Tuesday, October 25, 2011

GAO Update on Long-Term Fiscal Outlook
The Budget Control Act limits spending for FY 2012-21 and created the Joint Select Committee on Deficit Reduction. The Act provides for $1.2 trillion in deficit reduction over the period--either through enactment of recommendations by the Joint Committee or through automatic procedures that would reduce spending. However, based on our simulations even this level of deficit reduction is not sufficient to ensure sustainability.

Tuesday, October 18, 2011

With partisanship and gridlock blocking any significant changes to the federal budget, it is time for Congress to take a new, fresh approach to reducing the deficit. Rather than just seeking a massive overhaul of the federal government, work can be done right now to find billions of dollars for deficit reduction by identifying ways to “save a billion here and raise a billion there”.

“Billion Dollar Chump Change” is a groundbreaking series of public policy recommendations by acclaimed Washington, D.C. lobbyist, Mark Guimond. This book is a guide for the United States Congress to achieve savings of more than $273 billion dollars by finding billions of dollars of “chump change” that can make a dramatic difference in deficit reduction.

Congress was to have started real deficit reduction with the creation of its new “Super Committee” - the “Joint Select Committee on Deficit Reduction”. This Joint Committee had the limited purpose of reducing “the deficit by at least $1,500,000,000,000 over the period of fiscal years 2012 to 2021”.

To help the Joint Committee achieve its mandate to identify $150 billion in deficit reduction each year, “Billion Dollar Chump Change” provides Mark Guimond’s common-sense recommendations that can provide $27.32 billion annually for deficit reduction. This represents more than 18% of the “Super Committee’s” total goal. 

This inspiring work serves as a model for a future in which Congress more actively works with citizens and constituents to find real solutions to government problems.