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Panel To Vote Dec. Three On Final Deficit Commission Proposal

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. Politicians of both parties are denouncing the tough realities presented within the deficit reduction plan, which is ironically titled “Moment of Truth”. Article source – Deficit commission submits final report for panel vote on Dec. 3 by Money Blog Newz.

The ‘Moment of Truth’ for the deficit commission

There is an 18-member panel on the deficit commission that is co-chaired. Alan Simpson, former Republican Wyoming senator, and Democrat Erskine Bowels, previous chief of staff to President Clinton, co-chief it. There could be a vote on the recommendations that “Moment of Truth” proposed. Friday December 3 could be when the deficit reduction vote takes place. The quick way of getting Congress to implement the deficit reduction policy would be to get enough votes. This will occur if 14 on the panel election for it. Bowles and Simpson stated in the deficit commission statement, “The era of debt denial is over, and there could be no turning back. We sign our names to this plan because we love our children, our grandchildren and our country too much not to act while we still have the chance.”

Details about the deficit commission statement

The deficit commission report has to be accepted politically. That meant the version submitted three weeks ago has been revised. The suggestion reduces income tax rates and ends many tax credits and expenditures. There would be a change from 39.6 percent to 23-29 percent for the highest income tax rate. 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. $50 billion in urgent spending cuts and a return to 2008 spending amounts along with a cap on tax revenues were added for Republicans. For Democrats, upper-income Social Security cuts and a Medicare voucher program for private insurance were scaled back.

Utilizing deficit reduction to please community with politics

The deficit commission statement isn’t all that popular with some. They say it is not realistic to pass. The wheeling and dealing that has resulted in the current $1.3 trillion budget deficit and $13.8 trillion national debt can be a hard habit to break. The Congress is intending to inflate the bottom line with legislation which is where the debt commission is going to be handed. The idea isn’t 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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