In what is left of the year, U.S. Sen. Mark Kirk (R-Ill.) hopes progress is made on reducing the nation’s spending and debt. Kirk hopes that a bill compiled by the super committee is thoroughly looked at by lawmakers before it’s voted on. Lawmakers, the press and even bond rating agencies will have a month to look it over.
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“Normal legislation that’s big is published the night before it’s passed,” Kirk said. “And so you have a thousand pages, it’s hot from the Xerox machine, very little scrutiny. The daily press always moves on to the next subject the very next day…little scrutiny. This bill will be published on [Nov. 23] in full form and then lay there for a month.” Kirk says Congress is used to seeing legislation reviewed and scrutinized by the press and then months or years later by the people when it comes time to hit the voting booth. He says with the amount of time the bill will be available for review before a vote, bond rating agencies will have the chance to scour the legislation. Kirk says the final bill must include at least $4 trillion in reduced federal borrowing over 10 years in order to get blessings from rating agencies.