November 10th, 2010
02:09 PM ET
4 years ago

Obama panel offers $4 trillion in deficit cuts

New York (CNNMoney.com) – In a surprise move Wednesday, the co-chairmen of President Obama's fiscal commission publicly released their preliminary proposals to curb growth in U.S. debt.

The report recommends spending cuts beginning in 2012, as well as tax reform and other ways to reduce the deficit by $4 trillion over the next decade.
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Filed under: Obama administration
soundoff (18 Responses)
  1. Dutch/Bad Newz, VA

    Wow! I just finished watching Spitzer "grill" Rand Paul, and Paul couldn't give secific cuts, although that's what he campaigned on. He just said "cuts need to be made across the board." Duh Teatard!! But I expect YOU off all people to be specific about what to cut. You are a doctor, but you don't want to cut Medicare reimbursement rates. You are a hypocrite.

    November 10, 2010 02:14 pm at 2:14 pm |
  2. karek40

    Interesting, begins in 2012, that way the republicans can be blamed for what ever the fall out happens to be. Probably the first cut was to do away with (severely limit) our military, then do away with the boarder patrol etc., then increase funding to acorn. California is a good stateside example of Mr. Obama's economic ideas, bankrupt and borrowing 40 mil per year just to pay welfare. Socialism does not work anywhere and never will.

    November 10, 2010 02:28 pm at 2:28 pm |
  3. Katie

    Hmm...let me guess. No cuts to farm subsidies, no elimination of the tax loopholes for companies sending jobs overseas, no plans to raise the tax rates on the wealthy, no defense cuts – all the cuts will be borne on the backs of the working class. I've heard this song and dance before, same chorus, just a different verse.

    November 10, 2010 02:30 pm at 2:30 pm |
  4. Fair is Fair

    Cutting Social Security and raising the retirement age? OK, libtards. This is OBAMA'S panel. Yet thats all we hear is you accusing republicans of doing. Feel stupid yet?

    November 10, 2010 02:32 pm at 2:32 pm |
  5. T'sah from Virginia

    OK – it's a start and at least they have something on PAPER!!!

    The 75 year social security rise sounds reasonable to me. Everyone 'living' now don't have to worry – especially if you are close to retirement or thinking about retiring the next 50 years!!!

    As far as the TAX BREAKS – that can be lowered because I truly believe EVERYONE should pay something – even if it's $25!!! My son, 21 years old, pays taxes and he does not get any tax breaks... Others, because they have kids, get breaks (EIC and Kid Tax Credits) and pay NOTHING!! Yes, some may need TAX BREAKS – but after the BREAK, they should PAY SOMETHING – $25, $100 – something!!

    WATCH the RepubliCAN'Ts – they are NOT going to agree!! They are NOT opened for Compromise!! I am glad the Democrats JUMPED ON THIS FIRST!!! Now we shall see!!

    T’sah is OUT of Campaign MODE – N2 Moving America Forward with President Obama!!

    November 10, 2010 02:38 pm at 2:38 pm |
  6. Not fooled

    Why do they always cut from the poor who need it the most? You can't get blood out of a turnip. Use common sense and make the cuts from who can afford it like you in Congress.

    November 10, 2010 02:39 pm at 2:39 pm |
  7. Not fooled

    Tax reform sounds good. Get all those companies who are called s-corps (small corporations ) to pay their fair share instead of individual rates. The Koch brothers with 70,000 employees are not s- corps! Stop ripping people off.

    November 10, 2010 02:42 pm at 2:42 pm |
  8. keepstufingthis

    Yes siree bob, take away those tax breaks for homeowners, cut benefits for seniors and raise the retirement age. Those dope addicted non working products of the NEA need more flat screen TV's to watch Oprah rather than try to qualify for a job.

    November 10, 2010 02:47 pm at 2:47 pm |
  9. stevegee

    Glad to hear Social Security is in the mix of cuts - it's the greatest Ponzi scheme of all time. Do the math: Feds take out say $3000 a year from your paycheck, then you qualify for SS Benefits of say $3000 per month when you retire - Huh, how's that work? How'd I go from putting in $3 grand a year to taking out $3 grand a month? That's why it's broke, on top of the fact that Congress borrowed the SS trust fund money and spent it - which is gross malfeasance!

    The only answer is Privatization and a phase out of Social Security. The long-term solution would be true Infant IRAs - when a child is born, parents should be able to put away tax-free dollars without having to show income for the child. Imagine over 65 years of tax-free compounded return on investment. That child would never need any government handouts - but the leftists don't want that.

    November 10, 2010 02:50 pm at 2:50 pm |
  10. john

    And republicans say no and filibuster and then ask why Obama is spending so much.

    November 10, 2010 02:53 pm at 2:53 pm |
  11. Nancy Pelosi, the wicked witch of the west, the DemocRAT gift that just keeps on giving

    Sounds like a START and a pretty slow one at that. It sounds like a lot but over TEN YEARS??!! We will STILL be raising our total debt and running massive deficits. This is baloney. We need to start reducing the federal government by 5% next year, 6% the next year, 7% the next year,... and keep going until the budget comes back into balance. EVERYBODY MUST CONTRIBUTE SOMETHING!!!

    November 10, 2010 03:07 pm at 3:07 pm |
  12. vic nashville tn

    NO

    Only way republicans can win the elections say no to what ever you propose

    Many voters doesn’t realize world is change we are fighting in Global economy who know that not voting it’s really sad

    November 10, 2010 03:09 pm at 3:09 pm |
  13. Orlando Patriot

    This is the problem with government. They have a panel that spends months and they come up with a generic "spending cuts" and "tax reform". DUHHHHH!!! Tell you what: why don't you STOP SPENDING STOP SPENDING STOP SPENDING STOP SPENDING STOP SPENDING STOP SPENDING STOP SPENDING!!! And if that doesn't work then STOP SPENDING!!!

    This is SUCH a simple fix that it is frustrating. ONE HALF of our annual spending is ENTITLEMENTS!!! Sorry, but we just can't afford all the entitlements and they must start being cut. If you are on welfare or unemployment then you spend one full day a week picking up trash at a city park, sweep the sidewalks at the city courthouse, empty garbage cans at the welfare office, etc. DO SOMETHING!! The U.S. MUST invest in the PRIVATE SECTOR!! The private sector is the ONLY sector that actually PRODUCES anything (i.e. GDP). Social Security and Medicare must be reformed. Not because we WANT to but we HAVE to!! WE DON'T HAVE THE MONEY!! You CAN'T go on Social Security at 66 when the average life span is now pushing 80. We can't afford to pay people for 14 YEARS on Social Security!! That was NOT the intention!! In our private lives we KNOW we must live within our means. Many did not and are paying dearly now. Same thing for our country. If we don't start living "within our means" quickly (and I mean VERY QUICKLY!!) this country will collapse faster than you can say "where is my check"!!

    Folks, this country BETTER make some radical changes in its thinking because the days of "just put it on the U.S. credit card" is coming to an end. We are running out of time VERY QUICKLY!! We MUST spend within our means!! WAKE UP AMERICA!!!

    November 10, 2010 03:17 pm at 3:17 pm |
  14. Me

    Didn't the Republicans fight against the creation of a bipartisan panel for reduction of the deficit?
    YES THEY DID!!!
    Congress is responsible for the implementation of these cuts.
    Can't wait to see what happens next

    November 10, 2010 03:19 pm at 3:19 pm |
  15. stike1

    Hope they don't cut out the perks and other forms of graft
    that our honest abe congressman are getting Heaven forbid we subject them to any inconveinence. Going about it the right way stick it to the poorest so the fat cats get their big tax cuts. Who needs to work 45 years in a factory and expect social security aid. Watta farce this country has become.

    November 10, 2010 03:19 pm at 3:19 pm |
  16. Rick McDaniel

    Not likely to see that happen.

    November 10, 2010 03:23 pm at 3:23 pm |
  17. kat

    Cutting SS, Lowering Medicare, Raising the retirement age... No tax breaks for home interest? Wow, That should shake things up, I'm sure it will hekp the housing market... NOT. This bunch of clowns don't have a clue. Instead of making it harder for our seniors to survive, why not cut some of the entitlements for young people who are just do damned lazy to work?

    November 10, 2010 03:36 pm at 3:36 pm |
  18. Carmelle

    When was the last time Republicans came up with that?

    The plan is not pretty, but it is a SERIOUS step! Republicans keep hijacking slogans and reputations that they have never lived up to:

    – Better than Dems at National Security - 9/11 happened under Bush
    – Better than Dems at Goverment spending - They took a budget surplus left by Clinton (a Democrat) and turned to a RECORD DEFICIT

    – Better than Dems at being American (loving America) – They want to keep taking us to war and refuse to build this country great again. The rest of the world moved forward and we just lost a whole decade under their leadership

    Watch them take credit for this ALTHOUGH THEY CAN'T NAME ONE CUT THEY WOULD ACTUALLY MAKE.

    Dems are the REAL AMERICANS
    Dems are the REAL FISCAL CONSERVATIVES
    Dems are KEEPING THIS COUNTRY SAFE – (so far - no attack under Obama)

    Repubs are nothing but liars!!

    November 10, 2010 03:39 pm at 3:39 pm |