[Congressional Record Volume 157, Number 175 (Wednesday, November 16, 2011)]
[Senate]
[Page S7620]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




SENATE RESOLUTION 331--EXPRESSING THE SENSE OF THE SENATE THAT CONGRESS 
       SHOULD ``GO BIG'' IN ITS ATTEMPTS TOWARD DEFICIT REDUCTION

  Mr. KIRK (for himself, Mr. Manchin, Mr. Begich, Mr. Conrad, Mrs. 
Hutchison, Ms. Landrieu, Mr. Lieberman, and Mr. Warner) submitted the 
following resolution; which was referred to the Committee on Finance:

                              S. Res. 331

       Whereas the Government of the United States has reached 
     record levels of debt, with total debt outstanding exceeding 
     $14,970,000,000,000;
       Whereas the publicly held debt of the United States has 
     reached 67 percent of Gross Domestic Product and is projected 
     to increase to 100 percent by 2021;
       Whereas the Congressional Budget Office estimated the 
     deficit for fiscal year 2011 at approximately 
     $1,300,000,000,000;
       Whereas the outlook on the deficits and debt of the United 
     States has caused the Nation's long-term credit rating to be 
     downgraded for the first time in history by at least one 
     Nationally Recognized Statistical Rating Organization, and 
     its credit rating could potentially be downgraded again;
       Whereas the Budget Control Act of 2011 has empowered the 
     Joint Select Committee on Deficit Reduction to propose 
     significant and important reductions to the deficit, and 
     failure to secure sufficient reductions will trigger 
     substantial cuts in critical areas;
       Whereas the presidentially appointed National Commission on 
     Fiscal Responsibility and Reform has created a framework to 
     reduce the Federal deficit by approximately 
     $4,000,000,000,000;
       Whereas numerous budget experts, leading political figures, 
     and independent groups of differing political ideologies have 
     advocated for a ``Go Big'' strategy for deficit reduction; 
     and
       Whereas 45 United States Senators have previously supported 
     the goal of achieving greater deficit reduction: Now, 
     therefore, be it
       Resolved, That it is the sense of the Senate that Congress 
     should pass a deficit reduction measure that--
       (1) includes enough deficit reduction to stabilize the 
     Federal debt as a share of the economy, put the debt on a 
     downward path, and provide fiscal certainty;
       (2) reduces the deficit by at least $4,000,000,000,000 over 
     10 years in order to reassure financial markets;
       (3) encompasses the principles of reform, shared sacrifice, 
     and compromise;
       (4) uses established, bipartisan debt and deficit reduction 
     frameworks as a starting point for discussions;
       (5) focuses on the major parts of the budget and includes 
     long-term entitlement reforms and pro-growth tax reform;
       (6) is structured to grow the economy in the short, medium, 
     and long terms to create jobs in the United States and 
     increase United States competitiveness;
       (7) builds a foundation of investor confidence that 
     preserves the United States dollar and Federal debt 
     securities as the global standard of safety and stability;
       (8) works to include the American public and the business 
     community in a broader discussion about the breadth of the 
     issues, challenges, and opportunities facing us; and
       (9) includes tax reform that guarantees deficit reduction 
     and economic growth to rebuild America.

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