The co-chairs of President Obama’s fiscal commission released sweeping proposals last week that won praise from The Concord Coalition and many other analysts while drawing fire from some strident voices at both ends of the political spectrum.
The proposals from co-chairs Erskine Bowles and Alan Simpson delivered “a valuable and sobering fiscal reality check,” said Concord Executive Director Robert L. Bixby. “Their recommendations put aside partisan rhetoric and get at the essential trade-offs we need to confront among spending, taxes and debt.”
The bipartisan commission is scheduled to release a final report on Dec. 1. Approval from 14 of the panel’s 18 members is needed to send official recommendations to Capitol Hill for congressional votes.
The Bowles-Simpson plan includes sharp cuts in domestic spending and defense, extensive repairs to the big entitlement programs, and reforms that would simplify the tax code while broadening the tax base, lowering rates and raising additional revenue. Concord challenged critics of the plan to “make their own tough choices and propose credible alternatives.”
External links:
Fiscal Commission: Co-Chairs’ Proposal
Peterson-Pew Commission: Getting Back in the Black
