Defining Our Long-Term Fiscal Challenges (Steuerle): Testimony Before the U.S. Senate Budget Committee

Publication Date: January 2007

Publisher: Tax Policy Center

Author(s): C. Eugene Steuerle

Research Area: Banking and finance

Keywords: Economy; Federal Budgets & Fiscal Policy; Tax Policy; Tax Distribution and Economic Trends

Type: Report

Abstract:

In testimony before the U.S. Senate Budget Committee, senior fellow C. Eugene Steuerle explained how, in recent decades, the government has wound a straightjacket around federal spending and tax subsidies. The main culprits have been in the broad areas of retirement, health, and taxation. Left alone, it leaves Congress with almost no control over its own budget. Only major systemic reform can restore a normal democratic process. He also highlighted ten consequences of the current budgetary situation.