Global InformationNational Commission on Fiscal Responsibility and Reform information
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The National Commission on Fiscal Responsibility and Reform (often called Simpson–Bowles or Bowles–Simpson from the names of co-chairs Alan Simpson and Erskine Bowles; or NCFRR) was a bipartisan Presidential Commission on deficit reduction,[1] created in 2010 by President Barack Obama to identify "policies to improve the fiscal situation in the medium term and to achieve fiscal sustainability over the long run".[2] The 18-member Commission, consisting of 12 members of Congress and six private citizens,[3] first met on April 27, 2010.[4] A report was released on December 1,[1] recommending a combination of spending cuts (including an increase in the Social Security retirement age and cuts to military, benefit, and domestic spending) and tax increases (including restricting or eliminating certain tax credits and deductions and increasing the federal gasoline tax).[3]
The commission's recommendations were politically controversial.[3] Under the executive order that created the commission, a supermajority of 14 of the 18 commissioners had to agree to a recommendation before it was sent to Congress for a vote.[3] In a vote in December 2010, the commission fell short of that requirement, with only 11 out of the 18 commissioners (five Republicans, five Democrats, and one independent) voting to endorse the commission's blueprint.[5]
Proponents of the plan praised it for hitting all parts of the federal budget and for putting the national debt on a stable and then downward path. Prominent supporters include JPMorgan Chase CEO Jamie Dimon,[6] House Speaker Nancy Pelosi (although at first she opposed the proposal),[7] then-Secretary of State Hillary Clinton,[8] and Republican Senator Tom Coburn;[9] Democratic Representative Chris Van Hollen[10] has called for a deal based on the Simpson–Bowles framework.
Critics on the left, such as Democratic Representative Jan Schakowsky (a Commission member) and economist Paul Krugman, opposed the Simpson–Bowles proposal because it would cut entitlement and social safety net programs, including Social Security and Medicare.[5][11] Critics on the right, such as Republican commission members Paul Ryan, Jeb Hensarling, and Dave Camp, and anti-tax activist Grover Norquist of Americans for Tax Reform, objected to the Simpson-Bowles proposal because it would raise taxes.[5][12]
- ^ a b Paletta, Damian (December 1, 2010). "Mortgage Tax Break in Crosshairs". Wall Street Journal.
- ^ "Executive Order – National Commission on Fiscal Responsibility and Reform" (Press release). White House Office of the Press Secretary. February 18, 2010. Archived from the original on February 6, 2017. Retrieved November 11, 2010.
- ^ a b c d Jackie Calmes, Panel Seeks Social Security Cuts and Higher Taxes, New York Times (November 10, 2010).
- ^ Lee, Jesse (April 27, 2010). "Getting to the Root Causes of Our Fiscal Challenges". whitehouse.gov. Retrieved November 11, 2010 – via National Archives.
- ^ a b c "In a 11–7 Tally, the Fiscal Commission Falls Short on Votes". The New York Times. December 3, 2010. Retrieved December 1, 2012.
- ^ Agustino Fontevecchia (April 18, 2012). "JPMorgan Chief Jamie Dimon Asks For Simpson-Bowles Now". Forbes. Retrieved December 1, 2012.
- ^ Lillis, Mike (March 29, 2012). "Pelosi flips, backs Bowles-Simpson plan she had called 'simply unacceptable'". Thehill.com. Retrieved December 1, 2012.
- ^ Lee Fang (October 7, 2016). "Excerpts of Hillary Clinton's Paid Speeches to Goldman Sachs Finally Leaked". The Intercept. Retrieved October 7, 2016.
- ^ Rowley, James (October 4, 2012). "Deficit plan wins 11 of 18 votes; more than expected, but not enough to force action". The Washington Post. Retrieved December 1, 2012.
- ^ Rowley, James (October 4, 2012). "Van Hollen Calls Simpson-Bowles a Framework for Debt Deal". Bloomberg. Retrieved December 1, 2012.
- ^ "A Public Service Reminder: Simpson-Bowles Is Terrible". Krugman.blogs.nytimes.com. September 30, 2012. Retrieved December 1, 2012.
- ^ "Simpson-Bowles Plan Is a $5 Trillion Net Tax Hike in First Full Decade". ATR. September 30, 2012. Retrieved December 1, 2012.