As the Joint Select Committee on Deficit Reduction (widely known as the â??supercommitteeâ?) begins its work, many have asked what we would counsel based on our work last year as co-chairmen of the presidentâ??s fiscal commission. We can summarize this advice in seven words: Go big, be bold and be smart.
The stakes for this committee are very high. If the panel is unable to reach agreement on a credible deficit-reduction plan, and the across-the-board cuts agreed to in the August debt-ceiling deal are allowed to take effect, the consequences to our economy and our political system would be serious, if not devastating. Such an outcome would produce not only bad policy, by cutting spending indiscriminately without setting priorities, but would further undermine public and market confidence in the political systemâ??s ability to resolve problems.
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