New Budgetary Agreement
Thu, 03 Nov 2011 12:04:46 CDT
“New Budgetary Agreement Suggested”
Former White House chief of staff Erskine Bowles has warned members of the Supercommittee they will - fail the country - if they do not break the impasse over taxes that is blocking a far-reaching budgetary agreement. Bowles has offered an alternative plan that would split the difference between the competing debt-reduction proposals each side offered last week. He challenged Democrats to accept deeper cuts to federal health programs and Republicans to embrace 800-billion dollars in new taxes.
Bowles says when - added to previous budget cuts, such a deal would slice 3.9-trillion dollars from projected borrowing over the next decade, stabilize the debt as a percentage of the economy, and avert a – disastrous - failure of leadership that would undermine the nation’s global standing.
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