Federal deficit reduction plans differ sharply
The clock is running as members of the Joint Select Committee on Deficit Reduction, or the “Supercommittee,” race toward a November 23rd deadline to finish their work. Co-chaired by Senator Patty Murray, the Joint Committee has been tasked with identifying how to reduce the federal deficit by $1.5 trillion over 10 years. As we’ve said before, the Joint Committee must adopt a balanced package that includes significant revenues and does not increase poverty or inequality.
This week members of Congress put out their deficit reduction proposals. The Center on Budget and Policy Priorities took a critical look at proposals from both sides.
Review of the Republican proposal can be found here.
Analysis of the Democrats plan is here.
Deficit reduction cannot not be accomplished on the backs of low-income Americans. Deep cuts to Medicaid and Medicare will harm our economic recovery and increase poverty. While we recognize the challenges that face the Supercommittee members as they struggle with deficit reduction, there should be no deal without revenue.
CBPP's full analysis can be found here.
