This week has seen the emergence of another set of broad outlines from the Democrats and Republicans on the Super Committee, in a process that is somewhat reminiscent of the Boehner-Reid back-and-forth during the debt ceiling debate. After each group made offers two weeks ago, they have come back with new plans that are a little closer to the other side's liking -- but only a little.
According to The Hill, Senate Minority leader Mitch McConnell (R-KY) has signaled to Senate colleagues that he would be willing to support a $4 trillion plan. That sounds like a call for “Go Big” to us! This is a favorable change, given that earlier this week it was reported that he had favored a smaller $1.2 trillion package in savings.
Moody's issued a report the other day stating that failure by the Super Committee would not by itself cause them to strip the U.S. of its AAA rating, but that any outcome would factor into future ratings decisions. Essentially, failure can only hurt us, but success could greatly benefit us.
At the end of Tuesday's Super Committee hearing, Fiscal Commission co-chair and CRFB board member Erskine Bowles offered up top-line numbers representing a compromise between the Democratic and Republican offers to the Super Committee.
Today, Representatives Heath Shuler (D-NC) and Mike Simpson (R-ID) held a press conference to release a new letter to the Super Committee signed by 100 members of the House. The letter was a bipartisan effort, with roughly equal representation on each side, and calls for a $4 trillion package with everything on the table, including entitlement reforms and revenues.
At the end of the just-concluded hearing of the Super Committee, Fiscal Commission Co-Chair and CRFB Board Member Erskine Bowles presented his top-line numbers for a Go Big solution that could represent a compromise between both the Republican and Democratic offers on the Committee as its deadline draws near.
Later today, the Super Committee will be holding another public hearing with Fiscal Commission co-chairs, Moment of Truth Project Advisors, and CRFB board members Erskine Bowles and Al Simpson testifying together with Alice Rivlin (another CRFB board member) and Pete Domenici, co-chairs of the Bipartisan Policy Center's Debt Reduction Task Force.
Going big is getting bigger. A letter to the Super Committee today from a coalition of business organizations that spans numerous industries underscores the growing support from the corporate community for the panel to go above and beyond its mandate. The letter garnered the support of 200 business organizations.