If the so-called congressional “super committee” fails to cut more than a trillion dollars from the deficit, Tennessee risks a downgrade of its bond rating. The panel remains gridlocked, but some members of the state’s congressional delegation are trying to pressure the group to reach a deal.
Lawmakers in both parties are gloomy about the prospect of the committee failing with only a week left. On Wednesday Tennessee Republican Senator Lamar Alexander gathered with more than thirty lawmakers to urge the committee to come up with a large package. Alexander says world markets are watching.
“This is about more than money. It’s about whether the Congress and the president can competently govern.”
Nashville Democrat Jim Cooper was on the stage too. He says Congress needs to consider adopting a budget outline from a past deficit reducing commission instead of the automatic cuts that could take place.
“Should the ‘super committee’ fail we need to come up with an alternative plan that solves the problem. It’s going to take about $4 trillion in deficit reduction over the next ten years just to stabilize the situation.”
As of now the committee can’t even agree on how to cut one trillion dollars from the debt.
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