WAVE 3 Editorial - November 13, 2012: Addressing Deficits
By Ken Selvaggi WAVE 3 Vice President and General Manager
We'll know in less than 50 days if Congress will kick the can down the road some more, delaying the terms of the Budget Control Act.
The Act mandates raising taxes to both individuals and businesses. It will also cut budgets across the board. Both could put more people out of work and trigger another recession.
It would make sense to compromise by cutting spending and raising taxes gradually and not simultaneously. But it would also further saddle our children and grandchildren with deficits that choke them.
Whatever the path chosen, the sooner the better. It is not fair to businesses across the country that want to grow, build, and create more jobs but don't know how much it will cost them.
Revisiting the recommendations of the National Commission on Fiscal Responsibility and Reform makes the most sense. That commission, led by Alan Simpson and Erskine Bowles, recommended spending cuts and tax increases that would reduce the budget deficits by more than six trillion dollars over the next ten years.