March 29, 2012 2 Comments
The Bipartisan Policy Center has a post up on the budget resolution offered last night by Rep. Cooper (D) and Rep. LaTourette (R),and which was overwhelminngly rejected (it got only 38 votes). This budget has been referred to as Bowles-Simpson after the report/proposal from the fiscal commission chairs, but it differed substantially from that proposal in two main ways:
- raised around $1 Trillion less in taxes over 10 years
- cut non-defense discretionary spending by much more
As Loren Adler (@LorenAdler) and Shai Akabas (@ShaiAkabas) note, the budget is notable in that it was offered by a Democrat and a Republican, but it is not correct to say that it was Bowles-Simpson. They have two nice charts comparing all the budgets that have been debated in the House, compared to Bowles-Simpson and the Bipartisan Policy Center’s Domenici-Rivlin plan, in terms of revenue and spending, and cumulative debt, both in terms of GDP in 2022.
Now, 38 votes (only 180 to go!) is not exactly suggesting a bipartisan budget is just around the corner, but at least members from different parties were talking. However, we shouldn’t say that Bowles-Simpson was rejected because there are some big differences between the reality of the budget offered by Reps. Cooper and LaTourette and Bowles-Simpson.