"Gang of six" proposal summary

[walkinwood]

This two pager is the best (only) summary I could find on the net. Please post a better one if you have it.
http://assets.nationaljournal.com/pdf/071911ConradBudgetExecutiveSummary.pdf

EXECUTIVE SUMMARY
This bipartisan, comprehensive, and balanced plan consistent with the recommendations of the
Bowles-Simpson fiscal commission that will:
• Slash our nation’s deficits by $3.7 trillion/$3.6 trillion over ten years under CBO’s March
2011 baseline, or $4.65 trillion/$4.5 trillion under the original fiscal commission baseline
(which used the President’s 2011 budget request as the starting point for discretionary
spending).
• Stabilize our publicly-held debt by 2014.
• Reduce our publicly-held debt to roughly 70% of our economy by 2021.
• Impose unprecedented budget enforcement.

As many commentators have pointed out today - the devil is in the details.

 

[W2R]

There's another thread started on this topic previously, with the same link in the first post. So, I suggest we move the discussion over there.

http://www.early-retirement.org/for...g-impasse-with-simpson-bowles-lite-56995.html

 

[thefinancebuff]

There's another thread started on this topic previously, with the same link in the first post. So, I suggest we move the discussion over there.

http://www.early-retirement.org/for...g-impasse-with-simpson-bowles-lite-56995.html

The PDF linked in this thread has 5 pages instead of 2. A little more details.

 

[Hamlet]

This is DOA. It involves additional tax revenues. The Republicans will not allow it.

 

[pb4uski]

This is DOA. It involves additional tax revenues. The Republicans will not allow it.

Not sure you are right. Time is winding down and the Republicans will not want to be blamed for a US default.

While this does increase revenues, it does it principally by closing loopholes and reducing deductions (which simplifies the code) and importantly, partially offset by reducing rates across the board.

It also has significant Republican support in the Senate. The House, particularly some of the most conservative debt hawks, is another matter but I think in the end they will reluctantly sign on because they won't want a default associated with their names.

 

[M Paquette]

This is DOA. It involves additional tax revenues. The Republicans will not allow it.

It's too bad, really. They're setting themselves up to snatch defeat from the jaws of victory. Rather than being able to take credit for a significant deficit reduction, along with tax reform that lowers the top corporate rate, simplifies tax calculations, and gets rid of the hated Alternative Minimum Tax, they'll be able to show everyone how they abdicated their constitutional financial responsibility to the President so they could blame him for doing their job.

Rather than whack trillions off of future debt, they're giving that up so they can blame Someone Else in the hope of scoring points for the next election. Very disappointing.

 

[ziggy29]

There's another thread started on this topic previously, with the same link in the first post. So, I suggest we move the discussion over there.

http://www.early-retirement.org/for...g-impasse-with-simpson-bowles-lite-56995.html

Yes, please follow the discussion in this thread -- closing this one.