The President’s “National Commission on Fiscal Responsibility and Reform” got started today, and the President said all the right things–especially emphasizing that everything has to be on the table (spending cuts and tax increases), or else once again all the agreement on the theory about the importance of fiscal responsibility won’t be borne out in practice. From the transcript:
In theory, there are few issues on which there is more vigorous bipartisan agreement than fiscal responsibility. But in practice, this responsibility for the future is often overwhelmed by the politics of the moment. It falls prey to special interest pressures, to the pull of local concerns, and to the reality familiar to every single American — it’s a lot easier to spend a dollar than to save one. That’s what, at root, led to these exploding deficits. And that is what will lead to a day of reckoning.
Tomorrow (Wednesday) I’ll attend a “fiscal summit” sponsored by the Peterson Foundation and featuring President Clinton, Obama OMB Director Peter Orszag, and National Commission co-chairs Erskine Bowles and Alan Simpson. I’ll report on it tomorrow night and might even “tweet” from the event. (But if Ezra Klein’s going to be there, I won’t even bother; no one can out-live-tweet Ezra.)