The Federal Budget: Sequester Déjà Vu

Today’s sequester is not the first. Just like now, in 1985, cutting the deficit was popular…in theory. The question, though, was how to get legislators to do it. The answer was Gramm-Rudman (aka the Gramm-Rudman-Hollings Act or the Balanced Budget…

Deficit D

2010Facing a $1.6 trillion deficit, President Obama creates the National Commission on Fiscal Responsibility and Reform. 1993:Facing a $260 billion deficit, President Clinton appoints a Bipartisan Commission on Entitlement and Tax Reform.The commission’s recommendations (which were not implemented):http://retirement.gov/policy/docs/ssb/v58n2/v58n2p74.pdf 1992From the…