Richert: Simpson Takes Political Risk

Rep. Mike Simpson is taking the fight to the tea party wing of his Republican Party — and, potentially, taking the fight to his opponents in 2012. Simpson is helping to mobilize a bipartisan group in the House that would be willing to strike a big deal on deficit reduction. This deal could, and most likely would, include new taxes. Fiscally speaking, Simpson and his allies are on the mark. It may take a “grand bargain,” a deficit reduction plan in the $4 trillion ballpark, to take a real bite out of the deficit and head off any future downgrades in the U.S. credit rating. And it is impossible to get to that $4 trillion range without spending cuts and revenues. Politically speaking, though, this is a bold and risky move/ Kevin Richert , Idaho Statesman. More here.

Question: Is there any way to solve reduce our deficits without raising taxes somewhat?