The deficit reduction commission of America has offered a blue print that proposes to wipe out trillions of dollars from the projected deficits by the year 2020. If this draft is approved in the US Congress, it will start a tremendous political pain for those who are trying to stabilize the financial position of the world’s most powerful economy.
A major part of the draft shows massive cuts in military spending and other domestic matters and they also want to evaluate the tax code in order to boost further revenue. The major changes which have been proposed include Medicare patients to pay higher, increases the gas taxes and delaying the full Social Security benefits till one reaches the age of 68.
Political pundits are saying that this is only a plan and it is very much unlikely to get passed in the US Congress by a majority vote. Severe political protests have started coming from all corners and people are of the opinion that the proposal for Social Security is simply unacceptable and there cannot be any debate on that.
The report is likely to be placed before the President Mr. Obama on December 1. Till now, Obama was known as a man who can spend well. But after this, Obama will have to go to the electorate with a new message and political analysts are eagerly waiting to see the content of that message.
