Time for Truth

In: Economic Issues, Problems and Perspectives

Abstract

Intro -- TIME FOR TRUTH: FACING THE NATION'S FISCAL FUTURE -- TIME FOR TRUTH: FACING THE NATION'S FISCAL FUTURE -- CONTENTS -- PREFACE -- Chapter 1 THE NATIONAL COMMISSION ON FISCAL RESPONSIBILITY AND REFORM: THE MOMENT OF TRUTH -- PREAMBLE -- THE LOOMING FISCAL CRISIS -- OUR GUIDING PRINCIPLES AND VALUES -- OVERVIEW -- THE PLAN -- I. Discretionary Spending Cuts -- Recommendation 1.1. Cap Discretionary Spending Through 2020 -- Recommendation 1.2: Cut Both Security and Non-Security Spending -- Recommendation 1.3: Enforce Caps Through two Mechanisms -- Point of Order and Abatement -- Recommendation 1.4: Require the President to Propose Annual Limits for War Spending -- Create a separate category for Overseas Contingency Operations (OCO) -- Recommendation 1.5: Establish A Disaster Fund to Budget Honestly for Catastrophes -- Recommendation 1.6: Stop the Abuse of Emergency Spending -- Recommendation 1.7. Fully Fund the Transportation Trust Fund Instead of Relying on Deficit Spending -- Dedicate a 15-cent per gallon increase in the gas tax to transportation funding, and limit spending if necessary to match the revenues the trust fund collects each year. -- Recommendation 1.8. Unleash Agencies to Begin Identifying Savings -- Recommendation 1.9: Establish Cut-and-Invest Committee to Cut Low- Priority Spending, Increase High-Priority Investment, and Consolidate Duplicative Federal Programs -- Recommendation 1.10: Adopt Immediate Reforms to Reduce Spending and Make the Federal Government More Efficient -- 1.10.1 Reduce Congressional and White House budgets by 15 percent -- 1.10.2. Impose a three-year freeze on Member pay -- 1.10.3. Impose a three-year pay freeze on federal workers and Defense Department civilians -- 1.10.4. Reduce the size of the federal workforce through attrition -- 1.10.5. Reduce federal travel, printing, and vehicle budgets