November 11, 2010

Deficit Panel's Leaders Push Cuts -

Kudos to the Deficit Commission. They have put on the table, at least in draft form, a realistic approach to what must be done. You know it's good work when the special interest groups are immediately outraged.

TeamObama has a big test coming once the commission issues its final report on December 1, 2010. Will this opportunity to lead be seized or squandered?

"...Sen. Gregg said that overall, federal spending takes a bigger hit in the plan than taxpayers do. The plan's goal is to reduce federal spending and federal revenues to 21% of gross domestic product. Federal revenues currently are projected to be about 19% of GDP in 2015, and outlays about 23%.
It would seek to achieve the pullbacks through a mix of spending cuts and increasing tax revenues—about 75% in spending reductions and about 25% from the tax side.
If the plan was adopted in its entirety, it would reduce the deficit to 2.2% of gross domestic product by 2015, exceeding the target set for the panel by the White House of lowering the deficit to 3% of GDP...."
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