A controversial list of cuts proposed by Obama's debt panel hopes to cut about $4 trillion from the U.S. deficit over the next 10 years. The report for cuts is uncompromising in that both sides the left will not like the spending cuts and the right will be unfavorable to revenue increases.
The $4 trillion dollar cut would come from a majority of spending cuts while the other will come from a reduction of tax breaks. The report basically says that this country can't afford to spend more than it takes in. Something that most households already knows but somehow the federal government doesn't seem to grasp this concept.
In order for the commission to make the official recommendations to Congress, the panel of 18 members would need 14 members to approve it. Currently, the panel only has 7 yes votes. It is expected that the commission will fail to generate the necessary votes to submit the recommendations to Congress. This is another example of wasted money and time in the federal government.
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