Congressman Jim Costa joined a bipartisan group of Representatives and Senators today in renewing their call for the Joint Select Committee on Deficit Reduction - commonly referred to as the Super Committee- to exceed the minimum $1.2 trillion in deficit reduction required under the Budget Control Act of 2011. The Super Committee has one more week to finalize a plan for deficit reduction.
"As the clock ticks away for the Committee of 12 to come up with a plan to get our fiscal house in order, Americans are watching to see if Congress can rise to the occasion," said Costa. "Failure is not an option. I stand with a bipartisan group of Representatives and Senators in declaring that now is the moment that we must come together to "go big' and do what is necessary."
For months, Costa has been pushing his colleagues in Congress to make a long-term down payment in addressing the nation's $1.5 trillion annual budget deficit and $15 trillion national debt.
Earlier this month, Costa was one of 102 members of the House who wrote a letter to members of the Joint Select Committee urging them to keep all options for deficit reduction on the table, including spending cuts and revenues; 45 Senators have also sent a similar letter urging them to take significant steps to reduce our national deficit.
Today's press conference brought members from both sides of the Capitol together to show support for finding a compromise that will put the nation back on the road to fiscal health. The bipartisan group has called for deficit reductions of $4 trillion over the next ten years similar to the Simpson-Bowles recommendations released in December 2010.
"This has been my position since the report came out in January," said Costa. "Only with real entitlement reform and revenues to make this fair and balanced will we get our economy back on track."
The Super Committee is required by law to report a framework for deficit reductions by Nov. 23. The House and Senate must then approve the plan by a straight up or down vote by Dec. 23. Failure to approve deficit reduction legislation before this deadline will trigger automatic, across-the-board cuts to defense and discretionary spending.