America's Fiscal Future: Examining the Need for a Fiscal Commission

Key Takeaways

• Jodey Arrington convened the hearing to advance a bipartisan fiscal commission with an enforceable plan addressing the $40 trillion national debt.
• Leon Panetta (Chairman, The Panetta Institute for Public Policy) urged Congress to do something, set a three percent deficit target, and create a commission.
• Jimmy Panetta asked Rob Portman (Founder and Chair, The Portman Center for Policy Solutions at the University of Cincinnati) about Simpson-Bowles, and he blamed its non-statutory status.
• Scott Peters stressed revenues and tax-gap enforcement while Jodey Arrington stressed mandatory spending and entitlement reform to restore fiscal health.
• Ed Case said bipartisan groups are drafting commission bills targeting three percent deficit-to-GDP with guaranteed votes for introduction early next Congress.