Corker Floating Fiscal Compromise Bill

Tennessee Senator has appeared on CBS, CNBC and written a Washington Post editorial promoting what he considers a compromise bill.

Tennessee Senator Bob Corker is on a media blitz, telling lawmakers to suck it up and solve the nation’s looming fiscal crisis. The recently reelected Republican has written a bill that he says will take “political courage” to pass.

The bill is 242 pages long – relatively short by Washington standards. But other than congressional leaders and the White House, most people will have to take the Senator’s word for what’s in it since nothing has actually been filed.

It does increase taxes, sort of. Corker says on “CBS This Morning” his proposal increases revenues by capping tax deductions at $50,000, hitting higher income earners.

“I don’t know of a Republican who has actually written a bill with over a trillion dollars in revenues, but it does. But it’s coupled with real entitlement reform.”

Corker wants “gradual” age increases to qualify for both Medicare and Social Security. He also limits benefits for those making more than $50,000 a year in retirement.

The deadline of January 1st is fast approaching, but Corker says a long-term solution is technically easy and that a stop-gap measure to avoid sequestration won’t do. In his words: “don’t give us a pass.”