For the past couple of weeks, foreign policy issues emanating from the massacre in Afghanistan, Iran’s nuclear program, and Israel’s relationship with the United States have dominated campaign trail conversation. We haven’t heard much about domestic deficit reduction.
Don’t be fooled: The issue’s importance isn’t diminishing. Rather, it will likely become even more critical as the election season continues. And it won’t go away come November – no matter what happens here or overseas before then.
So which lawmaker’s debt reduction plan will save the most? This week, the Committee for a Responsible Federal Budget released its comparison of four major fiscal plans that have circulated on the Hill: Bowles-Simpson, Paul Ryan’s 2011 House Budget, Obama-Boehner and the President’s FY 2013 Budget. CRFB measured the savings accrued by each plan; all plans are compared in the 2012-2021 window with the same policy baseline.
CRFB’s conclusion: “ We need a fiscal plan that balances the concerns of short-term economic vulnerability and long-term sustainability.”
Check out the numbers here.
More debt analysis: Late last month, the Committee for a Responsible Federal Budget illuminated the real fiscal impact of the policyplans proposed by all four GOP contenders – and found that none of the candidates would balance the budget. That report is here.