Bowles, Simpson unveil plan to cut debt $2.4 trillion over 10 years
WASHINGTON — Erskine Bowles and Alan Simpson, who have been pushing for a major deficit reduction plan since co-chairing a bipartisan commission on fiscal reform, released a new proposal Tuesday to cut the nation’s debt by $2.4 trillion over the next decade.
Called “A Bipartisan Path Forward to Securing America’s Future,” the plan attempts to avoid the large automatic spending cuts set to hit March 1 while also dealing with long-term debt drivers such as Medicare.
“The problem is real, the solutions are painful, and there is no easy way out,” the two said in a summary of their plan. “What we are calling for is by no means perfect, but it could serve as a mark for real bipartisan negotiations on a plan to reduce the deficit and grow the economy.
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