Committee for a Responsible Federal Budget
Setting a goal of bipartisan reform
May 01, 2012
Seeking to spur action on America’s challenges following their work on the President’s National Commission on Fiscal Responsibility and Reform, co-chairs Erskine Bowles and Alan Simpson founded the Moment of Truth Project in March 2011. Building on our initial support of the Commission’s work, the Peterson Foundation, along with other organizations, provided funding for The Moment of Truth.
When a bipartisan majority, including several elected officials, voted for the Fiscal Commission’s final report (entitled The Moment of Truth), it served as a clear indication that bipartisan agreement on a comprehensive long-term deficit reduction plan is possible. Making it a reality requires leadership and tough choices from the President and members of Congress, as well as continued support for reforms among the voting public.
The Moment of Truth Project has continued to build momentum for comprehensive long-term reform, with key commissioners testifying before Congress and engaging the President, administration officials, and Congressional leaders, including the bipartisan group of six U.S. senators, commonly referred to as the “Gang of Six.” Importantly, the Moment of Truth Project is speaking to the public, explaining the facts about our fiscal challenges, answering questions, and laying out the possible paths to a solution.
In addition, to encourage a deeper examination of how the federal budget process impacts America’s fiscal outlook, the Foundation, in conjunction with the Pew Charitable Trusts, provided funding to establish the Peterson-Pew Commission on Budget Reform. The Commission convened federal budget and fiscal policy experts, including former directors of the Congressional Budget Office and the Office of Management and Budget, and former chairmen and ranking Members of the House and Senate Budget Committees. They released two comprehensive reports: the first, Red Ink Rising, offered a six-step plan for stabilizing our national debt; the second, Getting Back in Black, provided a set of specific, detailed reforms to the federal budget process, including adopting fiscal targets, instituting triggers in case goals are not met, and increasing transparency. Both reports have been influential in persuading policymakers to focus on the bigger budget picture, incorporating ideas for significant budget process reforms to bring stability and credibility to the nation’s finances.
For more on the Commission’s recommendations on budget reform, see PGPF’s analysis.
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Ways You Can Get Involved:
Q&A with Pete Peterson
Foundation Chairman candidly discusses fiscal and personal topics.
Engaging Americans in a movement to address the nation's fiscal challenges.
State of theUnion's Finances
Steps you can take to help cure our fiscal ills.
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