The Concord Coalition, a non-partisan group dedicated to reducing the federal budget deficit, last week applauded the efforts of a bipartisan group of House members who want to replace the dreaded sequestration cuts with a plan modeled after the Simpson-Bowles proposal.
“This is a simple idea with a powerful message. As we enter into another round of contentious budget negotiations, it will be tempting for elected leaders in both parties to produce one-sided plans that may appeal to their core constituencies. But unless compromises across party lines can be struck, there is little hope of enacting the kind of comprehensive long-term plan we need,” said Robert Bixby, Concord Coalition executive director.
Any plan to deal with the nation’s long-term fiscal challenge, the coalition said, should offer a mix of spending cuts and revenue increases. To produce a realistic plan, entitlement reform and tax reform must be a part of that mix.
The Simpson-Bowles budget alternative, which has also been endorsed by the Committee for a Responsible Federal Budget and numerous independent experts, would trim the federal deficit by more than $4 trillion over the next 10 years. It would put the U.S. debt-to-GDP ratio on a downward trajectory, decreasing to about 68 percent in 2022. Two-thirds of the deficit savings would come from spending cuts and one-third from tax reform.
The House members pushing the budget amendment were: Congressmen Kurt Schrader (R-OR) Jim Cooper (D-TN), Steven LaTourette (R-OH), Charles Bass (R-NH), Mike Quigley (D-IL) and Tom Reed (R-NY).
With another fiscal cliff approaching and sequester cuts that would hit the Pentagon particularly hard, within 24 hours of the statement (above) issued by The Concord Coalition, the House summarily rejected the amendment.
The vote was 348-75.
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