The National Commission on Fiscal Responsibility and Reform has developed a plan for reducing the national debt and federal budget deficit. Only 11 of the 18 panelists, however, supported the plan, leaving the vote short of passing by 3.
The plan proposed a cut in projected spending by $2.2 trillion between 2012 and 2020 while raising revenue by almost $1 trillion. The failure to pass the policy is not shocking and shows how challenging it will be to develop a plan that has the support of both parties.
It may be a good thing the plan was rejected since November’s unemployment numbers continued to rise. The unemployment report suggests that passing this plan now may put the brakes on the economy before we are really start moving forward again.
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