Orszag Advocates Fiscal Commission
President Obama’s director of the Office of Management and Budget explains the dire fiscal dilemma we’re in and the need for a bipartisan commission to find passable solutions.
With members appointed by the leaders from both political parties in both houses of Congress as well as the president, this commission will be tasked with balancing the budget excluding interest payments on the debt by 2015 and with meaningfully improving the long-term fiscal outlook. The result would mean that by the middle of this decade, we will be paying for the operations and programs of the federal government and reduce total deficits to about 3 percent of GDP. Under current projections, this would stabilize our debt relative to the size of the economy.