President Barack Obama’s debt reduction commission defined tough fiscal choices for Washington, though its members weren’t unanimous enough to force the ideas on lawmakers. But even if they had, the panel pulled punches on healthcare cuts. Reducing that burden may be central to the next presidential election.
It is getting interesting. On Twitter, Ryan Ellis (@taxplayer) of Grover Norquist’s Americans for Tax Reform had this to say about Judd Gregg, Tom Coburn and Mike Crapo supporting the Obama debt panel recommendations: “by agreeing to the simpson-bowles tax hikes, pledge breakers coburn, crapo, and gregg have admitted they lied about taxes to get elected.”
Rep. Paul Ryan says he will vote “no” on the recommendations of the Obama debt commission: “Obviously, I’m not going to vote for it. … Not only didn’t it address the elephant in the room, healthcare, it made it fatter.”
From the White House’s perspective, the ideal replacement for Larry Summers as chief economic brain would be a female chief executive who could reach out to Republicans and the business community without irking liberals. Buzz about the candidacy of Roger Altman, the founder of investment bank Evercore, shows how difficult it may be for President Barack Obama to land that dream candidate.
So I took a crack at the budget simulator cooked up over at the NYTimes Web site. It starts out with a projected 2015 deficit of $418 billion and a projected 2030 deficit of $1.355 trillion. My goal was to do it through 100 percent spending cuts.
Former Obama budget chief Peter Orszag says the Bowles-Simpson deficit reduction plan — which would raise the U.S. tax burden to its highest level in history as a percentage of GPP — doesn’t go far enough: