U.S. Rep. Paul Ryan said Thursday he will vote against a presidential commission plan to reduce the U.S. deficit, saying it does too little to tackle health care costs and relies too much on tax increases. Get the full story »
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Deficit panel recalibrates, seeks more support
Debt Commission co-chairmen Erskine Bowles, right, and former Wyoming Sen. Alan Simpson at a news conference on Capitol Hill on Tuesday. (AP Photo/Alex Brandon)
A presidential commission trying to balance the budget on Wednesday softened a proposed tax overhaul to win broader support for its bold plan to slash the $1.3 trillion federal deficit.
The plan faced an uphill struggle to win sufficient backing to trigger a congressional vote. Even if that happens, analysts predict Congress won’t take substantive steps to reduce the deficit this year.
Changes made to the plan included dropping a proposal to kill the popular mortgage interest tax deduction, as had been recommended on November 10. The revised version proposed a limited, 12 percent mortgage interest tax credit. Get the full story »
Debt commission to change draft to broaden support
The chairmen of the White House’s debt-reduction commission are making last-minute changes to their provocative early draft in an effort to broaden support before a crucial Wednesday vote, people familiar with the matter said.
The co-chairmen, Democrat Erskine Bowles and former Republican Sen. Alan Simpson, need 14 of the 18 members to support their proposal in order to issue a formal recommendation, which could then be voted on by Congress before the end of the year. Get the full story »
Deficit panel: Tough report won’t be softened
Deficit reduction commission co-chairman Erskine Bowles says he won’t “do a whitewash” on the call for austerity measures merely to get a bipartisan consensus among panelists.
Former White House chief of staff Erskine Bowles and former Sen. Alan Simpson released recommendations last week calling for steep cuts in Medicare, lifting the Social Security retirement age and increasing taxes, including a 15 percent hike in federal gasoline tax. Get the full story »
