Two business groups today urged the Super Committee to not only approve of a deal before its deadline next month, but to also go beyond its mandate of $1.2 to $1.5 trillion in deficit reduction over the next decade and advance a more comprehensive approach.
From the national business group, Business Roundtable:
Recently, there have a plethora of media accounts and interviews asking policymakers whether they believe the Super Committee will be able to achieve or even exceed its current mandate. Given the gravity of our fiscal situation, the real potential for another downgrade if lawmakers can't agree to significant reforms soon, and the unique opportunity lawmakers have right now, attention has rightly focused on the Super Committee.
At today’s Super Committee hearing, each of the twelve members had the chance to address CBO Director Doug Elmendorf on issues related to discretionary spending and the budget at large, and in it, Director Elmendorf made some very important statements regarding our fiscal challenges and the benefits of addressing them.
Today, the Super Committee will hold its first public hearing in over a month. As the weeks have gone by, anticipation has built about the prospects for the Super Committee to achieve its mandate. With just under a month to go, we hope the push for “Go Big” along with the trove of submissions, have taken root in the Super Committee’s negotiations and will continue to support the Committee's efforts to Go Big.
We receive a fair amount of e-mails from concerned citizens every day, be it questions, concerns, comments, or just general thoughts. Every so often, we receive a comment that truly encapsulates what CRFB is striving for and why.
Today, we want to share such a letter we just recently received:
Two recent warnings over the United States' fiscal outlook are worth taking a look at. First, Bank of America Merrill Lynch released a report last week voicing concerns about the Super Committee and the risk of another potential credit-rating downgrade if they don't succeed.
As is well-known by now, the growth in entitlement programs fueled by rising health care costs and an aging population threatens an ever-increasing national debt. Our largest mandatory spending programs occupy nearly one-third of the federal budget and, in the coming years, payments out of these programs will continue to outpace the rate of growth in the overall economy. As such, serious entitlement reforms will have to play a role in a comprehensive approach to long-term debt reduction, along with other areas of the budget, in order to get our fiscal house in order.
With the Super Committee deliberating and the window for committee submissions passed, CRFB has released an analysis and a corresponding slide show making the case for why Go Big could in fact improve the chances of the Super Committee's success in achieving at least its $1.2 trillion savings mandate.
We have updated our tracker of recommendations to the Super Committee with two plans that came out last Wednesday.
Yesterday, a group of 14 Senate Democrats sent a letter to the Super Committee, urging them to eliminate oil subsidies for the top five oil companies. The basis for this recommendation is the "Closing Big Oil Tax Loopholes Act," which failed to pass the Senate back in May. According to the letter, that bill would save $21 billion over ten years.