As much as three-quarters of the savings President Barack Obama’s national debt commission has been asked to propose ought to come from cuts to government spending rather than tax increases, panel co-chairman Erskine Bowles said.
Bowles, a White House chief of staff under former President Bill Clinton, said yesterday that trims to expenditures could account for two-thirds to three-quarters of the panel’s package of proposals for reducing the federal budget deficit.
“You’ll find some people who think that’s crazy and some think that’s good or not enough -- people are on all sides of the issue,” Bowles said after the panel’s monthly public meeting, its last before Congress leaves for an August recess.
http://www.bloomberg.com/news/2010-07-28/debt-panel-co-chairman-bowles-seeks-u-s-spending-cuts-over-tax-increases.htmlThe value of this depends on what is cut, but the overall mix is promising...
