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Statement on First Anniversary of The Moment of Truth Report

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FOR IMMEDIATE RELEASE

 

Statement on First Anniversary of The Moment of Truth Report

From Fiscal Commission Members Erskine Bowles, former Sen. Alan Simpson, Alice Rivlin, Dave Cote, Andy Stern, Ann Fudge, former Sen. Judd Gregg & former Rep. John Spratt

 

WASHINGTON, DC -- One year ago today, the National Commission on Fiscal Responsibility and Reform (Fiscal Commission) presented its final report The Moment of Truth. Former Fiscal Commission co-chairs Erskine Bowles and Sen. Alan Simpson, along with former Fiscal Commission members Alice Rivlin, Dave Cote, Andy Stern, Ann Fudge, former Sen. Judd Gregg & former Sen. John Spratt, released the following statement in honor of the report's first anniversary:

"A year ago today, the bipartisan National Commission on Fiscal Responsibility and Reform (Fiscal Commission) released The Moment of Truth report on how to address our debt crisis. In the report, we concluded that “The problem is real. The solution will be painful. There is no easy way out. Everything must be on the table. And Washington must lead.” We made it clear to leaders in Washington that we cannot afford to delay action on stabilizing the debt and reducing our annual deficits any longer.  

Unfortunately, since its release, leaders in Washington have continued to 'kick the can' down the road while our debt problem worsens. But, we are encouraged by the growing number of Members of Congress in both parties who have responded to the inaction of the Select Committee on Deficit Reduction by calling for action on a bipartisan, comprehensive fiscal plan based on the framework put forward by the Fiscal Commission.  

We can no longer wait. The inability of the Select Committee to find common ground on deficit reduction of only $1.2 trillion over ten years underscores that a piece-meal approach to our deficit crisis will not work. Big problems require big solutions, and our national debt crisis is a very big problem. It is time for political leaders in both parties to pull together not apart, and make the tough decisions necessary to bring our debt under control and put our nation on a fiscally sustainable course.  

The plan laid out in The Moment of Truth is not perfect, nor do any of us agree with every provision included in the report. But it remains the best framework for an overall balanced plan. And as the growing calls from members of both parties to revive the Fiscal Commission’s proposal underscore, it offers the best hope for moving forward in a broad, bipartisan manner.  

We strongly support the work of Members of Congress in both parties to develop legislation that would put into effect the policies outlined in The Moment of Truth plan and urge the House and the Senate to act on a comprehensive fiscal plan based on the recommendations in our report and other bipartisan deficit reduction proposals. It’s time to act, be bold, be smart, and go big."

 

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The Moment of Truth project is a non-profit, non-partisan effort which seeks to foster honest discussion about the nation's fiscal challenges, the difficult choices that must be made to solve them, and the potential for bipartisan compromise that can move the debate forward and set our country on a sustainable path. The Moment of Truth project is a project of the Committee for a Responsible Federal Budget.

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Dec 1, 2011
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A year ago today, the bipartisan National Commission on Fiscal Responsibility and Reform (Fiscal Commission) released The Moment of Truth report on how to address our debt crisis. In the report, we concluded that “The problem is real. The solution will be painful. There is no easy way out. Everything must be on the table. And Washington must lead.” We made it clear to leaders in Washington that we cannot afford to delay action on stabilizing the debt and reducing our annual deficits any longer.