he leaders of a White House commission on Wednesday proposed broad and painful cuts in government spending as part of a plan to reduce the skyrocketing deficit by 4 trillion dollars within a decade, reported dpa.
The bipartisan proposal takes aim at discretionary spending, Social Security retirement pensions and health care, and proposes drastic changes to the tax code to increase revenue, while also making cuts in the defence budget.
President Barack Obama set up the commission in February to examine ways to rein in the nation's fiscal woes. The plan was issued by the co-chairmen of the commission, former Republican senator Alan Simpson and Bill Clinton's Democrat former chief of staff Erskine Bowles.
The plan must gain approval by the commission in a vote scheduled for Friday, but some of the controversial cuts have raised questions about whether it will get the 14 votes needed in the 18 member commission for final approval.
Simpson and Bowles released an preliminary report in November that provoked a firestorm of criticism from Democrats who believed the cuts in Social Security went too far and generated only lukewarm support from fiscal-minded Republicans.
Congress has the final say on the federal budget and would have to approve any changes in spending or tax laws.
Obama commission outlines budget plan to cut 4 trillion dollars
The leaders of a White House commission on Wednesday proposed broad and painful cuts in government spending as part of a plan to reduce the skyrocketing deficit by 4 trillion dollars within a decade.
