December 1, 2010
11:30 AM ET
FISCAL COMMISSION ISSUES BIPARTISAN PACKAGE|
On December 1, the President’s National Commission on Fiscal Responsibility and Reform issued a far-reaching debt reduction package. While noting he did not favor every provision in the plan, Chairman Conrad – a member of the Commission – said he supports it and cited the urgency of adopting a bipartisan package to avert a national fiscal crisis.
In August and September, the Senate Budget Committee held a series of hearings on the economy. The Committee heard testimony from some of the nation’s leading private and public sector economists. Witnesses confirmed that establishing a credible plan to put the nation back on a sound long-term fiscal course is essential to the nation’s long-term economic strength.
Press Release on Conrad Keeping Budget Committee Chair - Nov. 19, 2010
While OMB’s Mid-Session Review shows the deficit remaining stubbornly high in the near-term, the real challenge, and the main focus of concern, is the long-term budget outlook. As we pivot to addressing the long-term fiscal imbalance, we must be careful not to disrupt the economic recovery underway. What we should be doing now is putting in place deficit reduction policies that will kick in after the economy has more fully recovered.
Conrad Statement on OMB Mid-Session Review - Jul. 23, 2010
On April 22, the Senate Budget Committee passed the Fiscal Year 2011 Senate Budget Resolution. The fiscal plan cuts spending and deficits, while making critical investments to strengthen the nation’s economic recovery and promote long-term economic growth. It cuts spending as a share of the economy by 11 percent. It cuts the deficit as a share of the economy by 70 percent, bringing the deficit down to 3.0 percent of GDP by 2015. It includes $674 billion more deficit reduction than President Obama’s budget. It cuts taxes by $780 billion. And it invests in education and energy, laying the foundation for long-term economic security.
Committee Print: FY 2011 Senate Budget Resolution - Apr. 26, 2010
Although a strong bipartisan majority in the Senate voted in favor of the statutory Conrad-Gregg bipartisan fiscal task force, the proposal did not receive the 60 votes needed to pass. In light of that vote, President Obama’s executive order fiscal commission represents the best way forward. Importantly, the President’s commission is coupled with firm commitments from congressional leaders to bring the panel’s recommendations to a vote. With these commitments, the President’s executive order is as close as we can get to establishing a statutory commission, where the votes would be guaranteed.
Conrad Remarks at Inaugural Meeting of Bipartisan Fiscal Commission - Apr. 27, 2010
On March 23, President Obama signed comprehensive health care reform into law. This legislation meets key reform benchmarks. It is fully paid for and reduces both short- and long-term deficits. When combined with the reconciliation bill, deficits will be reduced by $143 billion over the first ten years and $1.3 trillion over the second ten years. It also expands coverage to millions of Americans. It promotes choice and competition. It contains critical insurance market reforms, such as banning the denial of coverage based on pre-existing conditions. And it contains delivery system reforms that will bring us better quality care at lower costs.
Conrad Statement on Passage of Health Reconciliation “Fixer” Bill - Mar. 25, 2010
President Obama’s Fiscal Year 2011 Budget needs to be viewed in the context of the awful hand the President has been dealt. He inherited one of the worst fiscal outlooks our country has ever seen. The budget is correctly focused on what must be our first priority: creating jobs and restoring our nation’s economic strength. But even as the federal government continues to act to get the economy back on its feet, it needs to simultaneously pivot to address the nation’s long-term debt crisis.
Conrad Remarks at Hearing on Transportation Budget - Feb. 24, 2010
CBO’s January Budget and Economic Outlook again highlights the fiscal mess handed to President Obama. A severe recession and the federal response to it, two costly wars, and the large unpaid-for tax cuts of the Bush era have left the nation in a deep hole of debt that will take years to dig out of. CBO is now showing the deficit in 2010 will be $1.35 trillion, roughly unchanged from last year. While the deficit is expected to fall for several years after that, we can expect it will begin climbing again as the bulk of the baby boom generation retires and health care costs continue to rise.
Conrad Remarks at Hearing on CBO Budget and Economic Outlook - Jan. 28, 2010
On December 9, Senators Conrad and Gregg introduced new legislation to create a bipartisan fiscal task force to address the nation’s long-term budget crisis. The bill establishes an 18-member task force comprised of currently-serving members of Congress and Administration officials. Everything would be on the table, including spending and revenues. The task force recommendations would be considered by Congress under expedited procedures with a vote required. A bipartisan outcome would be ensured, with 14 of 18 task force members needed to report the recommendations and supermajorities needed for final passage in both the Senate and House.
Senator Reid's Statutory PAYGO Amendment to Debt Limit Bill - Jan. 27, 2010
The Senate health plan includes key health reform measures. It is fully paid for and cuts the deficit by $130 billion over the first ten years. It will save as much as $650 billion in the second ten years, with ongoing savings beyond that. It expands coverage to 94 percent of Americans. It contains critical insurance market reforms, such as banning the denial of coverage based on pre-existing conditions. And it contains delivery system reforms that will bring better quality care at lower costs.
Conrad Floor Statement on Senate Health Plan – Dec. 22, 2009
The health care reform plan presented by Senate Finance Committee Chairman Max Baucus represents a very good start in the effort to reform our nation’s health care system. The plan would promote choice and competition; reduce deficits and control costs; expand coverage; and improve the quality of care. Importantly, the plan is fully paid for over the first ten years and would bend the long-term cost curve on health care in the right way.
Conrad Statement on Official 2009 Deficit Total – Oct. 16, 2009
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