November 11th, 2010
08:43 AM ET
12 years ago

Draft deficit plan launches likely grueling political battle

Washington (CNN) - The release Wednesday of a draft proposal for reducing the federal deficit made clear how hard it will be to devise a sustainable plan that can win the necessary political support.

Erskine Bowles and Alan Simpson, co-chairmen of President Obama's federal deficit commission, offered up a wide-ranging set of ideas that would bring $4 trillion in deficit reduction over the next decade.
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Filed under: Deficit
soundoff (8 Responses)
  1. Four and The Door

    "The president will wait until the bipartisan fiscal commission finishes its work before commenting," said Burton,
    Really, Obama ( who some Democrats refer to as qualified to be a leader...) will wait until his room full of Political Advisors have scripted a TelePrompTer before he gives his take.

    I guarantee you Sarah Palin could take a look through it once and based on her own values and leadership capability give a full, honest, confident appraisal of where she stands and what she likes and dislikes about each point.

    November 11, 2010 12:20 am at 12:20 am |
  2. monasterymonkey

    Where did it talk about congressional compensation and demanding representatives and senators pay into Social Security?

    November 11, 2010 01:45 am at 1:45 am |
  3. J.V.Hodgson

    Seems to me America is delighted to report how other global economies see no option but austerity programs and tax increases to reduce national debt and deficits. But that for America there has to be another option and another solution.
    Sorry guys in the next 10 years our American economy will not drive the world as it did in the past. China will be number one, Japan 2, then India followed by US. the order may change Japan could be 3 or 4 and Russia in there.
    America has flown/Grown out of previous economic down turns because it was the International nation owed the most money thru trade,not true any more.
    Unfortunately, therefore the past Republican concept of lower taxes = economic strength and it will " trickle down" to main street worked in the past because tax revenues Increased on exports and economic growth genarally and consumer spending growth especially.
    Not this time... and is why Republicans will have another debacle in 2012. If not it will be the whole Nation for decades!!

    November 11, 2010 04:54 am at 4:54 am |
  4. jules sand-perkins

    Now that Congress has some Republicans to balance the President's deficit-producing agenda, there will have to be some cooperation in Washington.
    That balance alone will result in retardation of rocket-propelled deficit records.
    "No" is a complete sentence, and it is a money-saving word.

    November 11, 2010 06:07 am at 6:07 am |
  5. vwrtb_30

    I'm sad that my boy will have to work till he dies with no chance of retirement because republicans keep giving entitlements to corporations so they can buy more tropical islands and ship jobs overseas faster...

    November 11, 2010 06:35 am at 6:35 am |
  6. Lori in St Pete

    The right is crying about securing the borders at the same time they're screeching about reducing the federal deficit/debt. The fed can't do both and the republican governors in border states know that. However, the fed CAN AND SHOULD impose UNFUNDED MANDATES ordering all border states to secure THEIR OWN borders and then hammer the crap out of them when the problem doesn't go away. It's time to start slapping the republicans in the face with reality and making them foot the bill for their own follies.

    November 11, 2010 07:50 am at 7:50 am |
  7. T'sah from Virginia

    READ IT – Study it – THINK About It – COMPROMISE on it – Do Not OBSTRUCT it – and LAST but not LEAST, Make it WORK!!!

    The far-LEFT is going to SCREAM about it – the RIGHT is going to say NO to parts of it because it's in their NATURE and President Obama "BEAT THEM TO THE PUNCH"!!

    If the POOR/Middle Class has to suffer because of this proposal AND the only thing right now I object to is “…reduce tax breaks such as the mortgage interest deduction…” If that happens, homeowners will STOP improvement of their homes which will hurt Home Depot sales, etc. This TAX BREAK puts new roofs, new windows, sidings and other repairs on the home and MOST homeowners wait for that refund to do so!!!

    Anyway – if we do not compromise and sacrifice some things – we will continue to go backwards and every other country will continue to go “Full Speed Ahead”!!

    T’sah is OUT of Campaign MODE at this time and N2 Moving America Forward with President Obama as our LEADER!!!

    November 11, 2010 08:02 am at 8:02 am |
  8. stufthis

    If we could save $4 trillion by letting the Bush tax cuts expire, would that not be a good first step?

    November 11, 2010 08:08 am at 8:08 am |