Some Democrats have balked at changes to Social Security and Medicare. President Barack Obama has called for a balanced approach of spending cuts and revenue increases, specifically higher taxes on the wealthy.
But many Republicans have refused to raise taxes.
We must reduce the excessive spending which has been the culprit in this crisis and restructure entitlement programs, said U.S. Rep.-elect Robert Pittenger, a Charlotte Republican. We should eliminate corporate welfare and other loopholes carved out by the thousands of lawyers in Washington in behalf of special interests.
He said a fairer and flatter and simpler tax code, as opposed to tax hikes, would bring in enough revenue if combined with spending cuts.
Pittenger said he hopes reasonable minds will prevail. So does Ed Lorenzen, an adviser to the Bowles group.
The Fix the Debt campaign is an effort to bring everybody together, Lorenzen said. Were realistic. Theyre not necessarily going to enact the final solution and an entire legislative package by the end of the year.
But were hoping and pushing to adopt at least the framework of a deal that would allow Congress to finish the work.
Americans, he added, are frustrated with a political system that cant solve problems and is stuck with gridlock and the inability to deal with the deficit is at the top of the list.
Hunt succeeded Holshouser as governor in 1977 and went on to serve four terms as the states chief executive. He said Congressional failure to work out a deal would have political as well as economic consequences.
For either side not to participate and be willing to make some sacrifices would be disastrous for our country, he said. The great, great majority of people would not stand for that.