The following is the is an excerpt from Will Marshall’s June 30 testimony before the National Commission on Fiscal Responsibility and Reform during the commission’s first public listening session:
Chairman Bowles, Chairman Simpson, and Members of the Commission, I appreciate the opportunity to appear before you to discuss ways to put America on a fiscally sustainable course.
Once unemployment rates start to fall, U.S. policy makers must be prepared to pivot sharply from fiscal stimulus to fiscal restraint. Otherwise, a large and growing federal debt will deplete our capital stock and thereby limit future economic growth. It will divert resources from productive investment to interest payments on the debt, half of which is already held by foreign lenders. And it will shake investor confidence, here and abroad, in the fundamental soundness of the U.S. economy, eventually driving interest rates up and the dollar down.
Despite these dire and entirely foreseeable consequences, too many federal policy makers remain in denial about the need for fiscal discipline. You have taken on what many consider a Mission Impossible: forging a bipartisan consensus on how to defuse the nation’s debt crisis. That’s put you in the crosshairs of extreme partisans of the left and right, who imagine this problem can be solved strictly at the other side’s expense. By refusing either to cut spending or raise taxes, the two have joined in a tacit conspiracy to bankrupt the country.
Common to both is the assumption that you can have fiscal responsibility, or you can have progressive government, but you can’t have both. We at the Progressive Policy Institute have always rejected this false choice. We believe that a progressive government can and must live within its means, and that if it instead chases the illusion of borrowed prosperity, it’s not really progressive.
To paraphrase Franklin Roosevelt, Americans know instinctively that borrowing routinely to consume more than you produce is both bad economics and bad morals. I don’t think it’s an accident that, as public worries about deficits have been mounting, public trust in government has been plummeting.
So there’s a lot riding on your ability to forge consensus behind a bold and balanced plan to restore fiscal responsibility. Let me offer some thoughts on what that plan should include from the perspective of a “progressive fiscal hawk.”

One of the more interesting developments on the June 8 “Super Tuesday Primary” day was the 
It’s been a tough year for the Democratic tradition in the U.S. Senate, with the loss of Edward Kennedy and the solidification of the Almighty Filibuster as the real power in the institution. But the death of Sen. Robert Byrd of West Virginia really does turn a lot of pages, while denying the Senate its unrivalled historian and parliamentarian.
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Congress isn’t always the first place you look for intellectually honest discussion of America’s fiscal dilemmas. Neither party has clean hands, yet each points smudged fingers at the other. How refreshing then to hear Rep. Steny Hoyer (D-MD) uttering blunt truths rather than partisan cant about America’s exploding debts.
In meetings I’ve had recently with folks representing industries from automobiles to energy to private equity, I’ve heard it over and over again. They want a price on carbon.
Late last week, Sen. Joe Lieberman (I-CT) unveiled a draft bill that seems to be causing some anxiety among progressives.
If, as appears likely, cap-and-trade legislation is not going to be enacted this year or any other time soon, it represents more than a setback for the Obama administration (or for the environment). It’s also another blow to the high concept of using market mechanisms rather than direct government control to address major public policy challenges.
Every so often, I’ll get a call from someone over at Fox News to appear as a talking head.
As President Obama struggles though a host of problems, from the Gulf oil spill to the refusal of the Senate to support a new jobs bill or a cap-and-trade system, you can hear Republicans repeating a strange refrain that first became prominent in their rhetoric during the health reform fight: this president is arrogant and perhaps even tyrannical for trying to enact the policy agenda that he campaigned on in 2008 in the teeth of Republican and (in some cases) popular opposition.