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CEOs Call for Deficit Action
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CEO's of more than 80 large U.S. companies have come together behind a plan that would reduce the U.S. federal deficit with tax revenue increases and reduced spending. The CEO statement was organized by the Fix the Debt campaign, a bipartisan effort inspired by Republican Alan Simpson and Democrat Erskine Bowles of the 2010 Simpson-Bowles Deficit Commission. The CEO statement calls for an overhaul of the U.S. tax code to eliminate or reduce deductions, credits and loopholes (reduction of tax expenditures also referred to as "broadening the base"). The CEO statement says any fiscal plan to succeed has to control increases in health care spending, make Social Security solvent, and include "comprehensive and pro-growth tax reform, which broadens the base, lowers rates, raises revenues and reduces the deficit." This is the first time a large group of business leaders have supported raising taxes as part of an overall solution. This puts together elements of the Bowles-Simpson plan, reduces deductions and loopholes, lowers rates as part of overall tax reform and cutting spending. The CEO statement says the Simpson Bowles recommendations for $3 in spending cuts for every $1 in tax increases was an "effective framework" for tackling a problem that affects the economic well being and security of the U.S.
Friedman on Obama, the presidential campaign of 2012 and the failure to embrace the Simpson-Bowles deficit reduction plan
09/26/2011
A campaign developed by campaign consultants lacking boldness and clear vision, one developed in test-tube fashion, is how Friedman describes the Obama election campaign. He describes the long period in the second half of 2011 as a crucial period inthe Obama presidency, when Obama lacked the courage to embrace his own presidential commission's Simpson-Bowles plan for deficit reduction and simply vacillated in a back and forth with Republicans. The price may well be the loss of independent and center-right voters.
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Bowles and Simpson of the President's Deficit Commission defend their plan
11/18/2010
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Charlie Rose Talks to Erskine Bowles, Alan Simpson
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CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
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Martin Feldstein, Sheila Bair and other experts on the Bowles-Simpson Deficit Commission proposals
11/17/2010
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The Deficit Dilemma and Obama's Budget
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Sheila C. Bair - Will the next fiscal crisis start in Washington?
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Martin Feldstein - How to cut the deficit without raising taxes
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CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
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Republican views on the Bowles-Simpson Deficit Commission proposals
12/03/2010
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GOP Hopefuls Betting Voters Want Deep Cuts
Wall Street Journal 07/18/2011
Why we need a third party - The Washington Post
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CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
Washington Post 01/26/2011
Wall Street Journal 04/05/2011
New York Times 04/07/2011
The two US Deficit Commissions in 2010 and the Deficit from Growing Health Care Costs
01/31/2008
Bowles-Simpson Deficit Commisssion proposals, critics say, did not adequately tackle the health care part of the US Deficit. Rivlin-Domenici Deficit Commission phases out the tax exclusion on employer-subsidized health care insurance. Both fall short in addressing the health care portion of the deficit.
Grouped Articles
New York Times 12/11/2010
In Battle Over Health Law, Math Cuts Both Ways
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CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
Washington Post 01/26/2011
Wall Street Journal 04/05/2011
New York Times 04/07/2011
Second Panel Calls for Cutting Military Spending
New York Times 11/17/2010
Rep. Dave Camp of the U.S. House of Representatives Ways and Means Committee and tax reforms to address the deficit
07/18/2011
Rep/ Dave Camp (MI) helps Republicans navigate the issues surrounding changes in U.S. taxes, including reducing or removing tax deductions to reduce the budget deficit. His ideas about changing the tax code to make it simpler and generate tax revenues of 18-19% of GDP instead of 16% in 2012.
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Rick Snyder, a G.O.P. Governor Who Eludes Labels
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Alan Simpson on the August 2 Debt Ceiling and Deficit legislation of August 2, 2011
01/16/2009
Alan Simpson of the Simpson-Bowles Commission talks about the debt panel or super-committee's task in coming up with $1.2 trillion in savings by the end of 2011. Simpson says the work of that committe will be similiar to the work he and Bowles engaged in. An enormous effort will go into clearing misperceptions and preconceived notions. He says there are only so many ways of coming up with savings and everything has to be touched to get to the goal, given that the U.S. borrows 39 cents of every dollar it spends.
Grouped Articles
Debt Hawk Alan Simpson on the Work Ahead
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Tom Keene Talks to David A. Stockman
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Why the Debt Crisis Is Even Worse Than You Think
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Reid Names First Debt-Panel Picks
Wall Street Journal 08/10/2011
Republicans Set Debt-Panel Roster
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Feldstein's proposal for a 2% cap on reduction in taxes from deductions and exclusions.
05/04/2011
Feldstein says its important to increases taxes not tax rates. And the the way to go is to follow the President's Bowles-Simpson Deficit Commission's proposal on tax expenditures. As it is politically difficult to eliminate deductions and exclusions he suggests another proposal- limit the reduction in taxes with a 2% of adjusted gross income cap on the reduction any taxpayer gets.
Grouped Articles
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The Elmendorf Rule - The Washington Post
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Tom Keene Talks to Martin Feldstein
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Wall Street Journal 07/12/2011
Top Democrats laud GOP debt-ceiling move - The Washington Post
Washington Post 07/14/2011
New York Mayor Bloomberg on reviving the U.S. economy
09/26/2011
Bloomberg says its time Obama and the Republicans stop promising a free lunch, or something for nothing. He suggests a two step answer to the economic problems facing the U.S. - let the Bush tax cuts expire for all income groups, and passage on an up or down vote of the Simpson-Bowles deficit reduction plan for $4 trillion in savings. This would give U.S. businesses the confidence to invest instead of holding back because of the uncertainty, and lead to higher economic growth and lower unemployment.
Grouped Articles
Why we need a third party - The Washington Post
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President Obama Should Seize the High Ground
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Dana Milbank: Jeb Bush’s heresy - The Washington Post
Washington Post 06/13/2012
Romney's plan on taxes and the Simpson-Bowles deficit reduction plan
04/16/2012
Romney's plan to limit or eliminate some standard tax deductions similar to the Simpson-Bowles plan.
Grouped Articles
Romney Specifies Deductions He'd Cut
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Why neither Obama nor Romney wants to talk about Romney’s record - The Washington Post
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Rep. Dave Camp patiently pursues tax reform - The Washington Post
Washington Post 07/29/2012
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Wall Street Journal 08/12/2012
With Ryan, Romney Casts Spotlight on Budget Details
New York Times 08/11/2012
Fix the Debt campaign inspired by Simpson-Bowles and the Oct 25, 2012 U.S. CEO's statement
10/25/2012
Over 80 U.S. CEO's issue a statement endorsing the basic framework of Simpson-Bowles commission of tax increases of $1 for every $3 in spending cuts to reduce the U.S. deficit. The statement calls for lowering tax rates as part of tax reform, capping deductions and loopholes to broaden the tax base, and cutting spending. The Romney campaign says it will go beyond what Simpson-Bowles proposed in addressing the deficit. The Obama campaign says it agrees with the idea of combining tax increases with spending cuts. CEO's also support simplifying the corporate tax code and lowering taxes to improve competitiveness.
Grouped Articles
Wall Street Journal 10/25/2012
Business Leaders Urge Deficit Deal, Even if Their Taxes Rise
New York Times 10/25/2012
Firms Hit Brakes Before Fiscal Cliff
Wall Street Journal 10/25/2012
Wall Street Journal 10/26/2012
Obama Adviser's Strategy Is High Risk, High Reward
Wall Street Journal 10/31/2012
Wall Street Journal 11/01/2012
Pete Domenici's call for tackling the "fiscal cliff" and the CEO statement of October 2012
10/25/2012
Two initiatives, Strengthening America led by Pete Domenici of the Domenici-Rivlin commisson, and Fix the Debt which organized the CEO's statement of Oct. 2012, support a bipartisan movement that would address the tough challenges of deficit reduction without simply kicking the can down the road. Both initiatives look to the Simpson-Bowles commission recommendations as the basis of tackling the problem.
Linked Articles
Pete Domenici and Sam Nunn: Building a better ‘fiscal cliff’ - The Washington Post
Washington Post 10/27/2012
Wall Street Journal 10/25/2012
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