Tuesday, December 13, 2011

Introduction of the Deficit Reduction Implementation Act

WASHINGTON, DC-Today Senators Joe Lieberman (I-CT), Mike Enzi (R-WY), Lisa Murkowski (R-AK), Bob Corker (R-TN), and Mark Kirk (R-IL) introduced the Deficit Reduction Implementation Act of 2011.

“We will fail the American people unless we take responsible action to dramatically reduce the deficit and put our fiscal house in order. The automatic sequestration enacted in the Budget Control Act is nothing but an abdication of our responsibility. This proposal would help facilitate a process whereby Congress could enact a serious bi-partisan blue-print such as Simpson-Bowles, Gang of 6 and the Rivlin/Domenici plans. We are hopeful that this legislation will offer a starting point to provide the environment whereby one or several bipartisan groups can introduce and ultimately get an up or down vote on a deficit reduction proposal early next year. The stakes are too high and we cannot delay the day of reckoning for another year of gridlock,” said Senator Lieberman.

An outline of the legislation is below:

· The Deficit Reduction Implementation Act would simply extend the privileged treatment that would have gone to the Super Committee bill (no amendments, no points of order, filibuster-proof, and expedited consideration) to any deficit reduction legislation that has the support of at least 6 Republican caucus members and 6 Democratic caucus members in the Senate or at least 15 Republican caucus members and 15 Democratic caucus members in the House.

· Qualifying legislation must achieve at least $1.5 trillion in deficit reduction over 10 years to be considered under privileged and expedited procedures, but the goal is to achieve $4 trillion in deficit reduction.

· Should the Deficit Reduction Implementation Act succeed at finding 1.5 trillion in deficit reduction, these measures would replace the sequestration process established by the Budget Control Act.

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