President Obama standing with National Commission on Fiscal Responsibility and Reform Co-Chairmen, former White House Chief of Staff Erskine Bowles, left, and former Wyoming Sen. Alan Simpson.
Leaders of President Obama's bipartisan deficit commission are proposing a new deficit cutting plan that they admit will be unpopular.
The commission has proposed reducing annual cost-of-living increases for Social Security, gradually raising the retirement age from 67 to 69 and taking aim at popular tax breaks such as the mortgage interest deduction. The plan would also curb the growth of Medicare.
The proposal would need support from 14 of the commission's 18 members to force a debate in Congress. CBS News reports that the plan does not look like it will win enough support within the commission. Democrats on the committee are balking at the idea of making cuts to Social Security and Medicare, while Republicans are recoiling at the parts of the proposal that would see taxes raised. The authors of the proposal, Democrat Erskine Bowles and Republican Alan Simpson, both acknowledged that they view the plan as a starting point versus a definitive solution.
The deficit-cutting plan comes at a time when the Treasury Department has announced expectations of a third straight year of $1 trillion-plus deficits.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.