In their monthly meeting, members of the Admistration’s Fiscal Commission acknowledged real spending cuts must be made to tackle our nation’s growing fiscal crisis. Key quotes:
Commission Co-Chair Erskine Bowles:
“We are really going to have to reduce discretionary spending. There’s no way around it, and I think we ought to be very specific about how we’re going to address that.”
Chris Edwards, Director of Tax Policy Studies at the Cato Institute said the following in his testimony:
“Unless today’s massive deficit spending is reduced, the nation is headed for a fiscal calamity. The freedom and prosperity of young people will be crushed by debt piling up at over $1 trillion a year.”
Congressisonal Budget Office Director Douglas Elmendorf:, who also testified at the hearing, said:
“If debt grows unchecked. It means declines in people’s standard of living.”
Veronique de Rugy, Senior Research Fellow Mercatus Center at George Mason University, said:
“All parts of the budget must be on the table for review and potential cuts. Failure to do so will jeopardize the goal of addressing our fiscal problems.”
