With a December 1 deadline for recommendations two months away, the President’s Debt Commission today held their fifth public meeting to hear from budget experts on performance budgeting and ways to eliminate wasteful spending. The bipartisan commission’s task—to recommend ways to balance the budget by 2015 and improve the country’s long-term fiscal outlook—is daunting. On top of that, the recommendations need to be approved by 14 of the 18 commission members.
Manufacturers increasingly are concerned about the impact of the current historically-high levels of the federal deficit and the national debt on manufacturing and our employees and the overall U.S. economy and support the commission’s effort to find ways to get out fiscal house in order. To that end, the NAM yesterday sent a letter to the Commission outlining our recommendations on how to approach critical spending and tax issues.
No official word yet on how things are progressing but many experienced tax and budget policy professionals don’t expect to see much. An experienced Washington hand observes that while some good ideas probably will come out of the commission, don’t expect a comprehensive plan. “They need to redefine success,” he adds.