Hitting the Brakes on Overspending and Debt

Trillion dollar deficits are around the corner, driving America's high and growing public debt to eclipse the entire U.S. gross domestic product (GDP) over the next ten years. There is broad agreement in Washington and across the country that the U.S. budget process is broken and ill-equipped to address America's current and growing fiscal challenges. Congress recently convened the Joint Select Committee on Budget and Appropriations Process Reform to explore reforms to the U.S. budget process adopted in the 1974 Budget Act. U.S. lawmakers can learn much from budget processes employed in other countries, including the important role that fiscal rules play in helping countries to hit the brakes on overspending and debt. Please join us for an engaging expert panel discussion on the Swiss Debt Brake, what fiscal rules design works best, and how the United States can hit the brakes before going over the fiscal cliff.