Debt panel's plan would cut $4 trillion

[The Straight Story]

Debt panel's plan would cut $4 trillion

NEW YORK (CNNMoney.com) -- President Obama's bipartisan debt commission released its final report on Wednesday recommending a wide range of controversial spending cuts and tax changes that would slash $4 trillion in deficits over the next 10 years.

The group, which is discussing the recommendations at a meeting in Washington, plans to vote on Friday.

....

Among them: The amended plan recommends that lawmakers consider a one-year payroll tax holiday either for workers or employers as an economic stimulus measure. That echoes a stronger payroll tax holiday proposal offered last month by another debt reduction task force co-chaired by Alice Rivlin, who also sits on the president's commission.

Overall, spending cuts would account for roughly 74% of the deficit reductions. Tax measures -- including a reduction in tax breaks -- would account for roughly 26%.

http://money.cnn.com/2010/12/01/news/economy/fiscal_commission_final_report/index.htm

[Joanne98]

1. And the tax cuts ADD 4 trillion. That equals ZERO!

[TBF]

2. Funny how that works ... nt

[kentuck]

4. Exactly!

They are still figuring out how to pay for the $4 trillion dollar taxcut.

[bbgrunt]

3. a payroll tax holiday would destroy SSec even faster.