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« Erin Burnett: "What's 43,000 Pages and 16 Feet Tall?" | Main | PIMCO's El-Erian: "European Debt Crisis Will Be Slow Motion Wreck" - Default! Say The People Of Ireland »
Wednesday
Dec012010

Obama Debt Commission Delays Final Vote: "The Era Of Deficit Denial In Washington Is Over" (VIDEO)

The plan will be unveiled Wednesday with a vote scheduled for Friday.

More detail on this clip is here...

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WASHINGTON (AP) - The members of President Barack Obama's deficit commission will begin to go on the record Wednesday as they debate politically explosive budget cuts, including proposals to lower Social Security benefits, in a revised plan to wrestle the national debt under control.

The new plan by panel co-chairmen Erskine Bowles and Alan Simpson, to be unveiled Wednesday, faces an uphill slog because of proposals to raise the Social Security retirement age and lower cost-of-living increases, cut Medicare costs, curtail a huge assortment of tax breaks, like the deduction for mortgage interest, and almost double the federal tax on a gallon of gasoline.

Though the plan appears unlikely to win enough bipartisan support from the panel to be approved for a vote in Congress this year or next, Bowles has already declared victory, saying he and Simpson have at least succeeded in initiating an "adult conversation" in the country about the pain it will take to cut the deficit.

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A few more links...

Deficit Panel Cancels Public Meeting - WSJ

A Road Show of Sorts for Debt Panel Chiefs - WSJ

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http://www.wmbfnews.com/story/13590278/panel-to-debate-revised-deficit-reduction-plan

WASHINGTON (AP) - The members of President Barack Obama's deficit commission will begin to go on the record Wednesday as they debate politically explosive budget cuts, including proposals to lower Social Security benefits, in a revised plan to wrestle the national debt under control.

The new plan by panel co-chairmen Erskine Bowles and Alan Simpson, to be unveiled Wednesday, faces an uphill slog because of proposals to raise the Social Security retirement age and lower cost-of-living increases, cut Medicare costs, curtail a huge assortment of tax breaks, like the deduction for mortgage interest, and almost double the federal tax on a gallon of gasoline.

Though the plan appears unlikely to win enough bipartisan support from the panel to be approved for a vote in Congress this year or next, Bowles has already declared victory, saying he and Simpson have at least succeeded in initiating an "adult conversation" in the country about the pain it will take to cut the deficit.
Dec 1, 2010 at 3:48 AM | Registered CommenterDailyBail
excellent links john...cantor is full of bs....he says defense cuts are on the table...but he won't support them is my guess...and then he wants to protect aid to israel..he's a neo-con of the highest order...
Dec 1, 2010 at 9:35 AM | Registered CommenterDailyBail
WASHINGTON (MarketWatch) - A blue-ribbon panel created by President Obama is calling for a sweeping overhaul of the federal government and how it spends its money in an effort to reverse America's growing national debt and make the U.S. economy more competitive. Among its many suggestions, a draft of the bipartisan report calls for reforms in Medicare and Social Security, a simplified tax code, higher gas taxes, lower agricultural subsidies, hard caps on government spending and a long-term reduction in the federal workforce. "After all the talk about debt and deficits, it is long past time for America's leaders to put up or shut up," the report says. "The era of debt denial is over, and there can be no turning back."

http://www.marketwatch.com/story/us-debt-panel-report-calls-for-sweeping-reforms-2010-12-01
Dec 1, 2010 at 9:36 AM | Registered CommenterDailyBail
Maurice Strong, Al Gore

Creators of carbon credit scheme cashing in on it

http://www.canadafreepress.com/2007/cover031307.htm
Dec 1, 2010 at 11:05 AM | Registered CommenterDailyBail
After paying into SocialSecurity for 40 years and receiving my first old-farts' check, all I hear now is how the rich guys are going to slash the paltry pennies they send me.
Got a better idea. Cut congresscritter salaries at least in half (they are all billionaires, so could easily afford it) and cut all perks from those still in office - and especially those who retire on fat perks-for-perpetuity once out of office even if they only serve one term (or less if kicked out on ethics violations). Then donate all that new-found wealth to the Social Security fund. No problems from then on out !!
And by the way, how much are these two 'blue ribbon' cats making for sitting around conspiring their evil deeds. If they get one red cent, fire them !!
And - of course, it goes without saying - stop all these illegal wars. Close all the oversees bases. Bring everyone home !!
Dec 1, 2010 at 4:45 PM | Unregistered Commentert quigly

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