Fix The Debt

Fix the Debt announced this week the creation of the Congressional Fiscal Leadership Council (CFLC), a bipartisan group of more than 85 former federal lawmakers from across the country. The CFLC is committed to urging meaningful debt-reduction legislation and providing support to those who show the leadership to take a stand.

On Monday, we hosted the “State of the Debt” press conference, a bipartisan forum of 16 CFLC members from both sides of the political aisle. The launch event for the CFLC also provided a platform for participants to call on the President to make finding a comprehensive, bipartisan budget agreement a central priority in his State of the Union speech, and in the year ahead. The press conference was held on the same day the Committee for a Responsible Budget released an update to its policy paper, “Our Debt Problems Are Far from Solved” -- which calls for $2.4 trillion in further savings over the next ten years.

Maya MacGuineas, head of the Campaign to Fix the Debt praised the new group:

The Congressional Fiscal Leadership Council is comprised of men and women who know what compromise looks like and who recognize the urgency of addressing our country’s growing federal debt. This new group of affiliates will lend its experience and deep expertise to advance the mission of the Campaign to Fix the Debt.

The publicly-held portion of the national debt currently exceeds $11.6 trillion, more than 73 percent of the United States’ GDP. On February 5, the Congressional Budget Office released updated projections that find the country will run an $845 billion deficit this year. Although that marks the first time since 2008 the deficit will fall below $1 trillion, the same analysis indicates long-term debt will continue to grow. Within ten years, the debt will equal 77 percent of GDP, the most since 1951, even if the automatic “sequestration” cuts take effect in March as scheduled.

Former Senate Budget Committee chair Kent Conrad, a new member of Fix the Debt’s Steering Committee and Congressional Fiscal Leadership Council, summed up the fiscal situation and the need for more action:

The debt threat to our nation remains one of our toughest challenges. While progress has been made with the Budget Control Act, much more needs to be done. Recent analysis tells us we need at least another $2 trillion of deficit reduction this decade to get our debt on a declining course. That will require entitlement reform to save money and tax reform to generate revenue and improve the competitive position of our country.

Steve Bartlett, (R-TX)

Bob Bauman, (R-MD)

Helen Bentley, (R-MD)

Sherry Boehlert, (R-NY)

Allen Boyd, (D-FL)

Glen Browder, (D-AL)

Beverly Byron, (D-MD)

William Clinger, (R-PA)

Jim Coyne, (R-PA)

Hal Daub, (R-NE)

Jim Davis, (D-FL)

Joseph DioGuardi, (R-NY)

Mickey Edwards, (R-OK)

Philip English, (R-PA)

Dave Evans, (D-IN)

Thomas Ewing, (R-IL)

Vic Fazio, (D-CA)

Ronnie Flippo, (D-AL)

William Frenzel, (R-MN)

Louis Frey, (R-FL)

Bill Gradison, (R-OH)

Bill Grant, (D-FL)

William Gray, (D-PA)

Frank Guarini, (D-NJ)

Dennis Hertel, (D-MI)

Baron Hill, (D-IN)

Joan Kelly Horn, (D-MO)

Jerry Huckaby, (D-LA)

William Hughes, (D-NJ)

Jim Jones, (D-OK)

William Keating, (D-MA)

Mark Kennedy, (R-MN)

Scott Klug, (R-WI)

Jim Kolbe, (R-AZ)

Ernest Konnyu, (R-CA)

Nick Lampson, (D-TX)

H. Martin Lancaster, (D-NC)

Larry LaRocco, (D-ID)

Steve LaTourette, (R-OH)

Jim Lightfoot, (R-IA)

Marjorie Margolies-Mezvinsky, (D-PA)

Jim McCrery, (R-LA)

Dave McCurdy, (D-OK)

Matthew McHugh, (D-NY)

C. Thomas McMillen, (D-MD)

Charlie Melancon, (D-LA)

Robert Michel, (R-IL)

David Minge, (D-MN)

Jim Nussle, (R-IA)

Glenn Nye, (D-VA)

Tim Penny, (D-MN)

Glenn Poshard, (D-IL)

Tom Railsback, (R-IL)

Marty Russo, (D-IL)

Martin Sabo, (D-MN)

Lynn Schenk, (D-CA)

John Schwarz, (I-MI)

David Skaggs, (D-CO)

Jim Slattery, (D-KS)

John Spratt, (D-SC)

Richard Stallings, (D-ID)

Charlie Stenholm, (D-TX)

John Tanner, (D-TN)

Tom Tauke, (R-IO)

Zach Wamp, (R-TN)

Vin Weber, (R-MN)

Albert Wynn, (D-MD)

Bill Zeliff, (R-NH)