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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 »
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 »
President Barack Obama will announce a two-year pay freeze for federal employees that the White House says is necessary to put the country on sound fiscal footing.
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 »
