June 30, 2010--The National Commission on Fiscal
Responsibility and Reform ("debt commission") heard from CBO
Director Douglas Elmendorf at its third monthly meeting. Co-chair
Alan Simpson, the former Republican Senator from Wyoming, has said
that, "Everything is on the table." Simpson recounted some
pointed messages he has from opponents of tax increases and stated, "I
didn't come to this commission to raise taxes." However, he noted
that even Ronald Reagan, contrary to myth, had raised taxes a number of
times. Simpson said the commission's challenge is to see if 18
citizens can "come up with something that looks like common sense even
though its painful." Co-chair Erskine Bowles, who served as White
House chief of staff during the Clinton Administration, stated, "We are
going to have to really reduce discretionary spending...there's no way
around it." Presenting the CBO's "2010 Long-Term Budget
Outlook," Elmendorf said, "Over the long run, the budget outlook is
daunting. In the afternoon, the commission heard ideas from
representatives of dozens of groups. President Obama signed an
executive order establishing the 18-person commission on Feb. 18, 2010;
it is to present its report by Dec. 1, 2010.
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