Senators Kirk and Manchin Offer "Go Big" Proposal

Today, Senators Mark Kirk (R-IL) and Joe Manchin (D-WV) called for a "Sense of the Senate" resolution pushing for Congress to "Go Big" on deficit reduction using the framework of the Simpson-Bowles proposal. The resolution is a non-binding agreement that a "Go Big" approach needs to be taken towards deficit reduction. While this may seem more trivial than effectual, it indicates a necessary commitment to solving our long-run fiscal problems. Adding to a letter from 45 Senators calling for a Go Big deficit reduction package, the resolution aims to express and solidify the common sentiment in the Senate in favor of such a package.

The resolution makes note of a variety of crucial points central to a "Go Big" approach. Namely, the elevated level of our current public debt (over $10 trillion), the historic downgrade of U.S. credit rating by S&P, the availability of frameworks for large-scale reduction packages, and the existence of the powerful Super Committee. These factors -- together with the already existing support for "Go Big" by business leaders, budget experts, leading economists, and politicians -- form the basis for these two Senators' proposed resolution.

These resolutions recognize the need for a deficit-reduction package which will stabilize our long term debt and begin to put debt-growth on a downward path. The resolution calls for at least $4 trillion in savings, while promoting economic growth and job recovery in the short-run and basing long-run fiscal reforms on the principles of shared sacrifice and compromise. However, the resolution also rightly recognizes that this is only possible by addressing the long-run growth in costs of entitlement programs and by enacting pro-growth, deficit-reducing tax reform.

Here's to hoping that the Super Committee and other members of Congress heed these calls and indeed "Go Big".

It seems that right now going

It seems that right now going big is really the way to go. Nobody knows how this is all going to play out but in the end there will be something done, that is for sure. I am sure that there will be more people who dislike the outcome than approve.

 

 

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