Top Cuomo advisers to meet on (lack of) supercommittee action

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Gov. Andrew Cuomo’s team of economic advisers will participate in an emergency conference call on the state budget today as the federal supercommittee appears set to miss a critical deadline, Cuomo spokesman Josh Vlasto confirmed.

Cuomo’s Council of Economic and Fiscal Advisors, which was named a year ago as part of the governor’s transition team, will discuss what the supercommittee’s expected breach of deadline will mean for the state budget, which is already faced with lagging tax receipts and a growing deficit.

Cuomo’s budget meeting was first reported by the Associated Press.

The supercommittee, which includes an equal number of Democrats and Republicans from Congress, was tasked earlier this year with cutting $1.2 trillion to lower the federal deficit, but appears unlikely to meet a Wednesday deadline.

Cuomo’s panel consists of 19 people from both the public and private sectors, as well as labor representatives. Here’s who’s on it:

  • Ken Adams, President & C.E.O., Empire State Development Corp. (At the time, Adams was CEO of the Business Council.)
  •  Mario Baeza, Founder & Executive Chairman, Baeza Group Founder
  •  Pat Barrett, former Republican Chairman; C.E.O., Avis
  •  Byron Brown, Mayor of Buffalo
  •  Jim Chanos, President and Founder of Kynikos Associates
  •  Derrick D. Cephas, President & C.E.O., Amalgamated Bank
  •  Kenneth Chenault, C.E.O. & Chairman, American Express
  •  Glenn Dubin , Co-founder & C.E.O., Highbridge Capital Management
  •  Alexis Herman, former U.S. Secretary of Labor
  •  Denis Hughes, President, AFL-CIO
  •  Ken Langone, Founder, Chairman & C.E.O., Invemed Associates LLC
  •  Marc Morial, President, National Urban League
  •  Felix Rohatyn, Special Advisor to Chairman and C.E.O., Lazard; former Chairman, Municipal Assistance Corp
  • Rossana Rosado, C.E.O., El Diario
  •  Peter J. Solomon, Solomon Company, L.P., former New York City Deputy Mayor of Economic Policy and Development
  •  Martin Sosnoff, Chairman and C.E.O., Atalanta Sosnoff
  •  Bob Wilmers, C.E.O., M&T Bank
  •  Deborah C. Wright, President and C.E.O. of Carver Bancorp
  •  Frank Zarb, former Chairman of the NASDAQ stock exchange

(AP Photo / Mike Groll)

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  1. the complete failure of the “super committee” in the Senate to strike a grand bargain
    is disheartening at best and borders on malfeasance in office…everyone watching
    understands that Simpson Bowles, the Revlin commission and the gang of six had
    a handle on what had to be done to reign in the deficit and put the nation on a strong
    economic footing going forward..It has to be a combination of cuts in entitlement programs
    and increases in revenues…and they have to be substantial ..the ratio needs to be somewhere around 30% revenue increases and 70% cuts in spending…all of this
    can be accomplished by a combination of some of the following 1 LET THE BUSH TAX
    CUTS EXPIRE ON EVERYONE 2. RAISE THE RETIRMENT AGE FOR BOTH MEDICARE AND
    SOCIAL SECURITY BEGINNING IN 2020 SLOWLY AND INCREMENTALLY OVER TIME TO 68
    3. MEANS TEST BOTH SOCIAL SECURITY AND MEDICARE SO THOSE WITH INCOMES IN
    EXCESS OF 750,000 A YEAR IN RETIREMENT RECEIVE LESS. 4.TRIM THE DEFENSE BUDGET
    OVER TIME 5. STOP THE GROWTH IN SPENDING AS A PERCENTAGE OF GDP 6. REFORM
    THE TAX CODE TO PHASE OUT THE MORTGAGE DEDUCTION FOR MORTGAGES IN EXCESS
    OF 700,000 AND FOR SECOND HOMES IN EXCESS OF 500,000. 7. ELIMINATE OTHER LOOPHOLES FOR CORPORATIONS AND THEN LOWER CORPORATE TAX RATES.
    there is absolutely no reason why both sides cannot sit down and cut 4 trillion dollars
    over the next 10 years…I personally blame the republicans for the failure to date..
    they define tax increases way too broadly and they are more interested in defeating
    the president then in fixing the problem…I have heard all the arguments on both sides
    and the national democrats are far more willing to tackle their base than the republicans
    because the republicans believe they can capture both the house and senate by keeping
    the problem unsolved and letting a public with little or no knowledge about economics
    arguing as to who is really to blame….they stink