Super Committee Needs More Time For Plan: Hoyer
Special to CNBC.com
House Minority Whip Steny Hoyer told CNBC Thursday he would like a 90-day extension for the Super Committee to give it time to come up with a "big, bold, balanced" package rather than send the issue of cutting the deficit to the full Congress.
Giving the bipartisan commission, whose work ended by statute last week, more time will also give members of the House and Senate leadership more time to rally bipartisan support.
The super committee of 12, equally divided between Republicans and Democrats and House and Senate, had, by law, until Nov. 23 to come up with a way to cut the U.S. deficit by $1.3 trillion over 10 years. The panel announced Nov. 21 it could not make that deadline.
The Maryland Democrat told CNBC he would like to see a plan along the lines of the Simpson-Bowles recommendations from 2010 — never formally approved after months of work — that would raise about $1 trillion in revenue by "reducing preference items" rather than by raising taxes, a sticking point with Republicans.
At the same time, that plan would've cut entitlements, which many Democrats, including Minority Leader Nancy Pelosi of California, refuse to do.
"That was a balanced package," Hoyer said of Simpson-Bowles, named for co-chairmen Alan Simpson and Erskine Bowles. "All of it would have caused pain and discomfort politically and in real terms to people. But that's what we have to pursue if we want to get back to a sustainable path."
Barring such an extension, "we’re going to continue to work," he said of the full Congress. "We’re going to continue to focus and continue to get it done and work on it over the coming months and not wait simply for the next election because, frankly, there’s always a next election. We cannot wait."