President Obama Will Use Simpson-Bowles Plan As Model for Deficit Reduction

Update: Rep. Chris Van Hollen (D-MD), the ranking Democrat on the House Budget Committee, also offered his support for Fiscal Commission's recommendations saying that "The basic approach of Bowles-Simpson, which is to look at both sides of the deficit equation, that is revenue and spending ... I believe does provide, in that sense, an important starting point."

We blogged yesterday that President Obama will be putting forth his own plan to reduce the deficit this week. It's now being reported that in presenting his plan, he will offer support for the final report put forth by his National Commission on Fiscal Responsibility and Reform late last year.

The final report of the Fiscal Commission was supported by a bipartisan majority of Commission members and reduces the deficit by nearly $4 trillion through 2020. The bipartisan group of senators known as the "Gang of Six", led by Sens. Mark Warner (D-VA) and Saxby Chambliss (R-GA), have been working on a comprehensive deficit-reduction plan based on the Fiscal Commission's recommendations.

Click here to read the full article in this morning's Washington Post, and make sure to check back with The Bottom Line for important updates.

Monetary reform could eliminate our national debt

 

How to save for retirement with high taxes and inflation

If revenue (taxes) are increased, how is one to save for retirement?  One-third of income is taxed, 10% to church, 25% for mortgage and home maintenance, etc.  If the stock market/mutual funds crash and Social Security is insolvent, I'm finished.  I'll be camping on the White House lawn with my tent and walker. 

President Obama

Finally! Four months late, but if the President is finally willing to use the recommendations and political cover of the deficit commission he pushed for, good for him! Hopefully they can get a meaningful deal done this year.

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