Read the full story at the links below (excerpt follows):
What you need to know about the new Simpson-Bowles plan: " . . . 7) That said, while this plan doesn’t include more tax increases than Obama asked for, it does include significantly more than the $1 trillion in spending cuts than Boehner asked for — about $500 to $700 billion more, if I’m reading it right. In increasing the total deficit reduction, Simpson and Bowles have put the weight on the spending side of the budget. 8) In that way, this plan sacrifices the most useful element of the original Simpson-Bowles effort, which was that it created a model — not the only model, of course — for how you might go about reducing the deficit if you weren’t bound by the various promises, interest groups and political constraints of the two parties. This plan, by contrast, is an effort to split the difference between the two parties while amping up the total deficit reduction."
The Big Picture
Financial Crisis - The Telegraph
JohnTheCrowd.com | The Sailing Website
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