REPORT: Congressmen Secretly Cooking Up Huge Tax And Entitlement Reform To stabilise The Debt


Photo: cliff1066 via flickr

We doubt this is actually going to happen, but…According to Erik Wasson at The Hill, a bi-partisan group of Congressmen are secretly working together to strike a ‘grand bargain on taxes and entitlements with an eye towards reducing the national debt, or at least ensuring that the national debt stops growing faster than GDP.

The core House group of roughly 10 negotiators is derived from a larger Gang of 100 lawmakers led by Reps. Mike Simpson (R-Idaho) and Heath Shuler (D-N.C.), who urged the debt supercommittee to strike a grand bargain last year.

That larger group includes GOP centrists like Rep. Steve LaTourette (R-Ohio), who has said Republicans should abandon their no-new-tax-revenue pledge, as well as Tea Party-backed members like Rep. Cynthia Lummis (R-Wyo.).

Apparently House minority whip Steny Hower is also making an effort to get Democrats on board.

Anyway, it still seems incredibly unlikely that these big issues could get solved this year (or really any year for that matter).

One big problem is that any deal now would let Obama take credit, preventing his GOP challenger from running on these issues.

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