November 17th, 2010
08:40 AM ET
12 years ago

New deficit plan would cut $6 trillion

NEW YORK ( - The country got a little shock therapy last week when the co-chairmen of President Obama's debt commission offered their recommendations for curbing U.S. debt. One of their goals: reduce deficits by $4 trillion over the next decade.

On Wednesday, a leading group of economists, budget experts and former government officials is doing them one better - offering a plan that would save $6 trillion by 2020.

Filed under: Budget
soundoff (8 Responses)
  1. ATL Guy

    I don't think Americans have the guts to undertake the kind of belt tightening needed to get our fiscal house in order. We want to have our cake and eat it without making sacrifices. We didn't want to pay for 2 wars, we want to buy a new house every 2 years, etc.

    November 17, 2010 09:20 am at 9:20 am |
  2. T'sah from Virginia

    We all have to sacrifice in order to KILL the DEFICIT!!! The middle class, however, cannot be CRUSHED in the making!! I haven't had a pay raise in three years and had to give up 2% of my income this year and maybe again next year!!! DO NOT Tread on me!!!

    During the LAME DUCK SESSION – Raise the threshold and END tax cuts over that threshold and EXTEND tax cuts below that threshold; pass DADT; pass the Dream Act!!! Give the RepubliCAN'Ts something to REPEAL the next two years which would show they have WASTED their time – our time – and they are still the Party of NO!!

    Get N2 Moving America Forward with our current leader, President Obama, instead of trying to make him fail, which would NEVER happen!!!

    November 17, 2010 09:49 am at 9:49 am |
  3. stufit

    Absolutely love this plan. It would be a game changer and destroy the entitlement society the libs have built since the 60's and put our country back where it should be rather than this sick, limping pathetic excuse that Obama and his ilk have built.

    November 17, 2010 09:51 am at 9:51 am |
  4. Right Leaning Independent

    I like both plans so far!! Lets see who is serious and who is not serious about debt reduction! It will hurt everyone to some extent and that is the way it should be set up!! If it does not hurt – it will not work.....

    November 17, 2010 10:00 am at 10:00 am |
  5. Sniffit

    Interesting. Got a link to the full report?

    November 17, 2010 10:04 am at 10:04 am |
  6. Fair is Fair

    Interesting read... but the whole plan is built upon a VAT. Ask Europe how that's working out for them.

    November 17, 2010 10:28 am at 10:28 am |
  7. Bill from GA

    While the plan has some good and some bad points, we do need a 10% tax bracket and have most Americans paying some taxes; and we need a higher (38 to 40%) bracket so the rich pay for the privilege of making huge sum of money in America.

    Also, any cost of living adjustment should be uniform for all: no special rate for Congress and another rate for retirees!

    November 17, 2010 10:29 am at 10:29 am |
  8. Rick McDaniel

    The cuts do nothing about waste......they simply exploit senior citizens.

    November 17, 2010 10:32 am at 10:32 am |