Posted on 07/20/2011 4:18:42 PM PDT by Nachum
A BIPARTISAN PLAN TO REDUCE OUR NATION'S DEFICITS EXECUTIVE SUMMARY This bipartisan, comprehensive, and balanced plan consistent with the recommendations of the Bowles-Simpson fiscal commission that will:
• Slash our nation's deficits by $3.7 trillion/$3.6 trillion over ten years under CBO's March 2011 baseline, or $4.65 trillion/$4.5 trillion under the original fiscal commission baseline (which used the President's 2011 budget request as the starting point for discretionary spending). • Stabilize our publicly-held debt by 2014. • Reduce our publicly-held debt to roughly 70% of our economy by 2021. • Impose unprecedented budget enforcement. A COMPREHENSIVE AND BALANCED PROPOSAL The plan uses a two-step legislative process: (1) an initial bill that makes immediate cuts; and (2) a process for a second bill to enact comprehensive reform and put our nation on a stable fiscal path. The plan would: Immediately implement aggressive deficit reduction down payment • Cut deficits by $500 billion. Dramatically cut discretionary spending • Cut nonsecurity and security discretionary spending over 10 years. • Maintain investments that encourage economic growth, strengthen the safety net for those who truly need it, and preserve a strong national defense. Carefully strengthen the solvency of our most important entitlement programs • Spend health care dollars more efficiently in order to strengthen Medicare and Medicaid, while maintaining the basic structure of these critical programs. • Fully pays for SGR (the "doc fix") over 10 years. Fundamentally reform our tax code • Reduce marginal income tax rates and abolish the $1.7 trillion Alternative Minimum Tax. • Encourage greater economic growth. • Enhance the competitiveness of American businesses and workers against global
(Excerpt) Read more at blogs.suntimes.com ...
Jef Sessions was just on Levin’s show and sits on the committee that’s supposed to produce this tripe and he was very clear: THERE IS NO ACTUAL GANG OF SIX PLAN which is in legislative form which can be discussed, scored, and debated. What this reporter has written is exactly what Sessions got: a Talking Points Memo. NONE of this is actual spelled out as to HOW they plan to accomplish all of this. There is nothing written for them to debate or score, much less vote on.
Those just sound like ideas. The lack of detail does not pass the smell test especially when this White House has been know to lie about EVERYTHING.
You cannot limit a future Congress’ budget authority.
In other words...
10 year plans are bullfeces!
Gang of six democrat sycophants....
Where's the beef or is it just more g*d d#mn smoke and mirrors as usual?
taxes were raise cuts never happened.
We had better get it NOW or we will never see the cuts.
I can see it now, come 2012 the dimocrats will blame it on the repub's and the repub's will get a double whammy of Lucy and the football during the election period!
The Repubies involved with this piece of crap should be primaried with extreme prejudice the next time around.
This is bullsh1t!!
Yeah,
I just heard Levin’s interview with Session’s. Say’s it looks like a talking point paper, not an actual bill. Looks like a lot of clean-up needs work needs to be done in the senate in 2012.
You don’t even have to go that far back.
Look at the recent continuing resolution deal. The GOP sold it as massive spending cuts, but once looked at closely, was DC trickery.
And very small nominal spending cuts. A snake-oil deal.
Durbin has admitted there won’t be actual legislation for his “Gang of Six” scheme until after the Aug 2 deadline.
Doesn't this type of bill have to originate in the House? Doesn't the House have a bill it just passed?
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