Grand Bargaining, not Grandstanding: the House quietly negotiates deficit reduction legislation
The Hill reports that a bipartisan group of 10 negotiators in the House are currently drafting a “grand bargain” piece of legislation that would reform entitlements and raise new revenue for the federal government. The goal of this legislation is to “make sure debt is not growing bigger than the size of the economy”.
These renewed efforts are likely to be based off of a deficit reduction plan, which was proposed last year in the Senate by a select committee nicknamed the “Gang of Six,” after its members. If the new legislation being drafted follows the outline of this proposal, originally based upon the Bowles-Simpson Fiscal Commission Report, we can expect to see:
- An initial bill with immediate deficit reduction measures
- A process for budget reform
- A plan for Social Security reform
- Fundamental reforms to the U.S. taxcode
The proposals made by Bowles-Simpson and the Gang of Six, were both published before the Super Committee failed to pass a deficit reduction agreement in November 2011, ensuring automatic spending cuts in Jan, 2013. We hope that the members of Congress involved in these new negotiations will remember the failure of the Super Committee, and will focus less on political battles and more on their stated purpose. Reduce government spending and stabilize our national debt.