Fiscal Challenges and States
Following opening remarks from Tom Donohue and Joe Califano, former Lieutenant Governor Richard Ravitch (D-NY) summarized a report from the… read more
Following opening remarks from Tom Donohue and Joe Califano, former Lieutenant Governor Richard Ravitch (D-NY) summarized a report from the State Budget Crisis Task Force on the fiscal challenges of states in the midst of “fiscal cliff” negotiations. Among the findings were health care expenses rising faster than revenue, pension system underfunding, and a disconnect between federal policies and their impact on states.
“Fiscal cliff” referred to the impending tax increases and sequestration budget cuts at the end of 2012 if Congress failed to reach a new budget agreement. "Sequestration," a legal procedure in which automatic budget cuts are triggered, was agreed to in the Budget Control Act of 2011.
This program was part of a National Chamber Foundation forum entitled, “A Balancing Act: Tough Decisions in the Face of Fiscal Challenge,” held at the U.S. Chamber of Commerce. close
*The transcript for this program was compiled from uncorrected Closed Captioning.
People in this video
- Joseph A. Califano Jr. Member State Budget Crisis Task Force ->Advisory Board
- Thomas J. Donohue President and CEO U.S. Chamber of Commerce
- Richard Ravitch Co-Founder and Co-Chair State Budget Crisis Task Force
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