IN CASE YOU MISSED IT: Corker Calls for Fiscal Reform Before End of Year

In an op-ed in Monday's Washington Post and in several television appearances, Senator Bob Corker urged members of Congress from both parties and the White House to negotiate a fiscal reform plan, that raises additional revenue without raising tax rates and that restores solvency to Social Security and Medicare, before the end of the year. 

In the Washington Post, Corker wrote: "I have shared with House and Senate leaders as well as the White House a 242-page bill that, along with other agreed-upon cuts that are to be enacted, would produce $4.5 trillion in fiscal reforms and replace sequestration. While I know this bill can be improved, it shows clearly that we can do what is necessary, today, with relatively simple legislation... The challenge we face isn’t one of intellect, aptitude or time; it’s a test of political courage.” (read more)

On CBS's "This Morning," Corker said: "The fact is, again, we have all the information we need. No Congress is more informed. We created this fiscal cliff. We should solve it…And as long as we have two parties who are willing to do this and have the courage to address these issues, we can do this over the next three or four weeks with ease. And I hope that’s what’s going to happen."

 

Corker on CNBC's "Squawk Box": Fiscal Reform "Just Takes Courage"



My comment:  I agree with those who say we have a spending problem, not a revenue problem. I don't want to see any increase in taxes. However, we are facing a crisis. If the crisis is not resolved, we may suffer more from a lowering of the US bond rating and another recession than we do from a slight increase in tax revenue.  And, we should not ignore that if we do nothing, taxes do increase when we go over the "fiscal cliff." To allow the automatic year-end tax increases and spending cuts to occur is to allow a tax increase.  The effect of inaction, is a vote for a tax increase. 

If we can negotiate and get a lot of spending cuts for a little revenue enhancement without raising the tax rates, then that is better than having the automatic tax increase that will occur with the fiscal cliff. Senator Corker's plan deserves consideration. We do not have to commit economic suicide.

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