Tough deficit medicine

Thursday, December 2, 2010 - 2:23pm

The Presidential budget deficit commission is offering up some tough proposals for reducing the country’s debt.

And there’s something in the plan to upset everyone.

That’s right…if you itemize your tax deductions, drive a gas guzzler or simply hope Social Security is there when you retire, this plan is a bitter pill.

But according to the debt commission members, that is just the wake up call we need.

A Presidential commission looking for ways to slash the US deficit has postponed a vote on it's final plan...for a few days.

Commission co-chairmen Alan Simpson and Erskine Bowles unveiled the plan today...and the commission's 18 members will now vote in it Friday... two days later than planned.

The plan contains some strong medicine. Among the proposals…
 

- SLOW DOWN SOCIAL SECURITY BENEFITS
- RAISE THE RETIREMENT AGE TO 69
- RAISE THE GAS TAX 15 CENTS A GALLON
- PAY CUTS - AND JOB CUTS - FOR FEDERAL WORKERS
- AND LIMIT TAX CREDITS AND DEDUCTIONS.

Meanwhile, are you willing to pay higher taxes to keep America from going even further in the red?

In an AP poll this week, most Americans said no.

But President Obama insists continuing tax breaks for the wealthy will cost America 700 billion dollars we can't afford.

Republicans want them extended, and vow that nothing else will happen this session until that is settled.

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