November 16, 2011

Sens. Manchin, Kirk to Supercommittee: ‘Go Big’ on Deficit Reduction

Bipartisan ‘Sense of the Senate’ resolution calls for $4 trillion in deficit reduction using previously established frameworks, long-term entitlement and pro-growth tax reforms

Washington, D.C. - With the deadline for the deficit reduction supercommittee just days away, United States Senators Joe Manchin (D-W.Va.) and Mark Kirk (R-Ill.) have sent their own commonsense message to Congress: “Go Big.” 

While the committee is legally tasked with finding $1.2 trillion in deficit reduction over 10 years, Sens. Manchin and Kirk are asking their fellow Senators to support their bipartisan resolution to encourage the committee to reach $4 trillion in reductions through long-term entitlement and pro-growth tax reforms. 

This “Go Big” approach uses the previously established framework of the presidentially-appointed Simpson-Bowles deficit reduction commission. The Manchin/Kirk resolution would reaffirm the Senate’s support for substantial cuts to the deficit over the next decade that will calm financial markets, restore confidence and set this nation on a path to future prosperity.  

The full text of the Kirk/Manchin resolution is below. 

Please note, yesterday’s bipartisan “Group of 45” event – in which a group of 45 Senators and 100 members of the House of Representatives were to urge the deficit reduction supercommittee to “Go Big” was rescheduled for today at 10:30 a.m. due to votes in the House of Representatives.  

November 10, 2011

Super Committee Should “Go Big” 

Expressing the sense of the Senate that Congress should “Go Big” in its attempts toward deficit reduction.

Whereas the Government of the United States has reached record levels of debt, with total debt outstanding exceeding $14,970,000,000,000; 

Whereas the publicly held debt of the United States has reached 67 percent of Gross Domestic Product and is projected to increase to 100 percent by 2021;

Whereas the Congressional Budget Office estimated the deficit for fiscal year 2011 at approximately $1,300,000,000,000; 

Whereas the outlook on the deficits and debt of the United States has caused the Nation’s long-term credit rating to be downgraded for the first time in history by at least one Nationally Recognized Statistical Rating Organization, and its credit rating could potentially be downgraded again;

Whereas the Budget Control Act of 2011 has empowered the Joint Select Committee on Deficit Reduction to propose significant and important reductions to the deficit, and failure to secure sufficient reductions will trigger substantial cuts in critical areas; 

Whereas the presidentially appointed National Commission on Fiscal Responsibility and Reform has created a framework to reduce the federal deficit by approximately $4,000,000,000,000;

Whereas numerous budget experts, leading political figures, and independent groups of differing political ideologieshave advocated for a “Go Big” strategy for deficit reduction; and

Whereas 45 United States Senators have previously supported the goal of achieving greater deficit reduction: Now, therefore, be it 

Resolved, That it is the sense of the Senate that Congress should pass a deficit reduction measure that-

(1) includes enough deficit reduction to stabilize the Federal debt as a share of the economy, put the debt on a downward path, and provide fiscal certainty;  

(2) reduces the deficit by at least $4,000,000,000,000 over 10 years in order to reassure financial markets;

(3) encompasses the principles of reform, shared sacrifice, and compromise; 

(4) uses established, bipartisan debt and deficit reduction frameworks as a starting point for discussions; 

(5) focuses on the major parts of the budget and includes long-term entitlement reforms and pro-growth tax reform;

(6) is structured to grow the economy in the short, medium, and long terms to create jobs in the United States and increase United States competitiveness;

(7) builds a foundation of investor confidence that preserves the United States dollar and Federal debt securities as the global standard of safety and stability;

(8) works to include the American public and the business community in a broader discussion about the breadth of the issues, challenges, and opportunities facing us; and 

(9) includes tax reform that guarantees deficit reduction and economic growth to rebuild America.