Former officials tasked with finding a solution to the nation's debt and deficit problems testified about their previous attempts to offer solutions and the work of the Joint Select Committee on Deficit Reduction. In their testimony they expressed concerns about the committee's ability to find a solution, discussed strategies for revenue enhancement and spending cuts, and ...talked about needed changes to entitlement programs. Show SummaryShow Full Text
Douglas Elmendorf testified on discretionary federal spending at a hearing of the Joint Select Committee on Deficit Reduction. Among the topics he addressed were defense spending, tax policy, federal revenue, entitlement programs, and the effects of President Obama's announcement of troop withdrawal from Iraq on the deficit.
The hearing was briefly interrupted by a protester representing the Occupy Wall Street movement who called for tax increases on the richest one percent and an end to war as a means of reducing the deficit.
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Thomas Barthold testified on individual and corporate tax rates before the Joint Select Committee on Deficit Reduction hearing on tax code reform.
The bipartisan Select Deficit Reduction Committee was created as part of the Budget Control Act of 2011. Its purpose was to recommend by November 23, 2011, $1.2 trillion in budget deficit reduction over a ten-year period. Automatic spending cuts would be triggered if Congress failed to pass the committee's recommendations by December 23, 2011.
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Douglas Elmendorf testified before the Joint Select Committee on Deficit Reduction. In his remarks he talked about the state of the economy and deficit spending, saying that larger short-term deficits might be required to assist economic growth. He urged the committee to develop a plan that was "sufficiently specific and widely supported" to boost confidence in the plan. He ...also talked about the European experience with austerity programs. Show SummaryShow Full Text
