Simpson and Bowles call for more spending cuts

[I AM NOT THAT GUY 5,715]

Simpson: 'Fiscal cliff' deal won't do 'anything really' to tackle deficit

The deal allowing tax rates to rise on the wealthy falls far short of what’s needed to truly tackle the national debt, the authors of a prominent deficit-reduction plan said Sunday.

Former Republican Sen. Alan Simpson (Wyo.) and Democrat Erskine Bowles, who crafted the Bowles-Simpson plan, said the tax package is only a small part of what’s needed.

“This thing isn’t going to do anything, really,” Simpson said Sunday on “Meet the Press.”

He said tackling the deficit will still require significant spending cuts, especially to entitlement programs. Simpson lambasted Senate leaders for not working together, and he noted that increases in lifespan are rapidly straining Medicare and Social Security.

“What the hell? Who’s kidding who?” Simpson said.

Bowles, too, said the "fiscal cliff" deal was a missed opportunity.

The spending cuts enacted in the Budget Control Act and last week’s tax agreement solved about half the problems, Bowles said. He said Congress needs to cut about $1.6 trillion more in spending and raise about $600 billion more in revenues by closing loopholes.

“Yes, the president has taken some steps forward on the entitlement programs, but has he done enough? Absolutely not,” Bowles said.

Read more: http://thehill.com/blogs/blog-briefing-room/news/275801-simpson-bowles-call-for-more-spending-cuts#ixzz2HDcmO600

[Usui Takumi 1,562]

Expect to see about half of that in the final deal.

[I AM NOT THAT GUY 5,715]

Expect to see about half of that in the final deal.

Democrats are already claiming the $1.6 trillion is done. I guess nobody bothered to tell Erskine.

[Pooky 3,784]

Expect to see about half of that in the final deal.

Still being an optimist, I see

We will be lucky if the spending cuts that we finally see in all this palaver amount to even 10% of what is needed. There is no real spirit of compromise within the House or the Senate and certainly not the White House. All that exists is a sense of expediency and a wish to do the minimum required to look like they are doing something

[Usui Takumi 1,562]

Democrats are already claiming the $1.6 trillion is done. I guess nobody bothered to tell Erskine.

Really? I was aware of a postponed 1.2.

[I AM NOT THAT GUY 5,715]

Really? I was aware of a postponed 1.2.

That is what a Democratic congressman was saying on Fox News Sunday with Chris Wallace just this morning.

[Pooky 3,784]

Really? I was aware of a postponed 1.2.

The postponed sequester amount?

Not going to happen. Not even close.

[I AM NOT THAT GUY 5,715]

Democrats are already claiming the $1.6 trillion is done. I guess nobody bothered to tell Erskine.

http://www.visajourney.com/forums/topic/407820-abcs-stephanopoulos-fact-checks-mcconnell-weve-already-confronted-the-spending-problem/page__view__findpost__p__5906501

[Boiler 45,510]

More?

There have been none.

[Gary and Alla 3,694]

More cuts!