We need a serious, bipartisan effort to reform our tax code. Unfortunately, it is increasingly clear that election year politics will not allow such progress to happen this year. I don't believe the American people should be punished through higher taxes because Republicans and Democrats can't work out a sensible solution on tax reform. Both measures before the Senate extend tax cuts to middle class families and patch the alternative minimum tax. We should extend these cuts as a bridge to comprehensive tax reform.
As I have said many times in the past, the Simpson-Bowles Debt Commission lays out a comprehensive plan to address our fiscal challenges. While I don't agree with every element, we should use this plan as a blueprint to connect our tax and spending policies to deficit reduction.