A Bipartisan Deficit Proposal both Democrats and Republicans will Hate

Thursday, November 11, 2010

folded dollar holes The federal deficit will rise close to $1.5 trillion in 2010; the government will borrow 41 cents of every dollar it spends. (flickr: EricGjerde)

Government spending, according to some conventional wisdom, is out of control. That battle cry rallied many politicians during the mid-term elections, helped elect Tea Party and conservative Republican candidates, while putting Democrats on the defensive over the deficit. But now that elections are over, do politicians have the stomach for real change? Yesterday, the co-chairs of President Obama's non-binding fiscal commission on deficit reduction released a draft plan to curb spending ... but the plan met with general dismay in Washington. Why? 

Features includes drastic spending cuts — some $200 billion annually by 2015 — and promises to significantly reduce deficit over the long term. Oh, and if this didn't seem miraculous enough, this plan also claims to offer a way to preserve Social Security for another 75 years and reform the tax code.

So why are politicians bristling? Todd Zwillich, Takeaway Washington correspondent, and Charlie Herman, Economics Editor for The Takeaway and WNYC, help us figure out the nuts and bolts of the plan, and whether any sitting politician would vote for it.

 

Guests:

Charlie Herman and Todd Zwillich

Leave a Comment

Email addresses are required but never displayed.