US Chamber Of Commerce Calls On Super Committee to Exceed its Mandate
Yesterday, the United States Chamber of Commerce sent a letter to the members of the super-committee calling on it to exceed its mandate of $1.2 trillion in deficit reduction and create a plan that truly addresses our fiscal challenges.
The Chamber calls on the committee to reform our entitlement programs and enact comprehensive tax reform. In the letter, the group says:
While this magnitude of deficit reduction is a step in the right direction, it would fall far short of fixing the deficit and debt problem America currently faces; it would not stabilize the debt to GDP ratio and would not put this ratio on a downward trajectory; and it would fall far short of achieving a balanced budget. It alone would likely not prevent future downgrades to the debt rating of the United States. Even with successful implementation, the amount of publicly held debt outstanding by the United States would rise to $16 trillion at the end of 10 years. The Chamber urges you and your colleagues on the Joint Select Committee to make every effort to fundamentally address these issues by engaging in a true reform of entitlement programs and a complete restructuring of the U.S. tax code.
We couldn't agree more - $1.2 trillion, on top of the $917 billion in deficit reduction from the recent debt deal will not solve our problem. The Joint Committee is in a good position to enact real reform and save our nation from the fiscal crisis that is coming. CRFB continues to urge the members to exceed its mandate and create a plan that reduces our deficit by at least $3 trillion.