Election To Start Strict Deficit Lowering Strategy Slated For Dec. Three

Deficit lowering recommendations formulated by the deficit commission employed by the Obama administration were completed Wednesday. To slice into deficit spending by as much as $4 trillion over 10 years, the deficit commission statement outlines systemic tax and spending revisions. Analysts have little confidence the statement, called "Moment of Truth," could be dealt with seriously by Congress.
The deficit commission's 'Moment of Truth'
There is an 18-member panel on the deficit commission that is co-chaired. Alan Simpson, former Republican Wyoming senator, and Democrat Erskine Bowels, former chief of staff to President Clinton, co-chief it. Friday Dec. 3 can be when the deficit reduction recommendations that "Moment of Truth" suggested will be voted on. The quick way of getting Congress to implement the deficit reduction policy would be to get enough votes. This will happen if 14 on the panel election for it. Bowles and Simpson wrote out the deficit commission report. It said, "The era of debt denial is over, and there can be no turning back. We sign our names to this strategy because we love our children, our grandchildren and our country too much not to act while we nevertheless have the chance."
Anything involved within the deficit commission statement
The deficit commission report has to be accepted politically. That meant the version submitted three weeks ago has been revised. Tax credits and expenditures would be ended while income tax rates would end. There would be a change from 39.6 percent to 23-29 percent for the highest income tax rate. In 2050 the Social Security retirement age would go to 68 while in 2075 it would be at 69. $190,00 would be the new income cap on payroll taxes. This would be a change. To mollify Republicans, a cap on tax revenue was added, plus $50 billion in immediate spending cuts and an eventual return to 2008 spending levels. There would be less Social Security cuts and less Medicare voucher programs for private insurance for Democrats.
Deficit reduction as opposed to politics and the public
The deficit commission report is not all that popular with some. They say it isn't realistic to pass. It will be hard to stop spending the amount that has gotten the U.S. a $1.3 trillion spending budget deficit and $13.8 trillion national debt. The Congress is trying to inflate the bottom line with legislation which is where the debt commission is going to be handed. The community does not appear to be on board either. Many say that as long as they still get everything they are "entitled" to, then it is fine to reduce the deficit.
Citations
USA Today
usatoday.com/news/washington/2010-12-01-deficit-plan_N.htm
Business Week
businessweek.com/news/2010-12-01/social-security-income-tax-cuts-part-of-debt-plan.html
ABC News
abcnews.go.com/Politics/budget-deficit-commission-release-report-political-tackle/story?id=12279916

By: Brian Grey

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