March 28, 2012

Washington, D.C. - The following is a statement by U.S. Sen. (ret.) Pete Domenici and Dr. Alice Rivlin, co-chairs of the Bipartisan Policy Center’s Debt Reduction Task Force, on the budget proposed by U.S. Reps. Jim Cooper (D-TN) and Steven LaTourette (R-OH):

“The budget resolution proposed by Congressmen Jim Cooper and Steven LaTourette becomes the first truly bipartisan budget effort in the House of Representatives to recognize the need for both spending reform and a tax reform initiative that increases revenues for the future. It also stands as the most comprehensive congressional budget and includes changes in entitlements like Medicare, Medicaid, and Social Security, which are the root of the spending problem in the federal budget. On tax reform, their plan recognizes the need for new revenue as an essential part of deficit reduction.

“The Cooper-LaTourette plan encompasses much of the work of both the Simpson-Bowles Commission and our Bipartisan Policy Center Debt Reduction Task Force and its 19 bipartisan members. We hope that the full House of Representatives recognizes the breakthrough contained in the Cooper-LaTourette budget and passes their budget.

“The courage of the members who are supporting the Cooper-LaTourette budget shows that a vital middle can exist in Congress, despite the deeply polarized ideological atmosphere of the recent past. If the House passes Cooper-LaTourette, it will be a sign to the American people that our policymakers in Washington, D.C., have begun to recognize fiscal reality and are prepared to deal with it in a responsible and balanced manner.”

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Economic Policy Project