Thursday, November 3, 2011

Hope for debt reduction?

In a miracle of bipartisan sanity, a group of 40 House Republicans asked the Supercommittee of 12 to consider raising revenue, and a group of 60 House Democrats asked the Supercommittee to explore entitlement cuts.  

It is blindingly obvious to me, when we are borrowing 40 cents of every dollar that we spend, the we must do both - raise revenues and cut spending.  The Republicans have been locked in a death spiral of tax-increase-avoiding ideology, and the Democrats have been locked in a death spiral of entitlement-decrease-avoiding ideology, and the country careens toward financial disaster.

I was also very pleased to see that the Supercommittee had both Simpson and Bowles, and Rivlin and Dominici testify before it.  They were very clear.  The Supercommittee should NOT cut the deficit by the $1.2 trillion over ten years as they had been tasked by Congress.  They need to cut at lease $4 trillion instead. 

If the Supercommittee takes these messages to heart and offers a major, bold program that includes revenue increases and entitlement cuts and saves $4 trillion over ten years, and the 40 Republicans and 60 Democrats break ranks with their ideological masters, this country has reason to hope after all.

I send them my prayers.