Debt Plan Ideas Draw Scorn of Liberals and Tea Party

A debt commission appointed by US President Barack Obama released a deficit-reduction draft plan with a long list of cuts in the federal workforce, defense and entitlement programs – along with simplifying the tax code, lowering tax rates for individuals and corporations while eliminating many tax breaks. The US budget ballooned under Obama's watch: Rescuing the economy from global crisis required stimulus spending before and after he took office, and, unlike his predecessor, he included the costs for two wars in the budget. Critics in both parties swiftly protested the specifics: liberals oppose decreasing taxes and social programs; conservatives oppose tax-code changes that would generate more revenues. The draft could be shelved, but Americans are alarmed by massive debt and newly alert on budget processes. The globe can anticipate a sharp downturn in US personal or public spending, as well as resistance to US investment in any foreign-policy endeavors. – YaleGlobal