How would you reduce the deficit?
Dear Friends,
Earlier this month, I hosted a workshop on the federal budget to gather input from constituentson how best to reduce our national deficit. The nonpartisan ConcordCoalition moderated the discussion, which highlighted the grave and challenging problems our growing deficit presents.
At the workshop, budget experts from Concord explained various options to responsibly cut the deficit. They put everything on the table, including cutting Pentagon spending, reforming and simplifying the tax code, and making changes to Medicare and Medicaid. If you were unable to attend, I strongly encourage you to review the materials from the workshop, available here. The exercise produced a clear view of the chioces we must make if we are to put our nation back on afiscally sustainable budget.
Reducing the deficit will require a balanced approach. Neither spending cuts nor tax increases alonecan fix our nation's budget. That's why I have supported budget plans based on the recommendation of Alan Simpson and Erskine Bowles, the co-chairs of the President's Commissionon Fiscal Responsibility and Reform. Their outline achieves reforms that reduce the deficit while ensuring we can make the investments we need and protect our most vulnerable citizens. It would simplify the tax code, eliminate loopholes, and extend tax relief for middle class families while still making crucial investments in infrastructure and education.
No budget choices are easy. But we need an honest and fair plan that accurately assesses ourbudget problems and puts in place a strategy that cuts the deficit, invests in what we know is importantfor the future – especially education and infrastructure – and helps protect our fragile economic recovery.
Sincerely, Jim
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