Thursday, November 11, 2010

Debt Panel Weighs In

Months ago President Obama picked two old Washington hands to head a commission to study how to reduce the federal debt and deficit. Co-chairs Alan Simpson and Erskine Bowles have made the preliminary report which has enough ugly in it for both Democrats and Republicans to hate.

Cut Social Security, check. Kill popular tax deductions, you bet. Cut federal budgets, yep. Raise the gas tax, sure. Cut farm subsidies, count on it. Raise retirement age, more than a little. Cut defense spending, substantially.

There are things in this bill that Democrats like, and others that they hate. Likewise, things Republicans like and hate. On balance, however, I'd guess there is more there to offend Democrats than Republicans. See this article in National Review Online.

Why do I say so? Because the bill heads us in the direction of a smaller government doing less for the constituents. That has to bum out Democrats. Oddly, a lot of what they propose could garner tea party backing, although not the tax increases.

Here are links to relevant articles on the websites of Bloomberg, MSNBC, and The Washington Post, courtesy of Matt Drudge.