A former Nebraska Congressman has joined the movement trying to bring national attention to our national debt.
An outgrowth of the National Commission on Fiscal Responsibility and Reform, better known as the Simpson-Bowles Commission, Fix the Debt has attracted support from 102 former members of Congress, including former Nebraska Congressman Hal Daub.
Daub, a Republican, says Fix the Debt is a broad-based effort.
“But, I think the time has come where a Democrat or a Republican in Washington, regardless of whether they’re conservative, or liberal or centrist will all say to us, ‘Yes, we know it’s a problem. We have to fix it,’” Daub tells Kevin Thomas, host of Drive Time Lincoln on Nebraska Radio Network affiliate KLIN.
Fix the Debt is very closely related to the Simpson-Bowles Commission, which made recommendations ignored by Congress and the president. It was co-founded by former Wyoming Sen. Alan Simpson, a Republican, and Erskine Bowles, a Democrat who served as Chief of Staff to President Bill Clinton.
Daub says the Fix the Debt campaign will push a formula of two-thirds budget cuts and one-third tax hikes to address the country’s fiscal problems. He says though many have complained, sequestration will save $2.7 trillion, requiring only another $2.2 trillion the next 10 years either to cut or raise.
Daub says any successful formula will have to include broad-based tax reform which will eliminate loopholes and raise revenue as well as entitlement reform to place Social Security and Medicare on sound financial footing.
The federal debt approaches $18 trillion, which according to the Fix the Debt campaign retards economic growth and makes addressing the coming shortfalls of Social Security and Medicare harder to fix in the future.
AUDIO: Brent Martin reports [:40]