Gang Of Six Deficit Plan: Executive Summary

Jul 19, 2011 - Kaiser Health News<

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A BIPARTISAN PLAN TO REDUCE OUR NATIONfS DEFICITS

EXECUTIVE SUMMARY

This bipartisan, comprehensive, and balanced plan consistent with the recommendations of the Bowles-Simpson fiscal commission that will:

A COMPREHENSIVE AND BALANCED PROPOSAL

The plan uses a two-step legislative process: (1) an initial bill that makes immediate cuts; and (2) a process for a second bill to enact comprehensive reform and put our nation on a stable fiscal path. The plan would:

Immediately implement aggressive deficit reduction down payment

Dramatically cut discretionary spending

Carefully strengthen the solvency of our most important entitlement programs

Fundamentally reform our tax code

Strictly tighten the governmentfs budget processes

Reform Social Security for future generations

AN AGGRESSIVE PLAN THAT INVOLVES THE WHOLE CONGRESS

The plan would be implemented through an open, aggressive two-step legislative process led by committees of jurisdiction and involving the American people by:

Enacting a $500 billion down payment that would secure immediate deficit savings, while establishing a fast track process for the committees in Congress to specify further savings

Enacting a comprehensive deficit reduction plan that includes discretionary and entitlement savings as well as fundamental tax reform

 

Enacting Social Security reform if the comprehensive deficit reduction plan has passed

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