Senator Durbin Proposes Deficit Reduction, Main Street 'Fairness'

U.S. Senator Dick Durbin met with leaders from across Southwestern Illinois this morning for a first round of discussion on how to balance the federal budget and help spur economic recovery on Main Street. The meeting, held in Collinsville, was organized by the Leadership Council Southwestern Illinois and drew about 70 participants from Madison, Monroe & St. Clair counties.

Durbin—the second highest-ranking member of the Senate and a member of the bipartisan National Commission on Fiscal Responsibility and Reform (aka the “Deficit Reduction Commission”)—focused his remarks on strategies he advocates to reduce the $14 trillion federal deficit. The overall approach, as he sees it, is to balance investments against spending cuts until the recession ends, then to aggressively attack spending cuts. Durbin is forthright about the scale of that task, observing that the nation will have to “get radical” and that “we cannot balance the budget without dealing with the rapidly rising costs of healthcare” despite many entrenched interests to the contrary.

Speaking to a group composed largely of businesspeople and local government officials, Durbin cited two specific pieces of legislation that he is pushing forward to help support economic recovery:

• Legislation to monitor and reduce the interchange fees imposed upon businesses by financial institutions for the use of debit cards;
• The Main Street Fairness Act, which would levy sales tax upon Internet sales—Durbin contends that this measure would “level the playing field” for brick-and-mortar retailers and infuse revenue back to state and local governments.

Fielding questions from the audience, Durbin reiterated his support for a “reasonable approach” to maintaining levees and noted that the latest version of the Congressional budget cuts funding for the Army Corps of Engineers.