Many politicos in Washington have expressed skepticism that the bipartisan supercommittee charged with proposing $1.5 trillion in deficit reduction over the next 10 years can accomplish much. Former Sen. Judd Gregg, R-N.H., disagrees.
“The opportunity this supercommittee has to fundamentally improve our nation’s desperate fiscal situation is extraordinary,” he writes in The Hill
. “Among the powers the supercommittee has been given is the ability to put forward legislative proposals that need only a majority vote to pass and cannot be amended. That gives Congress the exceptional power of actually being able to get something done.”
The supercommittee should go way beyond the $1.5 trillion figure, Gregg says. It should set a target for government spending at about 20 percent of GDP. Then it should recommend entitlement and tax reform.
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