More than a year has passed since the ambitious Simpson-Bowles deficit reduction plan went down in flames.
In December of 2010, the plan fell short of the 14 votes required for the commission to present its recommendations to Congress for a legislative vote. Much lip service was paid to the "seriousness" of the plan. But most members of Congress gave it no serious consideration. Ditto for the White House.
Now Simpson-Bowles is back.
Talk about the proposal, which provided lawmakers a comprehensive framework for how to tackle expanding deficits, has refused to die down. Compromise-minded lawmakers on both sides of the aisle openly pine for it. Clint Eastwood even endorsed it.
Led by Reps. Jim Cooper and Steven LaTourette, a bipartisan coalition is now preparing to introduce a budget amendment based on the panel's recommendations that would cut deficits by $4 trillion over ten years by slashing spending and raising taxes. LaTourette, a Republican, said he has grown tired of passing bills out of the House only to see them die in the Senate, and "pretending that counts as success."
"Americans want us to work together like adults, pass a budget with bipartisan support in both Houses and have it signed into law," LaTourette said in a statement. "A partisan budget is not the way to go, and the budget modeled after Simpson-Bowles is the only vehicle to get us there."
Of course, this version has basically zero chance of becoming law. Congress is busy tying itself in knots over the budget for next year, and the atmosphere on Capitol Hill is as partisan as ever. Lawmakers are not expected to pass any substantial legislation until after the November elections.
But it will be interesting to see how many votes Simpson-Bowles gets. Most Republicans in the House have pledged to never vote for a tax increase -- a promise that would be broken by a "yes" vote.
Like every Republican presidential candidate, Mitt Romney wants to cut a whole bunch of taxes.
Just two of the more expensive provisions would reduce revenue by more than $3.4 trillion over a decade. Meanwhile, the campaign, and the candidate, insist that the plan is "budget neutral."
So one would expect something of a plan to fill in that huge revenue hole created by the tax cuts.
The campaign says the tax cuts will MORECharles Riley - Mar 7, 2012 2:35 PM ET
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.66%||3.58%|
|15 yr fixed||2.79%||2.72%|
|30 yr refi||3.64%||3.57%|
|15 yr refi||2.79%||2.72%|
Today's featured rates:
|5 reasons why Yahoo is making a $1.1 billion mistake|
|Yahoo buys Tumblr, promises to not 'screw it up'|
|Amateur investors tap 401(k)s to buy homes|
|Tesla's fight with America's car dealers|
|Supersize your takeout: Seamless and GrubHub merge|
|Latest Report||Next Update|
|Home prices||Aug 28|
|Consumer confidence||Aug 28|
|Manufacturing (ISM)||Sept 4|
|Inflation (CPI)||Sept 14|
|Retail sales||Sept 14|