On September 10, at The Marshall Forum on Transatlantic Affairs in Chicago hosted by the German Marshall Fund, Senator Dick Durbin (D-IL) explained the ongoing debate in congress over the economic situation, as well as his hopes and fears for the nation as the problem remains unsolved.

In his speech, headlining the forum event titled “Security on a Shoestring: Defending the Nation in a Time of Financial Restraint,” Senator Durbin outlined what the President addressed in the joint session of congress focused on the economy. His plan, involving $450-500 billion, included tax cuts for working families; tax incentives for small businesses to hire and promote, reduction in interest rates for mortgages, a focus on investments in infrastructure; and a rescue plan for local units of government to save the jobs of teachers, fire fighters, and many others. Senator Durbin explained that the President’s urging both parties to come forward and take action is tied closely with what he calls the most “interesting, challenging, and fulfilling” thing in which he has been involved in congress; the Simpson-Bowles deficit commission. The suggestion from this commission is to engage the deficit only after the recession is behind us by spending through 2012 and then beginning deficit reduction. According to Senator Durbin’s personal experience as well as his observations in Illinois, the number one priority on this front is to take on the real estate market and reevaluate foreclosures and fair market value.

Senator Durbin is supportive of the President’s suggestions, but also asserts that we need more action to have a larger impact. His experience of the divided congressional meeting makes him less optimistic about the political prospects of this plan and does not see it going forward at least in this near term, although he hopes he is wrong in this projection. As far as Senator Durbin’s hopes are concerned, he did leave the audience with a “ray of hope” for the outcome. He explained that the super committee dealing with deficit reduction using the Simpson-Bowles proposal put together a plan to reduce spending by $4 trillion. It accomplishes this by putting “everything on the table” including spending cuts, entitlement programs, and revenue. Although certain obstacles need to be overcome, including the prospects of another recession that would increase the deficit and more disagreement between parties on issues creating an impasse. After advertising the plan, it presented to be attainable with presidential and bipartisan support, something Senator Durbin thinks “Americans would be heartened to hear, that there is any bipartisan agreement, particularly on something this controversial.”

Listen to his complete remarks here.