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Reducing the federal deficit is crucial to the nation’s long-term economic security and will require tackling difficult choices about raising revenues and reducing spending. The agreement averting the "fiscal cliff" only delayed sequestration until March, and other major budget issues, including the approaching debt ceiling, still remain. Brookings experts analyze the economic and political challenges of enacting sound fiscal policy, and offer recommendations for ensuring America's long-term fiscal stability and economic growth.
U.S. Budget Deficit ›
May 8, 2013, Clifford Winston
The Federal Budget and Sequestration ›
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April 23, 2013, William G. Gale
State and Local Finance ›
April 17, 2013, Jeffrey B. Liebman
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In the News
It’s hard to imagine that it’s going to really be that expensive for online retailers to comply with the [“Internet Sales Tax”]. May 6, 2013, Tracy Gordon, ABC News
It’s hard to imagine that it’s going to really be that expensive for online retailers to comply with the [“Internet Sales Tax”].
When budget cuts hit high-profile business travelers, you can get Congress to act. April 30, 2013, Darrell M. West, Bloomberg
When budget cuts hit high-profile business travelers, you can get Congress to act.
The approach that the Europeans have developed to tackle the crisis is essentially one that skews all the possible burden to the country under stress. And this is what the [United States] is most afraid of. April 9, 2013, Domenico Lombardi, Washington Post
The approach that the Europeans have developed to tackle the crisis is essentially one that skews all the possible burden to the country under stress. And this is what the [United States] is most afraid of.
Ironically, Obama tried harder and longer than the results merited to work cooperatively with Republicans in Congress. He has learned painfully that his public embrace of a policy virtually ensures Republican opposition and that intensive negotiations with Republican leaders are likely to lead to a dead end. No bourbon and branch-water laced meetings with Republicans in Congress or pre-emptive compromises with them will induce cooperative behavior. March 6, 2013, Thomas E. Mann, U.S. News & World Report
Ironically, Obama tried harder and longer than the results merited to work cooperatively with Republicans in Congress. He has learned painfully that his public embrace of a policy virtually ensures Republican opposition and that intensive negotiations with Republican leaders are likely to lead to a dead end. No bourbon and branch-water laced meetings with Republicans in Congress or pre-emptive compromises with them will induce cooperative behavior.
Interview | NPR
March 3, 2013, Thomas E. Mann
On the environmental objective, certainly we are concerned about greenhouse gas emissions from fossil fuels. But we argue that the best way to address that would be to put a price on carbon, for example through a carbon tax, rather than try to subsidize alternatives. [That]'s much less efficient. The way the [current] rules work, electric vehicle manufacturers can sell credits to other automakers toward their fuel economy standards, so that means that other automakers can sell more polluting cars for every electric car that's sold. February 23, 2013, Adele Morris, National Public Radio
On the environmental objective, certainly we are concerned about greenhouse gas emissions from fossil fuels. But we argue that the best way to address that would be to put a price on carbon, for example through a carbon tax, rather than try to subsidize alternatives. [That]'s much less efficient. The way the [current] rules work, electric vehicle manufacturers can sell credits to other automakers toward their fuel economy standards, so that means that other automakers can sell more polluting cars for every electric car that's sold.
What has a chance of going somewhere if the president and the Congress can get back together is some version of a grand bargain, and a grand bargain means we have to slow the growth of the entitlements, especially Medicare and Medicaid. We have to put Social Security back on a firm foundation. And we have to reform our tax code so it raises some more revenue. We need to do that and stop fooling around with this counterproductive thing called the sequester, which is bad macro policy, it would reduce employment when we don't want to. February 23, 2013, Alice M. Rivlin, CNN
What has a chance of going somewhere if the president and the Congress can get back together is some version of a grand bargain, and a grand bargain means we have to slow the growth of the entitlements, especially Medicare and Medicaid. We have to put Social Security back on a firm foundation. And we have to reform our tax code so it raises some more revenue. We need to do that and stop fooling around with this counterproductive thing called the sequester, which is bad macro policy, it would reduce employment when we don't want to.
There's a defense wing of defense hawks, and they've been pretty vocal about the impact on the Defense Department and national security, generally. And we know there's a hard-core group as well that's opposed to any and all revenue increases. And between the two of those, there's no agreed-upon path of what to do, and so it looks like they may prefer the sequester to any alternative — certainly the alternatives the Democrats are offering up. February 21, 2013, Sarah A. Binder, National Public Radio
There's a defense wing of defense hawks, and they've been pretty vocal about the impact on the Defense Department and national security, generally. And we know there's a hard-core group as well that's opposed to any and all revenue increases. And between the two of those, there's no agreed-upon path of what to do, and so it looks like they may prefer the sequester to any alternative — certainly the alternatives the Democrats are offering up.
Podcast
February 20, 2013, Michael Greenstone and Adam Looney
The important shift seems to be the [Obama] administration is not waiting for the legislature, [but is] maximizing the things they can do themselves. [More private capital into infrastructure investment] is not going to solve all our infrastructure problems—we still have a long way to go. [However,] this will go a long way. February 19, 2013, Robert Puentes, New York Times
The important shift seems to be the [Obama] administration is not waiting for the legislature, [but is] maximizing the things they can do themselves. [More private capital into infrastructure investment] is not going to solve all our infrastructure problems—we still have a long way to go. [However,] this will go a long way.
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Alice M. Rivlin
Senior Fellow, Economic Studies
William G. Gale
Co-Director, Urban-Brookings Tax Policy Center
Director, Retirement Security Project
Isabel V. Sawhill
Co-Director, Center on Children and Families, Budgeting for National Priorities
@isawhill
William A. Galston
Senior Fellow, Governance Studies
The Ezra K. Zilkha Chair in Governance Studies