Brought to you by WBIW News and Network Indiana
Last updated on Friday, September 16, 2011
(WASHINGTON, DC) - Senator Dan Coats (R-Ind.) Thursday joined a bipartisan coalition of 34 senators and announced that they will encourage the members of the congressional "super committee" to seek a larger plan to address the nation's deficits and debt.
"For months, I have been saying that a credible deficit reduction plan must include at least $4 trillion in spending cuts over a decade and a commitment to restructure entitlement programs and reform the tax code," said Coats. "The coalition of 34 senators from both parties is a strong sign that there is growing support for this type of bold plan."
The Budget Control Act, which was signed into law in August, created a bipartisan, bicameral 12-member panel appointed to identify $1.5 trillion in budget savings over 10 years. However, the Bipartisan Policy Center's Debt Reduction Task Force ("Domenici-Rivlin"), the National Commission on Fiscal Responsibility and Reform ("Simpson-Bowles"), the Senate "Gang of Six," and economists from both sides of the aisle have concluded that any meaningful and comprehensive solution should achieve at least $4 trillion in debt reduction to reassure the financial markets, restore public confidence and create the foundation for long-term economic growth.
In a press conference today, Senator Coats urged the super committee to include pro-growth tax reform as part of a deficit reduction plan.
"This committee has very little time to do what they need to do," said Coats. "Since taking office, I have worked with Senator Ron Wyden (D-Ore.) on reforming the tax code to make it fairer, simpler and more competitive. I believe tax reform is the key to economic growth and I am committed to working with the super committee on a path forward for Congress to overhaul the tax code."
The bipartisan group of 34 senators, representing more than one-third of the members of the U.S. Senate, agreed to the following statement of principles, which will be shared with members of the super committee:
"As a bipartisan group of Senators, we will encourage and support the Super Committee in fulfilling its mission. We are here to support a deficit reduction package consistent with the following principles that should:
* Include enough deficit reduction to stabilize the debt as a share of the economy, and put the debt on a downward path, and provide fiscal certainty. We believe a reasonable target is at least $4 trillion, including previously enacted deficit measures. This will send the right message to the financial markets.
* Use the established, bipartisan debt and deficit reduction frameworks as a starting point for discussions.
* Focus on the major parts of the budget and include long-term entitlement reforms and pro-growth tax reform.
* Be structured to grow the economy in the short, medium and long-term.
Work to include the American public and the business community in a broader discussion about the breadth of the issues, challenges and opportunities facing us."
1340 AM WBIW welcomes comments and suggestions by calling 812.277.1340 during normal business hours or by email at email@example.com
© Ad-Venture Media, Inc. All Rights Reserved.
Click here to go back to previous page