A bipartisan panel offered a plan last week to curb federal deficits through a mix of spending caps, tax reform, changes in Social Security and Medicare. For a short-term economic boost, the Bipartisan Policy Center’s Debt Reduction Task Force, chaired by Alice Rivlin and Pete Domenici, also suggested a break for workers and employers from the Social Security payroll tax in 2011.
"This is a credible and comprehensive path to a more responsible federal budget,” said Robert L. Bixby, Concord’s executive director and a member of the task force. “It demonstrates that when people with diverse perspectives commit themselves in good faith to negotiating a comprehensive plan to meet our nation’s fiscal challenges, they can do it.” He challenged critics of the group’s proposals to suggest credible alternatives.
Another bipartisan panel, President Obama’s National Commission on Fiscal Responsibility and Reform, will issue its final report Dec. 1.