Word: fiscal
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...open forum last September, Smith said that FAS would seek to reduce its deficit to $90 million for the fiscal year ending in 2010—a planned decrease of $20 million that the administration has exceeded by $10 million, according to its most recent estimates...
...level of public debt since 1952. "There's a fundamental disconnect between the level of benefits that people want the government to provide, particularly for older Americans, and the amount of resources that people want to send to Washington to pay for those benefits," Elmendorf says. "To make the fiscal policies sustainable will require some resolution of that fundamental disconnect." (See a brief history of the U.S. deficit...
...limited spending freeze won't in itself do much to address that disconnect, Elmendorf suggests. The CBO director projects that even if such a spending cap were to extend to all discretionary government outlays (Obama would exempt national security), it would save only $10 billion in the next fiscal year, less than 1% of the budget. Nor is it likely that Congress will make much of a dent in the problem, at least not in the short term. (See 10 players in health care reform...
...open forum last September, Smith announced that FAS had closed half of its two-year $220 million budgetary gap, noting that the administration would aim to slash another $20 million from the deficit for the fiscal year ending in 2010. But the new figure suggests that the administration has exceeded its expectations...
Along with the slew of budget cuts announced in May, Smith announced the creation of six working groups across FAS to produce budgetary recommendations for the upcoming fiscal year...