Budget experts urged the incoming Trump administration and congressional leaders to address the country’s long-term fiscal challenges at two events in Washington last week.
Budget experts urged the incoming Trump administration and congressional leaders to address the country’s long-term fiscal challenges at two events in Washington last week.
The first event, hosted by the Bipartisan Policy Center (BPC), featured the authors of a new report titled Fixing Fiscal Myopia. The report presents five chapters, each by a different budget expert, covering topics such as the framing of long-term budget projections, other countries’ experiences with long-term budgeting, and goals for reforming the budget process.
“Given the documented long-term fiscal challenges facing the country, budgeting with our heads in the sand is no longer a viable strategy,” writes Bill Hoagland of BPC and Phil Joyce of the University of Maryland in the report’s final chapter. “If the budget process is to focus more effectively on the long term, a fiscal goal should be agreed to by the president and Congress.”
The second event, hosted by the Committee for a Responsible Federal Budget, centered around the publication of a memo to President-elect Trump about the fiscal challenges he will inherit. The memo also offers 10 steps he could take to secure the nation’s financial future, including setting fiscal goals, working with Congress on responsible tax reform, containing health care costs, and appointing a strong and experienced economic team.
This event also featured a panel with former Defense Secretary Leon Panetta, former Indiana Governor Mitch Daniels (a co-recipient of The Concord Coalition’s Economic Patriot Award last year), and former Congressman Tim Penny (a Concord board member).
