Statement on Reducing the Federal Deficit
Author:
Scott McCown /(512) 320-0222 x 109
October 7, 2011
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Executive Director F. Scott McCown regarding what should be done by the Joint Select Committee on Deficit Reduction (the “supercommittee”). The Budget Control Act requires the committee to propose by October 14 a way to reduce the federal deficit by $1.2 to $1.5 trillion over the next 10 years.
“For the good of the country, the committee needs to succeed. But success requires a balanced package that combines selected revenue increases with careful spending cuts. A cuts-only approach would devastate low- and moderate-income Americans because it would mean severe cuts in critical areas like Medicare, Medicaid, and Social Security.
“Our state would be among those hit hardest by a cuts-only approach because we have so many low-income families. Doing nothing would also be hard on Texas because it would trigger automatic cuts, including to defense. Texas benefits from significant federal spending, including from military bases and defense contracting. Most important, though, is that doing nothing would leave the country with an unsustainable imbalance between revenue and spending."