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    Committee For a Responsible Federal Budget
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    Senator Kent Conrad unveiled a budget proposal for fiscal year 2013 based on recommendations from the Simpson-Bowles Fiscal Commission. His proposal would reduce the debt from 73% of GDP in 2012 to below 68% by 2022 through $4.3 trillion in savings from tax reform and mandatory and discretionary spending cuts. The Committee for a Responsible Federal Budget praised Senator Conrad's leadership and called for bipartisan efforts to develop a comprehensive fiscal plan to stabilize the debt.

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    Senator Kent Conrad unveiled a budget proposal for fiscal year 2013 based on recommendations from the Simpson-Bowles Fiscal Commission. His proposal would reduce the debt from 73% of GDP in 2012 to below 68% by 2022 through $4.3 trillion in savings from tax reform and mandatory and discretionary spending cuts. The Committee for a Responsible Federal Budget praised Senator Conrad's leadership and called for bipartisan efforts to develop a comprehensive fiscal plan to stabilize the debt.

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    679 views1 page

    CRFB Press Release 1

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    Committee For a Responsible Federal Budget
    Senator Kent Conrad unveiled a budget proposal for fiscal year 2013 based on recommendations from the Simpson-Bowles Fiscal Commission. His proposal would reduce the debt from 73% of GDP in 2012 to below 68% by 2022 through $4.3 trillion in savings from tax reform and mandatory and discretionary spending cuts. The Committee for a Responsible Federal Budget praised Senator Conrad's leadership and called for bipartisan efforts to develop a comprehensive fiscal plan to stabilize the debt.

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    CHAIRMEN

    BILL FRENZEL JIM NUSSLE TIM PENNY CHARLIE STENHOLM

    CRFB Praises Senator Conrad's Budget Proposal April 17, 2012


    Today, Senate Budget Committee Chairman Kent Conrad (D-ND) unveiled his FY 2013 budget proposal, which is based on the recommendations of the Simpson-Bowles Fiscal Commission. Under his budget, debt would fall from about 73 percent of GDP at the end of FY 2012 and a high of 79 percent in 2014 to below 68 percent in 2022 -- a significant improvement over the 85 percent of GDP the country would reach on its current path. The Chairman's proposal, which reflects the policies in the Fiscal Commission report, would save over $4.3 trillion in new savings through 2022 from a combination of revenue increases from tax reform and spending cuts from the discretionary and mandatory sides of the budget. "Senator Conrad deserves true recognition for not shying away from the kinds of changes sufficient in size and scope to tackle the country's rising debt," said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. "His leadership on the issue will be key to passing fiscal reforms this year, and his approach -- replacing the yearend fiscal cliff with a comprehensive debt reduction package -- makes all the sense in the world." "Efforts to develop a comprehensive fiscal plan have truly become bicameral now, added MacGuineas. "Work to reach a bipartisan consensus on a fiscal plan large enough to stabilize the debt must begin now -- not later, not after the elections, but right now. The longer we wait, the greater the risk we take."

    PRESIDENT
    MAYA MACGUINEAS

    DIRECTORS
    BARRY ANDERSON ERSKINE BOWLES CHARLES BOWSHER STEVE COLL DAN CRIPPEN VIC FAZIO WILLIS GRADISON WILLIAM GRAY, III WILLIAM HOAGLAND JIM JONES LOU KERR JIM KOLBE JAMES MCINTYRE, JR. DAVID MINGE JUNE ONEILL PAUL ONEILL MARNE OBERNAUER, JR. RUDOLPH PENNER PETER PETERSON ROBERT REISCHAUER ALICE RIVLIN CHARLES ROBB MARTIN SABO ALAN K. SIMPSON JOHN SPRATT GENE STEUERLE DAVID STOCKMAN JOHN TANNER LAURA TYSON GEORGE VOINOVICH PAUL VOLCKER CAROL COX WAIT DAVID M. WALKER JOSEPH WRIGHT, JR.

    SENIOR ADVISORS
    ROBERT STRAUSS

    1899 L Street NW Suite 400 Washington, DC 20036 Phone: 202-986-2700 Fax: 202-986-3696 www.crfb.org

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