Chamber of Commerce Calls for Entitlement, Tax Reform

Many observers are skeptical that the bipartisan super committee formed to come up with $1.5 trillion of budget deficit reduction for the next decade will be able to accomplish much. But the U.S. Chamber of Commerce says the group should aim high, finding a way to trim entitlements and restructure the tax code, The Hill reports.

 

The Chamber hopes for a lot more than the $1.5 trillion goal.

 

“While this magnitude of deficit reduction is a step in the right direction, it would fall far short of fixing the deficit and debt problem America currently faces,” the group wrote in a letter to the committee. “It would not stabilize the debt to GDP ratio. . . . It would fall far short of achieving a balanced budget. It alone would likely not prevent future downgrades to the debt rating of the United States.”