Securing Future Fiscal Health

In the August 28 Washington Post, former Senators Bob Kerry and Warren Rudman offer support for a bipartisan commission to make recommendations on closing the fiscal gap, the end result facing an up or down vote in Congress.

This is a good idea, although we only support it with reservations. It should not be used as a vehicle for making the Bush tax cuts permanent or for short circuiting debate on Social Security Reform or Tax Reform.

We have already had bipartisan presidential commissions on both of these issues. (Go to our web page to see our comments to both of these bodies). Nothing has come about so far. In the current political climate, nothing is likely to. No action means that the Bush tax cuts expire. You would think that the Republicans would be more in a hurry to compromise in order to secure at least some of the gains they have made. Of course, all tax changes must begin in the House, and the House has been loath to work bipartisanly. I don't see that changing before the election. It may be that the GOP is betting on gains in the Senate. This could only be assured if there is major cheating in the electronic vote counting now sweeping the country. Barring major fraud, they may lose one or both Houses.

This actually may be the best thing. Unless Nancy Pelosi decides to stonewall any changes, there is likely to be real negotiation on many matters the President is concerned with from tax reform to tax rates to Social Security. Let us hope so - since the truth is often in the middle.