Pelosi names remaining members of “super committee”
Congressional leaders have now all announced their appointments to the Joint Select Committee on Deficit Reduction. The Budget Control Act of 2011, which President Obama signed into law on August 2, 2011, created the 12 member committee with a goal of reducing the deficit by $1.5 trillion from 2012-2021.
Senate Majority Leader Harry Reid (D-NV) named to the committee:
- Sen. Patty Murray (D-WA), Secretary of the Democratic Conference and Chairwoman of the Democratic Senate Campaign Committee
- Sen. Max Baucus (D-MT), Chairman of the Senate Finance Committee and Chairman of the Joint Committee on Taxation
- Sen. John Kerry (D-MA), Chairman of the Senate Foreign Relations Committee
Senate Minority Leader Mitch McConnell (R-KY) named to the committee:
- Sen. Jon Kyl (R-AZ), Senate Minority Whip
- Sen. Rob Portman (R-OH)
- Sen. Pat Toomey (R-PA)
House Speaker John Boehner (R-OH) named to the committee:
- Congressman Jeb Hensarling (R-TX), Republican Conference Chairman
- Congressman Dave Camp (R-MI), Chairman of the House Ways and Means Committee
- Congressman Fred Upton (R-MI), Chairman of the House Energy and Commerce Committee
House Minority Leader Nancy Pelosi (D-CA) named to the committee:
- Congressman James Clyburn (D-SC), Assistant Democratic Leader
- Congressman Xavier Becerra (D-CA), Democratic Caucus Vice Chair
- Congressman Chris Van Hollen (D-MD), House Budget Committee ranking Democrat
Sen. Patty Murray (D-WA) and Congressman Jeb Hensarling (R-TX) were named co-chairs of the committee.
Sen. Baucus and Congressmen Hensarling, Camp, and Becerra served on the National Commission on Fiscal Responsibility and Reform (the “Bowles-Simpson” commission) and voted against approval of the commission’s final report. No members of the Senate Gang of Six were appointed to the committee. Sens. Baucus and Kyl, and Congressmen Clyburn and Van Hollen participated in the deficit reduction negotiations led by Vice President Biden earlier this year. Also of note, both chairmen of the tax-writing committees – Chairman Baucus (Finance) and Chairman Camp (Ways and Means) – were appointed to the Joint Select Committee.
The committee’s first meeting must occur no later than September 16. By November 23, 2011, the committee must vote on a report that includes a detailed statement of findings, conclusions and recommendations of the committee, including the Congressional Budget Office’s estimate of the recommendations, and legislative language to carry out the committee’s recommendations. Source: BNA Tax Daily, WCEY Legislative Alert
CRS report outlines tax reform, deficit reduction efforts in Congress
The Congressional Research Service released a report August 8 that outlines deficit reduction plans of various congressional groups and analyze revenue options to reduce the deficit. The report stated that “reducing federal deficits will likely require reductions in spending, increased federal revenues, or some combination of spending cuts and revenue increases.” Source: BNA Tax Daily Learn more.
Source: Independent Sector, Washington DC