Posted on 12/03/2010 9:23:59 AM PST by SeekAndFind
A sweeping proposal aimed at cutting $4 trillion from the budget over the next decade failed to win enough votes Friday to clear the commission President Obama entrusted to solve the nation's daunting fiscal problems.
The report from the 18-member deficit commission won the support of 11 members, short of the 14 necessary to be formally adopted. The vote does not preclude Congress from taking up any of the dozens of recommendations on the floor, but it virtually assures the proposals will not be considered as a single package.
The final report called for a host of changes to tax rates, spending levels, government health care programs and Social Security. It has been the target of criticism from interest groups across the political spectrum for months, but the panel's colorful co-chairmen had urged the public to disregard the claims made about their plan.
Despite falling short, Co-chairman Erskine Bowles praised the work of the panel Friday and pleaded with lawmakers to keep up the "adult conversation about a very serious subject."
"It's now up to the members of Congress and the members of the administration ... to work together," he said.
Senate Democratic Leader Harry Reid and House Speaker Nancy Pelosi had earlier agreed to hold a vote on the package if it cleared the commission.
The plan calls for dozens of minor and significant changes to U.S. fiscal policy. It would gradually raise the retirement age for Social Security over the course of the next several decades, while lowering cost-of-living adjustments. It calls for a cap on discretionary spending and temporary freezes in the salaries of federal workers and members of Congress. It calls for an increase in the federal gas tax, a change to the popular mortgage interest deduction and an overhaul of Medicare.
(Excerpt) Read more at foxnews.com ...
Probably the reason that gold spiked today- the US will not deal with the debt.
Well duh!
If it didn’t include the trillion dollar rip-off called Obamacare—fergittaboutit!!
The ongoing deficit is costing you your country’s economic future.
RE: Probably the reason that gold spiked today- the US will not deal with the debt.
All precious metals up even as the stock market is down.
Just look at Silver, it’s going up faster percentage-wise compared to Gold.
They can’t even get a vote of FORMER politicians for a plan to reduce the deficit. What the hell is the matter with our country?
Correcting myself: there were current office holders on the Commission.
I don’t give a damn what the report said. I guarantee that gov’t revenues would increase, the “poor” would get more handouts and the middle class would have been screwed as usual.
The plan calls for dozens of minor and significant changes to U.S. fiscal policy.
Amnesty not on the list.
He got that $hit right!
Thank you Carnac the Magnificent!!! How did you know the middle class will get screwed? And the gov't gets more money? No way! Next thing you will say the gov't is going to start up another entitlement program, in additon to increasing the current programs.
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