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Bipartisan plan to cut deficits gets meager support in House

The Washington Post

Wednesday, March 28, 2012

In a major disappointment to those hoping Congress will strike a grand bargain to cut deficits through spending cuts and tax revenues, a budget proposal designed around those principles was supported by only 38 House members Wednesday night. Proposed by Republican Steven C. LaTourette of Ohio and Democrat Jim Cooper of Tennessee, the plan called for reducing the deficit by $4 trillion over the next decade, including more than $1 trillion in new tax dollars…

BPC’s Fiscal Year 2013 Budget Analysis

The plan had faced vigorous opposition from left and right. Grover Norquist’s Americans for Tax Reform opposed the plan for its tax hikes, and indicated the group would consider a vote in a support a violation of a pledge signed by more than 230 House Republicans promising not to raise taxes. Meanwhile, the left-leaning Center for Economic Policy put out a deeply skeptical analysis of the proposal as well, noting that it called for deeper spending cuts and less new tax revenue than had been endorsed by Simpson and Bowles. But the effort was endorsed by Simpson and Bowles, as did former senator Pete Dominici (R-N.M.) and Alice Rivlin, who chaired a separate effort by the Bipartisan Policy Center to devise a broad strategy to reduce the deficit.

2012-03-28 00:00:00
The Washington Post