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.
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