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Debt Commission Releases Recommendations

The National Commission on Fiscal Responsibility and Reform, formed by President Barack Obama to find ways to cut federal deficit spending, has released its recommendations. It suggests making sweeping cuts to Medicare, simplifying the tax code, increasing the age for receiving Social Security benefits to 69, slashing a third of military bases, eliminating earmarks and reducing the number of employees in the federal government by 10 percent. The Commission says its recommendations would save $3.8 trillion.

Said Stan Collender, a former Democratic House and Senate budget analyst,

“Politically, it is going to have a lot of trouble getting support from more than just the two co-chairs.”

Representative Jim Cooper (D-TN) asked rhetorically,

“Is America ready for an adult conversation on the deficit? . . . It’s ‘put up or shut up’ time.”

Sources: Bloomberg, National Commission on Fiscal Responsibility and Reform

Links:

President Obama's Executive Order Establishing the National Commission on Fiscal Responsibility and Reform Feb 18, 2010

Debt Commission Report Leak Timed for the Lame Duck Session  Rush Limbaugh's take on the report