Crain's: Quigley report shows path to balance federal budget

This article originally appeared in Crain's Chicago Business Journal by Greg Hinz on September 6, 2011 and can be read here.

As President Barack Obama prepares to release his latest job-creation plan " and Washington Republicans object that we can't afford to spend more money " it's tempting to say that achieving Washington consensus is impossible.

But it's not. What's lacking is the will.

Which brings to mind a recent report by an area congressman that hasn't received nearly enough attention for laying out some solutions that could be imposed, if the political will to do so existed.

The report comes from Chicago Democrat Mike Quigley, a raging liberal on social issues like abortion and gay rights, but a true cost-cutter from his days on the Cook County Board.

As you might expect, Mr. Quigley's report " designed to cut the deficit $2 trillion over 10 years " has lots of stuff that would offend Republicans.

Like closing international tax "loopholes" ($130 billion), eliminating the mortgage interest deduction for vacation homes ($12 billion) and allowing Medicare to negotiate prescription drug costs like Medicaid does ($100 billion).

It also has things designed to make donkeys froth at the mouth. Like raising the age to receive full Social Security benefits to 68 and Medicare eligibility to 67. Or using a more accurate inflation gauge to limit Social Security benefit hikes. The latter alone is worth an estimated $92 billion over the next decade.

A third category ought to appeal to both conservatives and liberals " though not special interests. Included: ending oil and gas production subsidies ($43 billion) and the ethanol subsidy ($62 billion); empowering a Medicare panel to recommend cost savings that would get an up-or-down congressional vote ($9 billion); sunsetting all tax expenditures (tax breaks) every 10 years, unless Congress votes to re-enact them; reducing America's nuclear arsenal ($56 billion).

Read the report for yourself. No one out there is going to agree with all of it. But after a report like this, it's clear that what's lacking isn't the way, but the will.