My new column at Center for American Progress looks at how the budget outlook has changed since the Bowles-Simpson commission published their report in 2010:
Lawmakers did not enact the Bowles-Simpson plan—and the plan had serious flaws—but the budget outlook stabilized anyway. At this point, the most urgent spending problem is that lawmakers are cutting key investments, such as affordable housing, scientific research, and public health, to a detrimental degree. But while there is no looming fiscal crisis at this point, the United States still faces long-term budget challenges. As the Bowles-Simpson commission recognized, addressing those challenges requires solving problems on both the spending and revenue sides of the budget. Based on how the budget outlook has changed relative to the Bowles-Simpson plan, spending growth has become a smaller problem, while insufficient revenue has become a larger problem.
Read the full column here.