A rare display of bipartisan fiscal cooperation broke out on Capitol Hill last week when 38 House members (22 Democrats and 16 Republicans) braved an onslaught of interest group pressure to vote in favor of a budget resolution designed to rein in the deficit through a combination of spending cuts and tax increases. The budget plan, offered by Representatives Jim Cooper (D-TN) and Steven LaTourette (R-OH) as an amendment to the House budget resolution, was based on the recommendations of the Simpson-Bowles fiscal commission. It came 15 months after a bipartisan majority of that commission put forth a credible and comprehensive plan to address the deficit and was the first budget plan based on the commission’s work to come up for a vote in the House or Senate.
While the nays on the Cooper-LaTourette amendment outnumbered the yeas by 10 to 1, the very existence of a bipartisan budget alternative signaled an important breakthrough. It demonstrated growing frustration with the starkly partisan plans that members are routinely pressured to choose from and established a framework upon which future bipartisan efforts can be built.
There is little doubt that future efforts will be needed.
Legislation will have to be enacted by the end of the year unless Congress and the President want to allow all expiring tax...