Pain pills: A glimpse into draft recommendations from Obama's fiscal commission

We had to wait until after the election to see it, but here is the "chairman's mark" (or a draft) of its report. Be the first to scream and howl that your favorite program is being cut. Some highlights:

Achieves nearly $4 trillion in deficit reduction through 2020: 

    50+ specific ways to cut outdated programs and strengthen competitiveness  by making Washington cut and invest, not borrow and spend.

Reduces the deficit to 2.2% of GDP by 2015, exceeding President's goal of primary balance (about 3% of GDP).

Reduces tax rates, abolishes the AMT, and cuts backdoor spending in the tax code.

Caps revenue at or below 21% of GDP and gets spending down to 22% and eventually to 21%.

Stabilizes debt by 2014 and reduces debt to 60% of GDP by 2024 and 40% by 2037.

Ensures lasting Social Security solvency, prevents projected 22% cuts in 2037, reduces elderly poverty, and distributes burden fairly. 

DRAFT

Filed under: Politics

Tags: politics

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  • MMMMMM, like we little folks have been saying all along...It's about the spending stupid.....

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