Adopt the National Commission on Fiscal Responsibility and Reform plan
Have the Congressional Joint Select Committee on Deficit Reduction or the "super committee” adopt the bipartisan report on the “National Commission on Fiscal Responsibility and Reform” (http://www.fiscalcommission.gov) that was completed in December 2010.
This bipartisan commission (Bowles-Simpson Commission) which consisted of six Democratic and Republican Senators as well as representatives of private industry and labor identified policies to improve the fiscal situation and to achieve fiscal sustainability over the long run. They also proposed recommendations designed to balance the budget. In the report they recommended:
• Cap discretionary spending through 2020.
• Require equal percentage cuts in security and non-security spending.
• Implement a 15-cent per-gallon increase in the gas tax to fund the Transportation Trust.
• Create a Cut-and-Invest Committee that each year would identify 2 percent in cuts in discretionary spending.
• Reduce the congressional and White House budgets by 15 percent.
• Impose a three-year freeze on the pay of our members of Congress.
• Impose a three-year freeze on federal workers and Defense Department civilians.
• Eliminate all congressional earmarks.
• Lower tax rates across the board — astutely noting that we need to completely overhaul our tax system and broaden the tax base.
• Instead of trying to raise more revenue with higher rates, it recommended that we eliminate many of the loopholes, subsidies and frivolous deductions that allow too many to pay too little.
The Super Committee has until November 23, 2011 to come up with a deficit reduction plan which the full Congress votes on by December 23, 2011 or risk automatic deep cuts in defense and social programs. What can the Super Committee possibly come up with in a short amount of time which took the Bowles-Simpson Commission seven months to achieve? Why start from scratch when you have a well written and balanced approached plan that was agreed to with bipartisan cooperation. Adopt the National Commission on Fiscal Responsibility and Reform plan.
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