For Immediate Release
Tax and Budget Reform Advocate
Office: 202-546-9707 X 370
Watchdog Group Finds $1 Trillion in Savings for Debt Commission
“Next Trillion” Report From Watchdog Group Gives Debt Commission a Roadmap
WASHINGTON - As the National Commission on Fiscal
Responsibility and Reform meets
on Wednesday, a good government group identified another $1 trillion in
and new revenues to reduce the deficit.
The goal of the bipartisan
commission is to balance the budget by 2015 and strengthen the
government's long-term financial health.
Fiscal Responsibility Through More Accountability, the U.S. Public Interest
identified a trillion dollars in savings and
additional revenue sources
by 2015 through, among other measures, holding the government more
for how it spends taxpayer dollars. This "next trillion" comes on
top of an initial trillion identified earlier this spring.
the Commission was founded last February, U.S. PIRG looked at the
code for loopholes, reviewed government reports on wasteful contracting
practices and came up with The
First Trillion, an
initial list of ways the government can save a trillion dollars by 2015.
U.S. PIRG continued its research to find another trillion dollars that
government and taxpayers can save.
deficit reduction measures include:
- $160 billion in savings within the
program by the use of electronic records, better alignment of
costs and ending inflated payments to pharmaceutical companies for
- $185 billion in savings by ending the
of purchasing supplies and spare parts that go unused across
branches of the military, and
- $884 billion in new revenue by
fractional speculation fee on certain stock, bond, options, swap,
and foreign exchange spot transactions.
just common sense to look at waste first. The government has to be a
steward of taxpayer dollars regardless of its fiscal status," said Nicole
Tichon, Tax and Budget Reform Analyst for U.S. PIRG and author of
report. "We should also hold those who have benefited from government
contracts and government bailouts more accountable to taxpayers as
we saw with the financial reform bill, the banks never want to clean up
own messes. The speculation fee discourages the riskiest trading and
bankers create their own insurance against future meltdowns. Wall Street
can't expect taxpayers to open their wallets whenever high-volume
goes bad," Tichon continued.
the release of The First Trillion report earlier this year, the
Administration and Congress have taken some important steps to address
initial cost-saving measures identified. For example, the Administration
collected data and produced additional guidance to help agencies
wasteful contracts and information technology projects. In addition,
ended the practice of subsidizing private student loan lenders and began
process of closing a few international tax loopholes that enable
keep money offshore and untaxed.
will talk about her findings in The Next Trillion: Fiscal
Through More Accountability at the June 30 meeting of the National
Commission on Fiscal Responsibility and Reform public hearing.
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