WASHINGTON (AP) — The chairmen of President Barack Obama's 2010 fiscal commission are wading back into Washington's budget wars with a revised, somewhat milder plan to rein in intractable federal deficits.
The plan released Thursday by and former Sen. Alan Simpson, R-Wyo., and former Clinton White House chief of staff Erskine Bowles would lop more than $5 trillion from deficits over the upcoming decade when combined with the deficit-cutting steps enacted in fits and starts since his 2010 proposal.
It's unclear what impact the updated plan will have on a capital that's bitterly split over taxes, spending and government debt. The initial Simpson-Bowles plan won warm reviews from deficit hawks but got a chilly reception from Obama and much of the rest of official Washington for its tough mix of tax increases and cuts to benefits programs like Medicare and Social Security.
The revised plan by Simpson and Bowles reveals a familiar mix of revenue collected by cleansing the tax code of deductions, cutting agency budgets and curbing the growth of Social Security and Medicare.
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