Greg Ip

Articles by The Economist’s U.S. Economics Editor

The deficit and the senate: The stealth deficit commission

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A group of senators breathes life back into the Bowles-Simpson budget report

Feb 24th 2011 | WASHINGTON, DC | from the print edition

[Greg Ip] WHEN a bipartisan commission released its sweeping plan to slash America’s budget deficit last December, it seemed destined for the morgue. Only 11 of the 18 commissioners voted for their own report, three short of the number needed to take the proposals to a vote in Congress. None of the three Republican members from the House of Representatives voted in favour. And Barack Obama himself, who had set up the commission, largely ignored its advice. Days later, he struck a deal with Republicans to add $858 billion to the deficit by extending some tax cuts and enacting other new ones.

Opposites attract

But the commission’s report is showing faint signs of life thanks to a quiet effort by what amounts to a second, stealth deficit commission.

The entire article is linked here.

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Written by gregip

February 24, 2011 at 4:00 pm

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