The 2011 edition of the “Gang of Six” made their proposed debt reduction proposal today, take a look here.

Since I have only had a few moments to review the proposal, I have only formed an early opinion. My initial reaction is so far so good! The numbers are $3.7 trillion in total cuts and $500 billion in immediate cuts. This bipartisan measure seems to focus on spreading the tax base which allows us to increase revenue by $1 trillion yet lower marginal rates for everyone. The new highest income tax rate would be 29%. This bill sets up three tax brackets and abolishes the Alternative Minimum Tax (worth $1.7 trillion) The legislation also reforms enitlement spending and cuts from discretionary spending from every department.

I feel like this really is a fair and balanced compromise. (By this I do not mean a “Fox News compromise.”) Let me know what you guys think about this deficit plan. Judging from the comments on the last post I am sure we will have a number of varying views so go ahead and sound off on this!

Comments

  • dw

    Daniel, read the following link to understand why the so-called cuts are really tax increases.
    http://budget.house.gov/News/DocumentSingle.aspx?DocumentID=252770

  • David Kaiser, Editor

    Can I get an ovation from the audience for cutting the spam? :)

    • Brian H

      Great job, K.

      I wish someone would teach me how to spam. I could spam “elections have consequences” over and over again without having to continuously type it.

    • Whodat

      They’re baaaaaaaaaack.

      I find shoe posting velly intellesting about the subject and I imagine I would be most better informed to lead more in this subject. Meanwhire, I make shoe…

  • Brian H

    I agree with Pandora Beads, 100%. …..

    “That is an awfully astounding column you’ve posted.Thanks a lot for that a fantastically amazing post!”

    We need more Pandora Beads in America. We need more spammers, phone marketers, AMWAY distributors, and door to door salesmen, like Pandora, who are willing to fight through Obamanomics and not allow a thing like being annoying to stop them from trying to do do business.

    A,B,C…Always Be Closing

    http://www.youtube.com/watch?v=y-AXTx4PcKI

  • Brian H

    Even the Obama cant stop the spammers from working. But, I know where you can get some crappy jewellery if you need some.

  • Gary Russell

    I haven’t seen this much Spam since I was a kid.

  • Troy La Mana

    Cain takes on the racist Rep. Sheila Jackson-Lee and blasts Obama for not taking on this issue last year:

    http://video.foxnews.com/v/1064367039001/raising-cain-on-the-debt-ceiling/

  • HB

    I feel this “budget” is like putting a band-aid on a sucking chest wound. but that is j.ust me