coalition is a national, nonpartisan organization dedicated to fiscal responsibility and reform. Since 1992 Concord has worked to educate the American public about the causes and consequences of the growing federal debt and the need to develop realistic solutions for sustainable budgets.
Concord Executive Director Robert L. Bixby and the organization’s other budget experts are interviewed and quoted by journalists in Washington and around the country, from media organizations of all sizes, on a wide variety of subjects.
These subjects include the latest fiscal projections and proposals, health care, federal taxes, Social Security, Medicare, other domestic spending, the defense budget, economic growth and the congressional budget process.
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WASHINGTON -- With today's release of the annual Social Security and Medicare Trustees' Reports again showing that the nation’s two largest programs are on a troubled fiscal path, The Concord Coalition urged politicians to work together on reforms of both programs aimed at producing a sustainable future. Reform efforts will need to recognize the underlying structural factors contributing to their unsustainability -- demographic changes and escalating health care costs.
“Today’s report documents a failure of generational stewardship.
WASHINGTON -- With today’s release of a Congressional Budget Office (CBO) report estimating that the President’s budget would result in annual deficits averaging more than $900 billion over the next 10 years, The Concord Coalition pointed out that much of the fiscal damage would be caused by abandoning pay-as-you-go rules (PAYGO) for $2.6 trillion of policy decisions -- the largest of which would permanently extend most of the tax cuts due to expire over the next two years.
Concord Coalition Supports President Obama's Deficit Reduction Goal But Warns That Much More Needs To Be Done
The Concord Coalition said today that President Obama's pledge to cut the deficit in half by 2013 is a positive and achievable goal but warned that it would still leave the nation on an unsustainable fiscal path. Concord praised the administration for improving transparency in the budget by using realistic policy projections and specifying several offsets for new initiatives. It warned, however, that spending cuts and tax increases used to fund new initiatives would no longer be available to close the existing long-term budget gap.
The Concord Coalition said today that it welcomes President Obama’s White House summit on fiscal responsibility and urged participants to seek common ground on key challenges rather than erect barriers to constructive solutions. Concord will be represented at the summit by Executive Director Robert L. Bixby. Concord’s President, Peter G. Peterson, will also participate in his capacity as founder of the Peter G. Peterson Foundation.
The Concord Coalition today urged lawmakers to take note of the first ever annual deficit projected to exceed $1 trillion and a post World War II high of 8.3 percent of GDP, and take steps to prevent deficits of this magnitude from becoming the norm. Concord warned that any attempt at economic stimulus must be coupled with steps to improve the nation’s longer term fiscal outlook. Concord also updated its “plausible baseline” reflecting reasonable adjustments to the new Congressional Budget Office outlook which now shows a 10-year deficit of $10.3 trillion.
As the election enters its final two weeks, The Concord Coalition today released an issue brief detailing the “Nine Challenges for ‘09” that will be faced by whichever presidential candidate wins the election.
WASHINGTON--The Concord Coalition today urged lawmakers not to use the financial rescue bill as a way to subvert fiscally important pay-as-you-go (paygo) budgeting rules. Concord warned that attaching political sweeteners—the extension of expiring tax provisions—to the bailout bill further politicizes the larger debate and deteriorates our nation’s fiscal outlook.
WASHINGTON -- As Congress and the Bush Administration negotiate a $700 billion plan to shore up credit markets by purchasing “troubled assets,” The Concord Coalition urged them to heed the lesson of Wall Street’s failure: corrective actions are more effective and much less costly if taken in advance of a crisis rather than in the face of one.
WASHINGTON—A new study, to be released September 22, reveals that the American people are willing to make sacrifices – in the form of spending cuts and tax increases -- to address growing federal fiscal imbalances, yet would do so only if they see greater government accountability.