Chamber to deficit panel: Cut more

October 31, 2011

Politico

By JAKE SHERMAN

The nation’s most prominent business group weighed into the debate over the nation’s debt Friday, urging the supercommittee to cut more than its mandate of $1.2 trillion.

It’s become a familiar — if not a bit too hopeful — rallying cry as the panel nears its Thanksgiving deadline to slash the ballooning federal debt.

The U.S. Chamber of Commerce organized the letter, which has 200 signatories from around the country.

They join Reps. Heath Shuler (D-N.C.) and Mike Simpson (R-Idaho), who circulated a letter this week urging the panel to cut $4 trillion from the nation’s obligations.

The Chamber’s letter primarily urges the Joint Select Committee on Deficit Reduction to reform the tax code and entitlements.

“We believe it is crucial to act expeditiously to rein in spending, reform the tax code, reduce the deficit, and stabilize and ultimately lower America’s level of debt,” the letter reads. “Economic growth is critical to our nation’s fiscal health, and we believe that these steps will remove the threat of fiscal instability, improve certainty, and create a sustainable foundation for economic and job growth in the years ahead.”

Democratic and Republican plans released this week are, indeed, more than $1.2 trillion. Democrats on the supercommittee floated a plan worth roughly $3 trillion, while Republicans proposed $2.2 trillion.

The more likely scenario though appears to be a smaller-bore plan. Senate and House leaders are working on a $1.2 trillion plan.

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