The two leaders of U.S. President Barack Obama's Deficit Commission Wednesday produced a proposal for deficit cuts that slaughtered a lot of budgetary "sacred cows" and cut $3.8 trillion off the deficit over the next 10 years.
And the cuts were even made in just the right ratio – with $3 of spending cuts for every $1 of tax increases.
But if there was ever a proposal that exemplified that saying "the devil is in the details," this surely is it – for everyone will find something in here that they hate.
Let's take a look at the bits that I hate – after which I'll point out the proposal's strong points, before giving the commission leaders my final grade for their work.
- Grading the Deficit Commission: Although New Proposal Cuts Billions in Federal Spending, The Shortfall Remains