Insurance

Loans

Mortgage

Attorney


Insurance

Loans

Mortgage

Attorney

$4 Trillion Deficit Reduction Plan a No-Go


Insurance

Loans

Mortgage

Attorney

Insurance

Loans

Mortgage

Attorney

Friday, December 3, 2010 — (ABC News: Politics) –

December 03, 2010 12:41 PM



From ABC News’ Arlette Saenz: Despite receiving a majority endorsement, the president’s deficit commission failed to obtain the 14 vote supermajority needed to pass its $4 trillion deficit reduction proposal as the “official” plan of the commission to Congress.  Only 11 commission members voted in support of the plan, but in spite of the lack of votes, the co-chairmen touted the bi-partisan nature behind today’s vote.


“A strong bi-partisan coalition has already voted for this plan, while each has reservations,” co-chairman Erskine Bowles said, “all believe, I think that by voting yes, this plan will make an important first step forward in proving something, in proving that our nation understands the peril of our ever increasing deficits and that our leaders, you all, are prepared to do something real, something important to address it.”


Three Republican senators -  Sens. Tom Coburn, Mike Crapo and Judd Gregg – joined two Democratic senators – Sen. Kent Conrad and Richard Durbin – outgoing Democratic Rep. John Spratt and five non-elected members – co-chairmen Erskine Bowles and Alan Simpson, David Cote, Ann Fudge and Alice Rivlin – in voting for the plan. 


But indicating a divide among Congressional Republicans on how to deal with the deficit, all three House Republicans on the panel – Reps. David Camp, Jeb Hensarling and Paul Ryan – shot down the plan, along with Democratic Sen. Max Baucus, Democratic Reps. Xavier Becerra and Jan Schakowsky, and former labor leader Andrew Stern.


Stern acknowledged the existence of two types of deficits, one fiscal, the other an investment deficit.  Stern, the former president of SEIU, unveiled yesterday a plan that called for heavy investment in infrastructure.  Rep. Schakowsky and Rivlin, with the Bi-Partisan Policy Center Task Force, also presented alternative plans in response to the commission’s proposal, and Rep. Ryan developed a deficit reduction plan earlier this year.


Though the plan did not gain enough votes to be passed along to Congress officially, commission members believe it provides a general framework for the way the country should view the national deficit problem. 


“We took a big banana and threw it into the gorilla cage and the gorilla picked it up like they do, they peel it, mash it, play with it, but they will eat some,” co-chairmen Alan Simpson said.  “And that’s where we are right now because, and so it is with this, many pieces of this will be digested and nourish this country.”


Led by former Clinton chief of staff Erskine Bowles and former Republican Senator Alan Simpson, the commission’s proposal presented bold initiatives, from raising the eligibility age of Social Security to 69 to increasing the gas tax by 15 cents a gallon, drawing sharp criticism from the public. 


What’s next?  While not officially moving to Congress, committees could incorporate portions of the plan into the budget process this spring, and some commission members believe more plans should be brought to the table, including a plan from the president.


“The question is not if, it’s a question of when we are going to get this done, and this plan deserves a vote,” Stern said.  “This president needs to make sure that by the State of the Union he also has his own plan and his own leadership because this is the issue of our time that must be solved.”


Following the meeting, Sen. Conrad told reporters that an official summit on dealing with the national deficit is needed.


“I think what’s required is a summit involving the president and the leadership of the Congress,” said Conrad.  “You need to have a summit, you need to bring together House leadership, Senate, House leadership, Republican and Democrat, Senate leadership, Republican and Democrat and the administration and there needs to be a negotiation, and it’s critically important for the country to do so.”



To view the original article, click here: http://feeds.abcnews.com/click.phdo?i=9c83ef66786a86fa1e754ed6e3866ed7


InsuranceLoansMortgageAttorney

Comments (0)

To view or post comments you must connect to Facebook via the "Connect to Facebook" button.
Connect to Facebook