On Tuesday, March 12, Ogilvy Washington and InsideDefense.com will host an Ogilvy Exchange on “The Impact of the Budget Standoff.” This Exchange brings together Hon. Jim Nussle, former U.S. Congressman (R-IA) and past Director of the Office of Management and Budget, Robert Bixby, Executive Director of the Concord Coalition, Todd Harrison, Senior Fellow with the Center for Strategic and Budgetary Assessments, and Bill Miller, Senior Vice President at Business Roundtable, to discuss potential outcomes to this year’s budget debates and how they may impact government programs, businesses and the economy. Register to attend this timely discussion here: http://goo.gl/XmzqK
Congress and President Obama may have avoided the January “fiscal cliff,” but significant fiscal challenges still remain this year. The most pressing issue for U.S. elected officials is “sequestration,” or massive across-the-board cuts in the federal budget totaling $1.2 trillion over the next ten years that will take effect automatically on March 1 unless President Obama and Congress can reach a compromise to alter current law.
Thus far, both Congress and President Obama seem deadlocked on the federal budget, with Republicans in Congress wanting more cuts to federal spending to reduce the budget deficit and President Obama favoring higher taxes to generate more revenue. Beyond sequestration, other fiscal issues including the debt limit and expiration of the Continuing Resolution that is funding the government in the current fiscal year are all pending. Larger debates regarding the future of entitlements, discretionary spending and tax reform are likely to linger well into the fall. The outcome of these debates will significantly re-shape the federal government’s spending priorities. But what impact could these decisions have on American businesses and the struggling U.S. economy?
What do you believe should be a priority in the U.S. budget debate facing Congress and President Obama this year? Are austerity measures more important, or should federal spending continue near current levels to boost the U.S. economy’s recovery? How can Congress and the president balance deficit reduction with continuing the government’s commitment to Social Security and Medicare?