In its final report, “The Moment of Truth,” the President’s bipartisan National Commission on Fiscal Responsibility and Reform (“Fiscal Commission”) declared that the era of deficit denial is over. The debt crisis in Europe, the sobering election results, and the work of the Fiscal Commission have transformed the debate from a question of if we will reduce long-term deficits, to a matter of when a
nd how we will do so. Fiscal responsibility will be the dominant national issue of the next two years, and we have the rare opportunity to enact a broad bipartisan plan to reduce the deficit and bring the debt under control. The Moment of Truth project will spearhead a sustained, coordinated effort to capitalize and expand on the momentum generated by the Fiscal Commission. Though the Fiscal Commission did not have all the answers, it showed that broad bipartisan support for an ambitious deficit reduction plan is possible – as demonstrated by the bipartisan 11 out of 18 supermajority vote in favor of the plan, which included five Democrats, five Republicans, and one Independent. The Moment of Truth project will build on this effort, working with Congress, the Administration, and the public at large. The project will be co-chaired by Erskine Bowles and Senator Alan Simpson and staffed by several senior members of the Fiscal Commission staff. It will focus primarily on public education, Congressional outreach, and technical and policy analysis. The window of opportunity for addressing our debt situation may be upon us, but is unlikely to remain open for long. If we do not make the hard choices today to put our fiscal house in order on our own terms, the bond markets will force these policies upon us tomorrow. The American people must join us in demanding that the President and leaders of both parties in both Houses come together with the goal of putting this country on a sustainable fiscal path. If the commission was a test case for showing that things can work with a divided government, then we have offered resounding proof that the two parties can work together for the good of the country. To contact the Moment of Truth project, or for media and other inquiries, please email Ed Lorenzen at [email protected].
