Congressman Schrader has joined U.S. Reps. Jim Cooper (D-TN), Steven LaTourette (R-OH), Charles Bass (R-NH), Mike Quigley (D-IL) and Tom Reed (R-NY) in filing a federal budget alternative based on principles outlined last year by the National Commission on Fiscal Responsibility and Reform, co-chaired by former Senator Alan Simpson and Erskine Bowles.
The Simpson-Bowles budget alternative, which has been endorsed by the Committee for a Responsible Federal Budget, would trim the deficit by more than $4 trillion over the next 10 years. It would put our debt-to-GDP ratio on a downward trajectory, decreasing to 67.9 percent in 2022. Two-thirds of the deficit savings would come from spending cuts and one-third from tax reform. The budget alternative would repeal the sequester enacted by the August Budget Control Act, replacing the automatic, across-the-board cuts due to begin in Jan. 2013 with a comprehensive, balanced plan for deficit reduction.
Like all budget proposals, the Simpson-Bowles alternative provides a blueprint for the committees of jurisdiction, which must determine how spending cuts should be made. Additional details about the budget proposal and the amendment text can be found below.
Simpson-Bowles Amendment Text
Simpson-Bowles Amendment Summary
Simpson-Bowles Amendment Highlights