The Deficit Commission released a preliminary report on what Chairman Erskine Bowles and former Sen. Alan Simpson (R-WY) believe needs to be done to correct our deficit. Obama had charged the panel with balancing the federal budget by 2015. Some quotes from the article:
“Cuts to Social Security and Medicare are making some liberals on the panel recoil. And conservative Republicans are having difficulty with options on how to raise tax revenue.”
“Even with the dramatic proposals, the Bowles-Simpson plan would leave deficits of about $300 billion in 2015, the year by which Obama tasked the group with balancing the federal budget, except for interest payments on a national debt that now stands at $13.7 trillion.”
And the summary:
“If anything, says Samuel Staley at NRO, the plan doesn’t go far enough. And yet, it’s already dead on arrival because of how far it is willing to go.” — Emphasis mine.
This is akin to the horror that a person might feel when informed that his gangrenous leg must be amputated to save his life.
And the choices are similar. We must do what we have to do to fix it – or we die.
The sooner we recognize this fact, the more likely we are to survive.