Murkowski Backs New Deficit Reduction Plan

Joins Four Senators in Saying "We Cannot Delay the Day of Reckoning"

WASHINGTON, DC- Senator Lisa Murkowski today joined four of her Senate colleagues to introduce the Deficit Reduction Implementation Act of 2011, which would create an opportunity for other Congressional proposals to receive a simple up or down vote and the same streamlined process afforded to the “Super Committee” – as long as the legislation meets the same $1.5 trillion goal of deficit reductions. She is joined by Senators Joe Lieberman (I-CT), Mike Enzi (R-WY), Bob Corker (R-TN), and Mark Kirk (R-IL).

“As I told Alaskans in my four October town halls, we’re not reinventing the wheel here when it comes to intelligent deficit reduction plans – the ideas are already out there,” said Murkowski. “I’m proud to follow up those discussions with the Deficit Reduction Implementation Act, which creates a road map for bipartisan Congressional committees to push through meaningful reform.”

(Video of Senator Murkowski's October Town Halls)

“We will fail the American people unless we take responsible action to dramatically reduce the deficit and put our fiscal house in order,” said Lieberman. “This proposal would help facilitate a process whereby Congress could enact a serious bi-partisan blue-print such as Bowles-Simpson, Gang of 6 and the Domenici/Rivlin plan. We are hopeful that this legislation will offer a starting point to provide the environment whereby one or several bipartisan groups can introduce and ultimately get an up or down vote on a deficit reduction proposal early next year. The stakes are too high and we cannot delay the day of reckoning for another year of gridlock.”

An outline of the legislation is below:

  • The Deficit Reduction Implementation Act would simply extend the privileged treatment that would have gone to the Super Committee bill (no amendments, no points of order, filibuster-proof, and expedited consideration) to any deficit reduction legislation that has the support of at least 6 Republican caucus members and 6 Democratic caucus members in the Senate or at least 15 Republican caucus members and 15 Democratic caucus members in the House.
  • Qualifying legislation must achieve at least $1.5 trillion in deficit reduction over 10 years to be considered under privileged and expedited procedures, but the goal is to achieve $4 trillion in deficit reduction.
  • Should the Deficit Reduction Implementation Act succeed at finding 1.5 trillion in deficit reduction, these measures would replace the sequestration process established by the Budget Control Act.