The Final Deficit Commission Proposal Leaks Early

deficit

An early draft has been leaked (via FDL): Read the PDF >

The most controversial aspect of this proposal is Social Security reform, calling for a higher retirement age and curbed benefits.

The proposal also calls for tax reform, but not how you might expect. It would reduce and simplify rates for individuals and corporations, but cut exemptions on both ends of the spectrum. The upshot would be a major increase in tax revenue.

Yesterday the 18-member panel delayed voting on the proposal, probably because of internal divisions. Reportedly the six Democratic congressmen on the panel won’t go on entitlement reform and the six Republican congressmen won’t go on tax increases. They need 14 votes to send it to Congress.

Reduce Congressional and White House budget by 15 per cent

Savings: $800 million by 2015

Impose a three-year pay freeze on federal workers and DoD civilians

Savings: $20.4 billion by 2015

Reduce the size of the federal workforce through attrition

Savings: $13.2 billion by 2015

Reduce federal travel, printing, and vehicle budgets

Savings: $1.1 billion by 2015

Sell excess federal real property

Savings: $100 million by 2015

Note: This means getting rid of some of the governments 1.2 million buildings.

Eliminate all congressional earmarks

Savings: $16 billion by 2015

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