Many new Republicans were elected on a platform of shrinking the federal government. The first big test of their sincerity it coming, with a vote on whether to let the US borrow more money to increase the national debt. Deficit commission co-chair Alan Simpson says he 'can't wait.'
Saying he “can’t wait for the bloodbath in April,” the co-chairman of President Obama’s debt commission says that the “brutal” politics surrounding an upcoming vote on raising the national debt ceiling could force Congress to act on the commission’s controversial recommendations.
“This is going to be beautiful politics – the brutal kind,” said Alan Simpson, co-chair of the National Commission on Fiscal Responsibility and Reform. He spoke at a Monitor-sponsored breakfast for reporters on Friday along with Erskine Bowles, the other co-chair.
The panel is slated to release its recommendations Dec. 1. Last week the co-chairmen released a preliminary report that provoked widespread opposition. It called for gradually raising the Social Security retirement age, making cuts in Medicare and defense spending, and raising tax revenue by closing loopholes and boosting the gasoline tax.
The key political problem surrounding deficit reduction is that voters favor the concept in general but oppose specific cuts that would affect their pocketbooks.