What's inside the deficit-commission's report? (Details from AP)

[MilesColtrane]

http://hosted.ap.org/dynamic/stories/U/US_DEFICIT_COMMISSION?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2010-12-01-12-47-23

WASHINGTON (AP) -- A tough new cost-cutting playbook submitted by the co-chairmen of President Barack Obama's deficit commission drew critical support from the chairman and senior Republican on the Senate Budget Committee Wednesday. But other panelists voiced opposition or serious reservations, underscoring deep divisions on the issue.

At the same time, even critics of the plan depicted the recommendations of the commission's co-chairmen as a good start on the road to getting the nation's fiscal house in order.

As the commission convened Wednesday to discuss the call by Erskine Bowles and Alan Simpson for raising the Social Security retirement age, slashing spending and increasing the motor fuel tax, Sens. Kent Conrad, D-N.D., and Jeb Gregg, R-N.H., said that despite their reservations, they feel the fiscal course of the country requires their support.

Some lowlights and highlights:

a gradual increase in the Social Security retirement age to 68 by 2050 and 69 by 2075

an increase in early retirement age from 62 to 64

stingier COLA adjustments

an increase on the cap on income subject to Social Security taxes

a 15-cent-a-gallon increase on gasoline

a three-year freeze on federal worker pay and the elimination of 200,000 workers from the federal payroll through attrition.

tight "caps" on the agency budgets adopted by Congress each year, including a near-freeze on the Pentagon's budget.

elimination of congressional "earmarks"

reduction of the corporate income tax rate to 28 percent from 35 percent

eliminating the taxes on overseas profits of U.S.-based multinational corporations.

the overhaul of individual income taxes and corporate taxes, giving Congress the choice of reducing the top rate to as low as 23 percent and no higher than 29 percent

_________________________________________________________________________

So, basically in order to cut the deficit, they're proposing tax breaks for the rich and corporations.

Fuck

[Warren Stupidity]

1. and subsidize the outsourcing of even more jobs.

seriously? Soak the poor? Fuck retirees? Kill domestic jobs?

One generation got old...

[MilesColtrane]

2. One good thing about this.

Anyone in Congress who votes for this stinking pile is dead meat politically.

[MilesColtrane]

3. kicking

[izzybeans]

4. The retirement age for anyone born 1960 or later is already 67

http://www.ssa.gov/retirement/1960.html

Surprising numbers are unaware of that fact.

For the life of me I don't see how eliminating taxes on overseas profits will help a deficit. blah.

[MilesColtrane]

5. There is some good stuff in there.

Raising the SS income cap

Freezing the Pentagon's budget

Ending earmarks

But, the stinking Republicans had to lard it up with tax cuts for their friends/bosses.

I don't like it.