Rep. Wolf fears another downgrade if deficit panel doesn’t ‘go big’

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When asked to predict what the supercommittee would do, Wolf replied, “I really don’t know. I’m hopeful … a group of us signed a letter asking them to go big.”

Wolf also continued his criticism of anti-tax advocate Grover Norquist and his tax pledge, saying that it prevented GOP lawmakers from targeting entitlement reform and eliminating corporate loopholes.

“When you signed the pledge, it didn’t mean you couldn’t close the loopholes … it meant you were for lower taxes,” he said.

“I don’t fault anyone who signed the pledge,” he added. “We are trying to bring down the tax rate.”

But Wolf suggested lawmakers didn’t understand how the pledge would hamstring their ability to address the nation’s fiscal woes, and took personal aim at Norquist.

“They did not know many of the groups Mr. Norquist was connected with. He was a lobbyist for Fannie Mae,” said Wolf, “a lobbyist for Internet gambling.”

The Virginia congressman said he preferred the approach presented by the Simpson-Bowles commission. “You also have to close these tax loopholes and do pretty much what the Simpson-Bowles commission said,” Wolf argued.


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