Deficit Commission

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Grading the Deficit Commission: Although New Proposal Cuts Billions in Federal Spending, The Shortfall Remains

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.

To fully understand the proposal's strengths – and weaknesses – please read on...