NEW YORK (TheStreet) -- In December 2010, the presidentially appointed "National Commission on Fiscal Responsibility and Reform" released a report entitled "The Moment of Truth," providing a road map to reduce deficits by $4 trillion over the next decade. The plan fell three committee votes short of receiving a congressional vote.
|The "Bowles-Simpson" deficit reduction plan is more effective than either plan proposed by the House of Representatives and the Senate.|
- discretionary spending cuts
- comprehensive tax reform
- health care cost containment
- mandatory savings
- Social Security reforms to ensure long-term solvency and reduce poverty
- process changes