New perspectives on the fiscal outlook

In the aftermath of the One Big Beautiful Bill Act of 2025, federal policymakers can and should turn their focus to the long-term budget shortfall facing the federal government. On October 20, the Urban-Brookings Tax Policy Center will host an event to provide new perspectives on fiscal policy. Maya MacGuineas, president of the Committee for a Responsible Federal Budget, will present ideas for a “Break the Glass” emergency fiscal response that policymakers could implement should a crisis emerge. William Gale, Arjay and Frances Fearing Miller chair in federal economic policy and senior fellow at the Urban-Brookings Tax Policy Center, will present analysis of how other countries’ fiscal consolidation efforts have fared and what they imply for how the U.S. should adjust.

Following their presentations, Jordan Weissmann (The Argument) will moderate a panel discussion featuring Douglas Holtz-Eakin (American Action Forum), Gopi Shah Goda (Brookings, Retirement Security Project), Elena Patel (Brookings, Urban-Brookings Tax Policy Center), and Jessica Riedl (Manhattan Institute).

Online viewers can pose questions in advance by emailing [email protected].

A reception will follow, from 4:00 to 5:00 to welcome Elena Patel as the new Brookings co-director of the Urban-Brookings Tax Policy Center.