Today, Americans for Tax Reform and its Center for Fiscal Accountability sent the following alert to the United States House of Representatives. The alert urges Members to reject H.R. 2693, Senate Democrats' flawed debt limit propsal that attempts to increase taxes to avoid spending reform in the debt limit debate. From our alert:
The bill completely distracts from the real debt problem – government overspending – by slanting the deck in favor of tax increases. It establishes a joint committee that is specifically directed to consider “tax reform” while considering other bipartisan solutions available, tactility encouraging the committee to adopt Gang of Six-style bipartisan tax hike deals.
The committee is directed to focus on reducing the deficit to 3 percent of GDP, rather than devise targeted spending cuts and lasting fiscal reform. The bill detaches any committee report from further extensions in borrowing authority, removing any incentive for the committee to produce productive legislation that could pass both chambers of Congress.
The bill eliminates basic budgeting responsibilities by “deeming” spending and revenues levels for the next two years, locking in current law and increasing the hurdles to preventing tax increases. The supposed spending limitations in the bill are devised so that any plausible contingency allows them to be easily flouted.
What’s more, the H.R. 2693 fails to provide any oversight over the President’s borrowing authority. The bill would require supermajorities in both chambers to reject the President’s request for an increase in the debt ceiling, with no preconditions. Lawmaker serious about getting the country’s fiscal house in order should support the real debt limit solution passed by the House yesterday and reject Senate Majority Leader’s proposal, H.R. 2693.
Click here for the full alert.