Transcript: Former Sen. Pete Domenici says tax reform should be given ‘equal prowess’ as entitlement reform in deficit reduction package

(Edited by Jenny Jiang)

Bipartisan Policy Center’s panel discussion “The Tax Piece of the Debt Puzzle” on June 11, 2012 

Transcript of remarks by former Sen. Pete Domenici (R-N.M.) on tax reform and debt reduction: 

Former Sen. Pete Domenici (R-N.M.), Co-Chair of the Bipartisan Policy Center's Debt Reduction Task Force. SOURCE: C-Span.org

“I just want to say that for a long time now we’ve been talking about our national debt. It’s not getting any better.

“There are some cynics around who continue to think it’s not very serious – ‘We’ve had this problem before. Don’t worry.’

“I’m not one of those. I think we’ve never had this problem before except once when we were in a big war. We fixed that rather quickly, and we spent whatever had to be spent for the Second World War regardless of how much we overspent because we had to win. Once we won, it took about three or four years to get in balance. We have no such intent right now, and nobody seems to be willing to see that that’s done.

“But in trying to educate the public as best we can with a President who doesn’t seem to want to educate the public on this issue, we try hard. We’re making a point – many others are making a point – that the debt is too big and maybe it might be in some profound way affecting our life now and in the future.

“In the promoting of this problem to our people, we’ve talked greatly and incessantly about reforming entitlements. No question about it – it’s there all the time.

“But today, we say that the tax piece of the debt puzzle is going to be discussed. The tax piece of the debt puzzle is going to be given equal prowess with entitlement reform.

“Anybody that looks at the entitlement package and the tax package – the tax laws of America – knows that you can’t have one without the other. They’re both in desperate need of reform.”

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3 Comments on “Transcript: Former Sen. Pete Domenici says tax reform should be given ‘equal prowess’ as entitlement reform in deficit reduction package

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