“We’ve done about $2 trillion. I thought $4 trillion is the goal we should reach. I think we’re about half way there. We need another $2 trillion,” said Sen. Ben Cardin (D-Md.), a member of the Senate Finance Committee, which has jurisdiction over tax reform.
He said the $917 billion cut under the Budget Control Act passed in the summer of 2011 combined with $620 billion in revenues from Tuesday’s tax deal and interest savings adds up to about $2 trillion.
Cardin said the ratio of spending cuts to higher tax revenues “should be about even” in the next deficit-reduction deal passed by Congress.
Sen. Jon Tester, a centrist Democrat from Montana who won a close re-election in November, set out similar parameters.
He said the broad goal for deficit reduction should be in the $4 trillion to $5 trillion range and “we should strive for [a] one for one” ratio of spending cuts to additional tax revenues.