America to Debt Commission: Read Our Lips—No New Taxes.

Kathryn Nix / May 06, 2010

Last week, the President’s debt commission held its kick-off meeting.  The National Commission on Fiscal Responsibility and Reform, a group of 18 lawmakers and policy experts, has been tasked with proposing a solution to the mounting financial crisis facing the United States government.

As we show in our 2010 Budget Chart Book, federal spending is on track to skyrocket as the population ages and more Americans become eligible for entitlement benefits, which include Medicare and Social Security.  Together, entitlement programs represent a $46 trillion long-term unfunded liability.  If this situation is ignored, entitlement spending will eventually consume the entire federal budget, crowding out spending on either domestic priorities, such as education and transportation, as well as defense spending. (more…)