The final version of the Bowles-Simpson deficit commission proposal was laid to rest Wednesday. To cut into deficit spending by as much as $4 trillion over 10 years, the deficit commission statement outlines systemic tax and spending revisions. Politicians of both parties are denouncing the tough realities presented within the deficit lowering plan, which is ironically titled "Moment of Truth". Article resource – Deficit commission submits final report for panel vote on Dec. 3 by Money Blog Newz.
Deficit commission dealing with the ‘Moment of Truth’
The deficit commission is an 18-member panel co-chaired by Democrat Erskine Bowles, President Clinton’s previous chief of staff, and former Republican senator from Wyoming Alan Simpson. The panel will election on the deficit reduction recommendations suggested by “Moment of Truth” on Friday, Dec. three. To put Congress on the fast track to implement its deficit reduction policy, 14 members of the panel must vote in favor of the proposal. In the deficit commission statement, Bowles and Simpson said “The era of debt denial is over, and there could be no turning back. We sign our names to this strategy because we love our kids, our grandchildren and our country too much not to act while we nevertheless have the chance."
Particulars regarding the deficit commission statement
The deficit commission report has to be accepted politically. That meant the version submitted three weeks ago has been revised. There would be an end to income tax rates. It would also make it so tax credits and expenditures would end. There would be a decrease in the highest income tax rate. It would go down to 23-29 percent from 39.6 percent. The Social Security retirement age would rise to 68 in 2050 and 69 in 2075. The income cap on payroll taxes would be raised to $190,000. Republicans were happy when a cap on tax revenue was added in. Also, a return to 2008 spending amounts and a $50 billion immediate spending cut would happen. For Democrats, upper-income Social Security cuts and a Medicare voucher program for private insurance were scaled back.
Deficit reduction as opposed to politics and the community
The deficit commission report isn't all that popular with some. They say it isn't realistic to pass. The wheeling and dealing that has resulted within the current $1.three trillion budget deficit and $13.8 trillion national debt could be a hard habit to break. The debt commission is submitting its blueprint for deficit reduction to a Congress continuing to pass legislation that inflates the bottom line. The idea is not accepted very well. The public especially feels this way. Many say that as long as they continue to get every little thing they’re "entitled" to, then it is fine to lower 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
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