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27 Oct 2011 15:24

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Politics: Wide gap between Democrats, Republicans on deficit cuts

  • $2.2 trillion in cuts offered by super committee GOP source
  • » Cut spending, or do a little of everything? The above figure is, in fact, about $800 billion less than the deficit reduction the Democratic plan would have achieved, which relied on a nearly even mixture of spending cuts and tax increases (including some politically tough cuts to Medicare). The GOP plan, conversely, offers no such tax increases, instead relying on heavier spending cuts to Medicare, Social Security, and low-income welfare programs such as food stamps, along with lowering tax rates which they’re claiming will stoke hundreds of billions of extra economic activity. So, basically, the same argument is playing out exactly like it does every time, though now there’s only twelve people instead of a full Congress.