There are now at least three deficit-reduction frameworks that could be used as the committee’s starting point in its deliberations, which need to be concluded by Thanksgiving under the enacted debt-ceiling legislation.
The first of these was the report of the Presidentially-created bi-partisan Simpson-Bowles deficit-reduction commission which was published in December 2010 (you can find it at http://www.fiscalcommission.gov/sites/fiscalcommission.gov/files/documents/TheMomentofTruth12_1_2010.pdf).
The second was an outline proposal by the Senate’s bi-partisan “Gang of Six”, which was issued in July 2011 during the negotiations preceding the enactment of the debt-ceiling legislation. The executive summary of this proposal can be found at http://assets.nationaljournal.com/pdf/071911ConradBudgetExecutiveSummary.pdf.
The third deficit-reduction framework is one advanced by the Comeback America Initiative in July 2011 (you can find it at www.tcaii.org/UploadedFiles/PlanAandBReport.pdf). The CAI was founded by David Walker (former Comptroller General of the
United States), a former Democrat (until 1976) and now moderate Republican --- so either is schizophrenic or, as I prefer to think, holds bi-partisan credentials. Walker
The bottom line is that the “super committee” doesn’t need to reinvent the wheel --- all it needs to do is choose between the best features of the three wheels that have already been invented and put the better-designed wheel on a bi-partisan vehicle that moves our Country forward toward prudent fiscal policy and economic growth.