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U.S. Senate Committee on Finance
Simpson and Bowles: Budget deal is just a start
Simpson and Bowles: Budget deal is just a start

The budget agreement reached by the House and Senate this week is a small step forward in restoring some sanity and order to the process. By putting in place a bipartisan plan for the next two years, the agreement represents a much-needed improvement over the uncertainty of governing by crisis that has dominated fiscal policy the last several years. But the fundamental fiscal challenges we identified in the 2010 report of the National Commission on Fiscal Responsibility and Reform, and the need for reforms of entitlement programs and the tax code, go unaddressed. The agreement will put in place a slightly more rational fiscal policy — by replacing a portion of the abrupt, mindless...

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