The leaders of President Obama's fiscal commission released a final report on Wednesday That Is Full of Political dynamite, recommending sharp cuts in military spending to high heaven, a Higher Retirement Age and Reforms That Could cost the Taxpayer average an extra $ 1.700 a year.
But as commission Co-Chairman Erskine Bowles and Alan K. Simpson Unveiled the plan at a Capitol Hill hearing, it was unclear Whether They Would Be Able to Build a convincing bipartisan consensus before the panel's members a 18 - 12 of Them sitting lawmakers - are Scheduled to vote on the report Friday.
Two panel members a - Sen. Kent Conrad (D-N.D.) And Its. Judd Gregg (RN.H.) - Immediately Came out in strong support, saying That although They do not like everything in the package, it charts a path Responsible away from the abyss of rising debt and Potential fiscal crisis.
"America is in danger. And We Can either look on the other way, hope somebody else does something, or we CAN act," Conrad said. "I'm going to support this plan and support it strongly. Because I do not see Another alternative. I just do not."
Still, after two days of one-on-one meetings with Their Members, Bowles, White House chief of staff in the Clinton administration, and Simpson, a former Republican senator from Wyoming, said That it Will Be Difficult Thurs assemble the 14 votes That Would Allow Them Thurs issue official Recommendations.
"I do not know if We Can Agree on a plan. I know we're going to get two votes. Maybe we'll get five. Maybe we'll get 14," Bowles said. "But I know the world is moving in our direction. ... There's no turning back now. The era of debt and denial ITS Consequences are over."
The final Blueprint for rebalancing the federal budget hews Closely Thurs an EARLIER plan released before Thanksgiving. Like the original, it offers an aggressive Prescription for Reducing deficits by Nearly $ 4 trillion by the end of the Decade, in large part by slashing Military and Domestic Spending.
In Hopes of satisfying the Concerns of the panel's Republicans, Those cuts Would Be Even Deeper Than in the original document, slicing More Than $ 1.6 trillion from Obama's Proposed budgets by 2020 and Reducing Overall Government Spending Thurs just under 22 Percent of the Nation's Gross Domestic Product .
Among the Most of Those Painful Decisions, Bowles said, is a Recommendation Thurs Reduce The Federal Work Force by 10 Percent by the End of the Decade, Eliminating 200.000 jobs.
Still, two of The Three House Republicans on the commission - Reps. Paul Ryan (Wisc.) and Jeb Hensarling (Tex.) - Indicated That They Were Unlikely Thurs Lend Their support, primarily Because of the plan's embrace of Obama's newly enacted Health Care Law and What They view as excessively high levels of taxation.
The plan recommends raising taxes by Nearly $ 1 trillion by 2020, primarily through tax Reforms That Would Eliminate or Reduce cherished reductions Including the deduction for home mortgage interest, the tax-free Treatment of Employer-paid health insurance, and preferred rates for Capital Gains and Dividends.
It Also Calls for a 15-Cent Hike in the federal gas tax. The top income tax rate for Both Individuals and Corporations Would Be Lowered dramatically, HOWEVER, from Thurs 1929 1935 Percent Percent or less. And the report recommends a trigger Legislative That Would Raise Taxes device automatically unless a Comprehensive Overhaul is Approved by 2013.
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