‘Lookout’ Session Highlights Fiscal Proposals

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Two House members and a number of congressional staffers participated in a bipartisan discussion Thursday of proposals to put the country on sounder long-term fiscal footing.

The meeting was part of The Concord Coalition’s “Lookout” series of informational sessions for congressional staff and lawmakers on the federal government’s fiscal challenges.

Rep. Scott Rigell (R-Va.) outlined his America First Act, a bill that would reverse 75 percent of the sequester cuts, make significant reforms to mandatory spending programs, and restrain long-term debt. Rigell has argued that his bill would provide certainty for discretionary spending levels, ending what he calls Washington’s pattern of “governing by crisis.”

Rep. Scott Peters (D-Calif.) discussed his Protect America’s Credit Act and Pay Down the Debt Act, two proposals aimed at replacing the current method of adjusting the debt limit.The bills would index the debt limit to the Gross Domestic Product and ensure that if debt grows as a share of GDP, elected officials must put forward and vote on proposals to reduce the debt.

Peters has argued that the fiscal brinksmanship resulting from the current debt limit process has jeopardized economic growth.

The two lawmakers reiterated a commitment to working together on a bipartisan basis to stabilize the debt.

External links:
Rigell Introduces Legislative Solution to Sequestration
Peters Introduces Bills to Reform Dangerous Debt Ceiling Games, Protect Economic Recovery

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