July 19th, 2010
07:40 AM ET
4 years ago

Obama's debt panel: Hints of an endgame

Erskine Bowles, co-chairman of the president's fiscal commission, is the only panel member who has publicly sketched an outline for a debt-reduction plan.
Erskine Bowles, co-chairman of the president's fiscal commission, is the only panel member who has publicly sketched an outline for a debt-reduction plan.

New York (CNNMoney.com) – How to get the federal budget back on the right track? Here are just two ideas from the co-chair of the president's bipartisan debt commission: Rein in tax breaks. Set hard caps on federal revenue and spending.

Erskine Bowles, co-chairman of the panel and White House chief of staff under former President Clinton, has twice in recent weeks mused in public about what he'd like to see in a debt-reduction plan.

The commission has much work left, and Bowles only gets one vote. But if the commission can't agree on its own set of official recommendations, he is likely to play an influential role in shaping the advice given to President Obama.

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Filed under: CNNMoney.com • Economy • issues • national debt • President Obama
soundoff (9 Responses)
  1. Larry

    End the tax cuts!! Get a grip!!

    Or maybe we should start believing Cheney when he said ".....the national debt don't matter anyway."

    July 19, 2010 08:26 am at 8:26 am |
  2. Keith in Austin

    Rein in tax breaks?? In other words levy the biggest tax increase in the history of the US on Jan.1st as planned.

    Cap and Trade is next folks. Just wait and see.

    July 19, 2010 08:34 am at 8:34 am |
  3. Pamela McGregor

    The Republicans are too scared to list what programs should be cut and the Democrats are too scared to raise taxes. Both must be done. Take a look at the UK's playbook. The CONSERVATIVES who must lay in bed with the Social Democrats are raising the Capital Gains tax and the VAT. They are cutting spending programs like crazy and leaving National Healthcare mostly untouched because they believe in it. England's unemployment numbers are going downtown aided by added thousands of part time jobs. IN OTHER WORDS, you can't eat your cake and have it.
    Do the Republicans think that a website will do the trick for them? Would I ask my children's permission to cut cable tv and subscriptions to cell phone service if I could not afford them?
    Do the Democrats believe that the top 10% of wage earners want to see their tax advantages go away? Buy more homes, more plastic surgery....The Congress is full of enablers...afraid to make tough decisions. Private companies have taken away many benefits like matching 401ks and raises. DID THEY POLL THEIR EMPLOYEES AND ASK FOR PERMISSION?

    July 19, 2010 08:44 am at 8:44 am |
  4. Greg Pottstown PA

    So the way out of this is to increase taxes and cut spending. I bet Obama will do the first not the second.

    July 19, 2010 08:46 am at 8:46 am |
  5. WARNING, AMERICA WAKE UP

    Debt program goes right along with his Death panel with his new health plan, doesn't it? Have you seen any President before start more new programs and panels. And they call the Republicans BIG GOVERNMENT. WHO HAS INCREASED THE NATIONAL DEBT FROM 3 TRILLION DOLLARS NOW TO 16 TRILLION DOLLARS. WITH THREE OF THOSE TRILLION MADE IN LOANS TO NATIONS THAT NO ONE KNOWS WHO THEY ARE???

    July 19, 2010 08:48 am at 8:48 am |
  6. Bill

    Of course, the only possible solution is more taxes. That way we can lose more revenue because more businesses shutter their doors and more people can be unemployed. Then we can extend the jobless benefits and increase taxes to pay for them .... anyone see a trend here?

    July 19, 2010 08:56 am at 8:56 am |
  7. jim

    This commission is a sham !!! It was set up on purpose to give political cover for Obama to raise taxes.That's it's only reason.People already know what needs to be done to start to get a handel on our fiscal situation.The problem has always been the absence of political will .But for Obama his talk is just that,talk !!

    July 19, 2010 09:11 am at 9:11 am |
  8. Rick McDaniel

    You can solve a lot of problems with the budget, if you repeal ObamaCare.

    July 19, 2010 09:26 am at 9:26 am |
  9. eatmydust

    First thing the US needs to do is replace all those free spending democrats in DC with republicans and independents who will ten overturn the huge spending programs established by Bush and Obama. Or, have They invented to long-hoped-for money tree in DC? How free will we all be if we are all broke from paying mandatory this and mandatory that and taxes to the moon? Get Obama and his supporters out of DC as quick as possible, please...

    July 19, 2010 09:28 am at 9:28 am |