I am writing to ask voters to support legislation to enact the recommendations of the report of the National Commission on Fiscal Responsibility and Reform. We have a great need and even greater responsibility to solve our federal debt problem and the fiscal commission plan is our best chance to do so.
For 10 years we have chosen to make our individual interests more important than managing our finances. And in 10 years the federal debt has increased from $6 trillion to $14 trillion. There is no need to come up with another variation of why our individual ideas are the best. There is only the need to enact legislation. That means enacting the best compromise and that is what the fiscal commission plan is. Any changes or alternatives to the plan will benefit one interest over another and make agreement on legislation less possible.
The commission members approved the plan 11 to sevem. But the commission members who are also current members of Congress voted against the plan, six to five. It seems that these six “no” voters believe that drafting legislation that is even less acceptable to their political opposites than the fiscal commission plan will somehow solve our federal debt problem. But the history of the last 10 years says it will simply ensure that no action is taken and that our debt problem will continue to worsen.
The fiscal commission plan recommends steps to reduce the federal deficit by $4 trillion through 2020. In 2010, federal spending was nearly 24 percent of Gross Domestic Product, the highest percentage since World War II.
In 2010, federal tax revenues were 15 percent of GDP, the lowest percentage since 1950. By 2020, the plan would reduce spending to 21.8 percent and raise revenue to 20.6 percent of GDP. It also recommends steps to return Social Security to solvency by the same method of reducing spending and raising tax revenues.
The plan and videos of the commission meetings are online at www.fiscalcommission.gov/.
I encourage you to read the plan and view the final meeting, particularly the comments of Sen. Tom Coburn (R-OK) about our nation’s heritage of personal sacrifice, that we are not going to get what we want and that we all have to give up something to honor the tremendous sacrifice of our forefathers.
Please contact your representatives in Congress and urge them to vote for legislation to enact the fiscal commission plan recommendations without modification. It is the best path and possibly the only path we have to meet our responsibility to solve our federal debt problem.