Senator Alan Simpson & Erskine Bowles Offer Praise on the LaTourette-Cooper Budget Alternative
Sen. Alan Simpson & Erskine Bowles Offer Praise on the LaTourette-Cooper Budget Alternative
March 28, 2012
WASHINGTON, DC - Tonight, congressional debate began on Congressmen Steve LaTourette's (R-OH) and Jim Cooper's (D-TN) bipartisan budget alternative based on the recommendations of the National Commission on Fiscal Responsibility and Reform. Fiscal Commission and Moment of Truth project co-chairs Erskine Bowles and Senator Alan Simpson offered the following joint statement in praise of the release:
"We strongly and enthusiastically support the bipartisan budget alternative being offered by Congressmen Jim Cooper and Steve LaTourette. The amendment they have put forward is very consistent with the principles, policies and framework in the plan recommended by a bipartisan majority of the National Commission on Fiscal Responsibility and Reform ("Simpson-Bowles Commission") updated to reflect actions taken by Congress and the President since the report was released.
"The Cooper-LaTourette amendment is based on several key principles that must be part of any responsible fiscal plan. First and foremost, their budget stabilizes the national debt by cutting the deficit by more than $4 trillion with more than two-thirds of the deficit reduction coming from lower spending. In addition, the budget provides for real revenue reform that broadens the base, simplifies and eliminates the back door spending in the tax code, and lowers individual and corporate income tax rates while producing about $100 billion a year to reduce the deficit. The bill also replaces the immediate, across-the-board spending cuts in the sequester with targeted, thoughtful cuts to parts of the budget where we need to focus on if we are going to bring spending under control. Unlike the sequester and other changes set to occur at the end of the year, these reforms would be phased in gradually to avoid harming our fragile economic recovery. Finally, the proposal acknowledges that any plan that is serious about restoring balance will have to trim defense spending, non-defense spending and entitlements. This includes saving Medicare by slowing its rate of growth and ensuring Social Security is sustainably solvent.
"Because the Cooper-LaTourette budget follows the approach of putting everything on the table, it is coming under attack from partisan interests from both ends of the spectrum. We hope that Members of Congress will ignore these scare tactics and look at the substance of the recommendations in our report. Those recommendations, which are reflected in the Cooper-LaTourette budget, demonstrate that it is possible to raise revenues for deficit reduction through pro-growth tax reforms that reduce tax rates for individuals and businesses. Likewise, our plan demonstrates that it is possible to reform entitlement programs to make them fiscally sound for future generations in a way that preserves and strengthens protections for the most vulnerable in society.
"Congressmen Cooper and LaTourette and the other members sponsoring this bipartisan budget alternative - Kurt Schrader, Charlie Bass, Mike Quigley, Robert Dold and Jim Costa -- have put partisanship aside and stepped forward to make the tough decisions our nation needs to put our fiscal house in order. They are brave leaders who deserve the thanks of everyone who cares about our nation's future."
"The Cooper-LaTourette amendment is based on several key principles that must be part of any responsible fiscal plan... Unlike the sequester and other changes set to occur at the end of the year, these reforms would be phased in gradually to avoid harming our fragile economic recovery."