Members of Congress say they want to be in the driver’s seat on correcting America’s rapidly deteriorating fiscal situation. Recent fiscal commission bills, such as the House Fiscal Commission Act [H.R.
Downsizing Blog
That’s Not How the BRAC Commission Worked: No Up or Down Vote but Silent Approval
Former Senator Rob Portman (R‑OH).
I’ve excitedly been following former Senator Rob Portman’s advocacy for a congressional fiscal commission to address unsustainable spending that’s driving the US deeper int
Food Aid Failure in Ethiopia
Ethiopia is experiencing a humanitarian crisis as a result of civil war and drought. Foreign food aid seems justified, but food aid to Ethiopia has been severely mismanaged.
Massive Cost Overrun on Renewable Energy Project
A massive Australian energy project is an exemplar of runaway costs. The budget of the Snowy 2.0 power dam and energy storage project has exploded from $2 billion in 2017 to $12 billion today. The project is a reminder that taxpayers should be skeptical when governments propose large and complex construction schemes.
Another Fiscal Commission Model? The Greenspan Commission Was a Failure
With a 2023 deficit of $2 trillion and the Treasury needing to roll over about one‐third of publicly held debt at now much higher interest rates within one year, legislators are beginning to more seriously grapple with the fiscal and economic costs of unsustainable government debt. Among the most promising options: empowering a fiscal commission to overcome the political gridlock plaguing Congress.
What’s Another $56 Billion in Emergency Spending?
The Biden administration is requesting another federal agency‐sized supplemental. This time, it’s $56 billion in new emergency spending for natural disasters, childcare, and high‐speed internet. With deficits in the trillions and interest rates at historic highs, Congress should stop adding fuel to the deficit fire.
Not Just Any Fiscal Commission Will Resolve America’s Fiscal Crisis
A fiscal commission can resolve America’s predictable fiscal decline, but only if it has the power to act. The CRFB explains that “[h]istorically, commissions have helped policymakers to extend the life of Social Security, consolidate military bases, identify government waste, develop frameworks for tax reform, improve homeland security after 9/11, and draw attention to our unsustainable fiscal outlook.” Time is running out for Congress to merely draw attention to America’s rapidly deteriorating fiscal state. We need action and soon.
Reforming Medicaid Subsidies
Federal spending and deficits are at dangerously high levels, and interest costs on government borrowing are soaring. If spending is not restrained, we may face an economic crisis. Congress should cut spending, and one good reform target is the huge and fast‐growing Medicaid program.
Enhancing Transparency over Emergency Spending Reporting: A Call for Executive Accountability
On April 10, 2023, Congress terminated the three‐year‐long COVID-19 national emergency—one of the most expensive emergency declarations ever at more than $7 trillion in spending, as reported by the Committee for a Responsible Federal Budget and the Heritage Foundation. Whenever such emergency declarations occur, the president is required by law to submit spending reports to Congress. With respect to the COVID-19 spending, President Biden apparently has not done so.
How Large Is the Federal Debt?
The federal government’s debt is massive and growing rapidly. How massive? Federal debt held by the public of $28.5 trillion is eight times larger than the combined debt of all state and local governments of $3.3 trillion.