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Old 11-11-2010, 07:21 AM
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$4 trillion in deficit cuts proposed

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In a surprise move Wednesday, the co-chairmen of President Obama's fiscal commission released their preliminary proposals to curb growth in U.S. debt.

The report from Erskine Bowles and Alan Simpson recommends spending cuts beginning in 2012, as well as tax reform and other ways to reduce the deficit by $4 trillion over the next decade.

Three quarters of the $4 trillion would be achieved through spending cuts -- including defense -- and the rest from more tax revenue.

Among the proposed defense cuts: Freeze noncombat military pay at 2011 levels for three years to save $9.2 billion and reduce overseas bases by one-third to save $8.5 billion. It would also direct $28 billion in cuts already proposed by Defense Secretary Robert Gates toward deficit reduction.

Outside of defense, the report recommends eliminating 250,000 contractors, saving $18.4 billion, and freezing federal pay for three years, saving $15.1 billion.

The 18-member commission, which will make formal recommendations to Obama on Dec. 1, has been closely watched by budget experts since its first meeting in April.

The panel's proposals are not likely to be adopted by Congress wholesale, but they are expected to influence the debate in coming months as Congress tackles the nation's unsustainable long-term debt.

In their report, Bowles and Simpson offer ideas for consideration by the commission:

Set targets for revenue and spending: The report recommends that taxes be capped at 21% of gross domestic product. It would also limit federal spending initially to 22% of the economy and eventually to 21%.

Rein in spending: The report proposes close to $200 billion in domestic and defense spending cuts in 2015. (Deficit fighting: The first cut is the deepest)

Reform tax code: The report would lower income tax rates and simplify the tax code. It would abolish the Alternative Minimum Tax -- the so-called wealth tax -- and reduce tax breaks.

Change Social Security: The report aims to make Social Security solvent over 75 years through a number of measures, including smaller benefits for wealthier recipients, a less generous cost-of-living adjustment for benefits, and a very slow rise in the retirement age (from 67 to 68 by 2050; rising to 69 by 2075). It also would expand over 40 years the amount of workers' income subject to the payroll tax.

Control health care costs: The report recommends capping growth in total federal health spending -- everything from Medicare to health insurance subsidies -- to the rate of economic growth plus 1%.

Take the CNNMoney Social Security Quiz
"America cannot be great if we go broke," wrote Bowles, former White House chief of staff under President Clinton, and Simpson, a former Republican senator from Wyoming.

The full panel will vote on the recommendations by Dec. 1, the date of the commission's last public meeting.

Most observers and commission members -- including 12 sitting lawmakers -- have been pessimistic that the panel will be able to generate the 14 of 18 votes needed to make any official recommendation to Congress, which would put it up for a vote.

'This is just the beginning'
The White House said Wednesday that Obama would not comment until the commission finishes its work in several weeks, calling the report "a step in the process."
http://money.cnn.com/2010/11/10/news...port/index.htm

Time to tightening belts m'sieur dames...
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Old 11-11-2010, 04:17 PM
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If we do this it will be history repeating itself.
People don't realise the Great Depression didn't really settle in
for the long haul until we did all the things we are about to do.

And, here's a side question that has been bugging me ...
what are the people who are selling gold buying?
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Last edited by rabble; 11-11-2010 at 04:21 PM.
 
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