Feel like you’re drowning in debt? We all are - the U.S. deficit totaled about $1.3 trillion when the last fiscal year ended on September 30th, and debt held by the public now totals more than $9 trillion. Douglas Elmendorf, head of the non-partisan Congressional Budget Office, says there are ways to climb out of the depths – but they will take time, and they come at a cost. While cutting taxes and increasing spending could lead to a short-term economic boost and potential job growth, he says, such measures could also result in deepening our federal debt. It’s hard enough to get Congress to agree on economic policy during the best of times, and come January, the changing of the guard is bound to mean further tussling. According to the CBO, drastic measures are needed – but will both parties agree on them? Can Americans afford them? And when it comes to belt-tightening, who needs to make the biggest sacrifice?
Town Hall Speaker:
Douglas Elmendorf, Director, Congressional Budget Office
Town Hall Vault Speakers:
James McIntyre, Director, Office of Management & Budget (1978)
Jacob Lew, Director, Office of Management & Budget (2000)
Chris Thornberg, Founding Principal, Beacon Economics