CED President Kolb Says Super Committee’s Reported Lack of Progress
On Monday, October 17, 2011 - The Committee for Economic Development (CED), the business-led public policy group that earlier this month announced a set of six standards it will apply to all proposals considered and approved by the so-called Super Committee - the Joint Select Committee on Deficit Reduction - today released a statement by its President, Charles Kolb, about the recently reported limited progress the Committee is making:
CED was gratified to hear that the Super Committee plans to work through the upcoming Congressional recess. This decision will allow for a better chance to meet the Budget Control Act deadline for reporting a deficit reduction plan by November 23rd. As important as it is for Representatives and Senators to meet with constituents during these periods, at this critical point staying in Washington and continuing to work on a comprehensive deficit reduction plan trumps all other priorities.
However, it is deeply disturbing and completely unacceptable if, as reported, the Committee is deadlocked and may not report any deficit reduction plan at all, or at best will fall short of the $1.2 trillion minimum in deficit reductions the Budget Control Act requires.
As CED stated in its six standards on October 4th, our nation needs a comprehensive plan that includes revenue increases and spending cuts of between $3 trillion and $4 trillion over the next decade. Frankly, the Super Committee will fail if it does not seize this extraordinary opportunity and agrees to only the $1.2 trillion deficit reduction the law requires.
Members of the Super Committee, indeed all Members of Congress, should not be deterred by the difficult choices necessary to reach the $3 trillion to $4 trillion in deficit reductions CED insists is needed. As we said in our release statement, the more than 75 senior corporate endorsers of our standards have pledged to support those who help develop and enact true deficit reduction. That pledge remains as strong today as it was when it was first made.