The CPC members are asking the group of senators, the Gang of Eight, to use only revenue to make such a payment, which was been reported to be $55 billion, equal to be half of the sequestration cuts. The Senators are: Lamar Alexander, Saxby Chambliss, Tom Coburn, Michael Crapo, Michael Bennet, Kent Conrad, Dick Durbin and Mark Warner.
Here's a portion of the letter:
Over the past few years, the only lasting and substantial contribution we've made to deficit reduction has come from spending cuts. While Democrats have conceded nearly $800 billion in cuts as outlined in the spending caps of the Budget Control Act, this achievement has not been matched by any real commitment on revenue. Not a single cent of our recent efforts towards paying down the debt has come from the revenue side of the ledger.
Reps. Michael Honda, Keith Ellison, Raul Grijalva, Jan Schakowsky, John Conyers, Barbara Lee and Lynn Woolsey sent the letter. Read the full letter after the jump.
Don't Miss Today's Top Stories
Chock full of usable information on today's issues."
Michael, Executive Director
Concise coverage of everything I wish I had hours to read about."
Chuck, Graduate Student
The day's action in one quick read."
Stacy, Director of Communications
Great way to keep up with Washington"
Ray, Professor of Economics