NYT
WASHINGTON — A bipartisan group will present a deficit-reduction plan on Wednesday that goes beyond the spending cuts and tax proposals from the chairmen of President Obama’s fiscal commission. It also calls for a one-year holiday from Social Security payroll taxes to encourage hiring and for a national sales tax to reduce deficits.
Like the draft report from the commission chairmen, the new plan outlines the tough choices that are required to shrink the projected growth of the federal debt — choices on spending and taxes that few lawmakers, for all their campaign talk against deficits, actually embrace.
The latest plan would reduce projected deficits by nearly $5.9 trillion from 2012 through 2020. It was approved unanimously by a panel led by former Senator Pete V. Domenici of New Mexico, who was the senior Republican on the Senate Budget Committee for more than a quarter-century, and Alice M. Rivlin, who served both Congress and President Bill Clinton as budget director.
The plan provides $2 trillion more in savings than the draft proposal from the commission chairmen, former Senator Alan K. Simpson of Wyoming and Erskine Bowles, a former chief of staff in the Clinton White House. The commission is debating that plan this week to meet a Dec. 1 deadline to report to the president.
(More here.)
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