Senate Democrats draft debt-reduction plan

Discussion in 'Economy' started by Trajan, Jul 9, 2011.

  1. Trajan
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    Trajan conscientia mille testes

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    so apparently this is Harrys plan.....


    Senate Democrats draft debt-reduction plan
    By Lori Montgomery, Published: July 8

    Senate Democrats have drafted a sweeping debt-reduction plan that would slice $4 trillion from projected borrowing over the next decade without touching the expensive health and retirement programs targeted by President Obama.

    Instead, Senate Democrats are proposing to stabilize borrowing through sharp cuts at the Pentagon and other government agencies, as well as $2 trillion in new taxes, primarily on families earning more than $1 million year, according to a copy of the plan obtained by The Washington Post.

    With debt-reduction talks under way between Obama and congressional leaders, Senate Democrats are unlikely to adopt the blueprint. However, it has gained broad support among those eager to chart a path to solving the nation’s budget problems without making politically painful cuts to Social Security and Medicare.

    “The very strong feeling was we needed to get this into the conversation, because it provides an alternative view,” said a Senate Democrat familiar with the blueprint, who spoke on condition of anonymity because it has not been publicly released. “What’s striking is how modest the changes need to be to get us back on track.”

    On Friday, Senate Budget Committee Chairman Kent Conrad (D-N.D.) visited the White House to brief Obama and Vice President Biden on the blueprint, which differs significantly from the framework under discussion with House Speaker John A. Boehner (R-Ohio) and other leaders.

    “I explained to the President and Vice President how the Senate Budget Committee Democrats developed a plan that achieves $4 trillion in deficit reduction in a balanced and fair way,” Conrad said in a statement. “It is my hope the plan will help influence the bipartisan negotiations and help them reach a comprehensive and balanced deficit reduction agreement.”

    Republicans dismissed the Democratic blueprint, saying higher taxes would be devastating to an economy already weighed down by a 9.2 percent unemployment rate. In their spending plan, House Republicans proposed to save $4 trillion entirely through spending cuts; they would also eliminate Medicare as an open-ended entitlement after 2021.

    “If they’re calling for $2 trillion in tax hikes in the middle of a jobs crisis, it’s little wonder that it’s been 800 days since Senate Democrats passed a budget,” said McConnell spokesman Don Stewart.

    more at-
    Senate Democrats draft debt-reduction plan - The Washington Post
     
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