December 3, 2010
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Today is the final vote on recommendations from Obama’s deficit panel. For those who missed it, President Obama put together a bipartisan panel of 18 appointees, tasked with producing solutions for debt reduction. The commission did its job, recommending multiple ideas that, if enacted, would help move the country towards fiscal stability.
As expected, the response was chilly at best. Folks on both sides took the expected approach–“we need cuts, but don’t cut programs that I support!” Republicans didn’t like the idea of tax increases on gas. Democrats didn’t like the notion of raising the retirement age or lower tax rates. Neither side wanted to sign on to doing away with popular tax breaks (even though lowering tax rates would offset it).
So, unless there is some sanity injected into things, we will continue on the rocky road to fiscal disaster.