Congress Takes Vigorous Steps to Look Like it’s Planning to Reduce Deficit
By Rocky Vega
11/20/10 Stockholm, Sweden – Erskine Bowles, President of UNC, and former Wyoming Senator, Alan Simpson, the co-chairmen of President Obama’s National Commission on Fiscal Responsibility and Reform, are getting political leaders caught up with the obvious reality of the US’ precarious financial stateÉ that the budget deficit is quickly hurtling the nation toward a debt crisis not unlike Greece, but on a much larger scale.
Yet, even with annual interest payments alone already totaling roughly $200 billion, there is little political will to make the kind of cuts necessary to have an impact on the deficit. Policy makers and citizens alike want action to be taken, but the required sense of taking personal responsibility – with fewer public services, higher taxes, or reduced welfare – is still lacking.