Columbus Dispatch...
Portman might back increasing revenue
By  Joe Hallett
Tuesday August 9, 2011 

U.S. Sen. Rob Portman said yesterday that he would be willing to serve on a congressional deficit-reduction “supercommittee” and, if chosen, would not rule out additional revenue as a way to reduce the federal deficit. 

On a day when the stock market plunged after a first-ever credit-rating downgrade for U.S. debt, Portman said the 12-member congressional committee charged with reducing the federal debt must make difficult and unpopular decisions; otherwise, “You will continue to have enormous fiscal uncertainty out there, and downgrades.” 

Congressional leaders are expected to appoint the committee of six Republicans and six Democrats — half from the Senate and half from the House — within the week. Portman is viewed as a prime prospect by dint of his experience as a former federal budget director and U.S. trade representative. 

Asked during a meeting with The Dispatch’s editorial board whether he’d be willing to serve on the committee, Portman replied, “A number of my colleagues have made the comment that it’d be like a root canal and they have no interest. I won’t disagree with them on the first part, but it’s what you’re elected to do and, if asked, I’d answer the call.” 

The supercommittee sprang from the bruising battle on raising the debt ceiling and must propose $1.5 trillion in budget savings by Nov. 23. If the committee fails to meet that deadline or Congress fails to vote on the committee’s recommendation by Dec. 23, automatic spending cuts totaling $1.2 trillion will be triggered in 2013. 

About half of the automatic cuts would come from the defense budget, “which would be very bad for national defense,” Portman said. He added, however, “Defense needs to be on the table. There are savings that need to be found at the Pentagon, but that would be an enormously difficult task for them to downsize (by more than $500 billion) that quickly.” 

Portman said tax increases, particularly while the economy is ailing, should not be part of the deficit fix, but he did not oppose raising revenue by getting rid of tax “preferences,” including certain loopholes, credits, deductions and exclusions. Some conservatives see eliminating them as backdoor tax hikes. 

Calling himself “a hawk on tax reform,” Portman said the supercommittee has an opportunity to reform the tax code, “get rid of the stuff that doesn’t make sense and lower the rates.” 

“Tax reform ought to be done,” he said. “It will generate more revenue.” 

Any debt-reduction plan must include structural changes to curb the unsustainable growth of entitlement programs such as Medicare and Medicaid, Portman said. 

“The $1.5 trillion (in cuts) ought to be a floor, not a ceiling,” he said. “(The supercommittee) ought to go at this in a very ambitious way and attempt to make these difficult but absolutely necessary structural changes in order to deal with that longer-term problem and change the trajectory. Otherwise, we’re going to continue to suffer in terms of our economic growth and unemployment.” 

The downgrading of the nation’s credit rating last week by Standard & Poor’s, Portman said, added urgency to a bipartisan solution by the supercommittee. 

“There’s going to be a lot of pressure to come up with an agreement that will require seven of the 12 votes,” he said. “I think Standard & Poor’s may have prematurely downgraded, they should have waited for the committee, probably. ... But, on the other hand, I hope it serves as a wake-up call to the Congress and to this committee that they’ve got to figure this out.” 

Portman, viewed by many Republicans as a top-tier choice for vice president in 2012, acknowledged that he has met with three of the GOP candidates — former governors Mitt Romney of Massachusetts, Tim Pawlenty of Minnesota and John Huntsman of Utah. 

He said he didn’t talk with any of them about being a running mate. “It’s not something that I’m looking to do,” he said. As for his preference for a GOP nominee: “I’m still shopping, still listening.” 

He did, however, say he is backing state Treasurer Josh Mandel to take on Democratic Sen. Sherrod Brown next year. 

Read it at the Columbus Dispatch