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Cochran and Wicker Endorse Principles and Bold Savings Goal for Super Committee Deficit Reduction Panel

Bipartisan Coalition of 37 Senators Encourage Select Committee to Reach Goal

WASHINGTON, D.C. – U.S. Senators Thad Cochran and Roger Wicker (R-Miss.) are among a bipartisan group of Senators who today endorsed a set of principles that encourages the 12-member Joint Select Committee on Deficit Reduction to reach a broad agreement to address the nation’s budget deficit and debt.

Thirty-seven Senators signed the set of principles as the so-called “super committee” begins its work to develop legislation that outlines significant new budget savings over 10 years.  The statement of principles signed by the Senators sets at least $4.0 trillion “as a more reasonable target” to support long-term economic growth.

“These broad principles are intended to show the committee that there is support for it to be bold in writing a plan that is essential to the long process of putting our nation back on sound financial footing.  The challenges for this committee are daunting but not impossible.  We want the committee to succeed in order to help restore confidence in the wellbeing of the American economy,” said Cochran, vice chairman of the Senate Appropriations Committee.

“A growing number of Senators agree that cutting our deficit and reducing our national debt is a must,” said Wicker.  “Failing to act will put the burden on our children and grandchildren.  We must make real cuts to spending because our current track is unsustainable.”

The Super Committee has begun negotiations this week to try to reach the $1.5 trillion goal established in the debt ceiling law (PL.112-25) passed by Congress in August.  The Senate coalition is pressing for a package with broader reductions.  By law, the committee has until late November to develop the legislation, which would then be subject to an up-or-down supermajority vote in the House and Senate before Dec. 23.  Failing to produce or enact a plan would trigger automatic spending cuts to the federal budget, including reductions to defense and some social entitlement programs.

Cochran and Wicker signed the following statement of principles, which were developed by Senators Saxby Chambliss (R-Ga.) and Mark Warner (D-Va.):

As a bipartisan group of Senators, we will encourage and support the Super Committee in fulfilling its mission.  We are here to support a deficit reduction package consistent with the following principles that should:

• Include enough deficit reduction to stabilize the debt as a share of the economy, and put the debt on a downward path, and provide fiscal certainty.  We believe a reasonable target is at least $4 trillion, including previously enacted deficit measures.  This will send the right message to the financial markets.   

• Use the established, bipartisan debt and deficit reduction frameworks as a starting point for discussions.

• Focus on the major parts of the budget and include long-term entitlement reforms and pro-growth tax reform. 

• Be structured to grow the economy in the short, medium and long-term. 

• Work to include the American public and the business community in a broader discussion about the breadth of the issues, challenges and opportunities facing us.” 

In addition to Cochran, Wicker, Chambliss and Warner, the statement was signed by Senators:  Lamar Alexander (R-Tenn.), Kelly Ayotte (R-N.H.), Mark Begich (D-Alaska), Michael Bennet (D-Colo.), Richard Burr (R-N.C.), Tom Carper (R-Del.), Dan Coats (R-Ind.), Tom Coburn (R-Okla.), Kent Conrad (D-N.D.), Chris Coons (D-Del.), Bob Corker (R-Tenn.), John Cornyn (R-Texas), Mike Crapo (R-Idaho), Lindsey Graham (R-S.C.), Kay Hagen (D-N.C.), John Hoeven (R-N.D.), Kay Bailey Hutchison (R-Texas), Johnny Isakson (R-Ga.), Mike Johanns (R-Neb.), Ron Johnson (R-Wis.), Mark Kirk (R-Ill.), Amy Klobuchar (D-Minn.), Mary Landrieu (D-La.), Joe Lieberman (I-Conn.), Claire McCaskill (D-Mo.), Joe Manchin (D-W.Va.), Lisa Murkowski (R-Alaska), Bill Nelson (D-Fla.), Mark Pryor (D-Ark.), Jeanne Shaheen (D-N.H.), Jon Tester (D-Mont.), Mark Udall (D-Colo.), and Ron Wyden (D-Ore.).

In all, the coalition includes 19 Republicans, 17 Democrats and one independent.

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