Senate Democrats slowly moving to releasing debt reduction plan

Well, at least it is some progress for these broad outlines for their proposals to be leaked out. Whether they have any real cuts and the exact details remain to be seen (after all, Obama's February budget actually increased the deficit). The piece in the Washington Post would be more accurate to say that Senate Democrats have drafted but not shown their proposal. In any case, the article implies that the majority Senate Democrats couldn't even get this proposal through the Senate.

Senate Democrats have drafted a sweeping debt-reduction plan that would slice $4 trillion from projected borrowing over the next decade without touching the expensive health and retirement programs targeted by President Obama.

Instead, Senate Democrats are proposing to stabilize borrowing through sharp cuts at the Pentagon and other government agencies, as well as $2 trillion in new taxes, primarily on families earning more than $1 million year, according to a copy of the plan obtained by The Washington Post.

With debt-reduction talks under way between Obama and congressional leaders, Senate Democrats are unlikely to adopt the blueprint. However, it has gained broad support among those eager to chart a path to solving the nation’s budget problems without making politically painful cuts to Social Security and Medicare. . . .



Post a Comment

<< Home