A bipartisan, fiscally conservative advocacy group has called on Congress to strike a “mini-bargain” to reform the budget process, an opening bid to addressing the nation’s debt woes.
“Major tax and spending reforms are needed to fix the country’s debt, but we can’t let the perfect be the enemy of the good,” said co-chair of the Center for a Responsible Federal Budget (CRFB) Leon Panetta, a Democratic former Defense Secretary, White House chief of staff and House Budget Committee chairman.
The plan would seek to do away with the harsh “sequestration” spending caps of the budget control act and replace them with “realistic and responsible” limits; increase the debt ceiling to avoid an economic crisis; and eliminate commonly used budget gimmicks from the process.
It also calls for bipartisan efforts to tackle the country’s major debt drivers, such as Social Security and other mandatory spending.
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