New Bowles-Simpson Plan Unveiled

Erskine Bowles and Alan Simpson proposed a new framework to cut the country’s debt by $2.4 trillion over the next decade, CNN reports.

The Wall Street Journal notes the new proposal “would reduce the federal budget deficit by $2.4 trillion over 10 years, more than the $1.5 trillion package that White House officials have said is their goal. Obama administration officials say any deficit-reduction package must include new tax revenue as well as spending cuts.”

“House GOP leaders have not yet detailed the size of the deficit-reduction package they will propose, but they have said it would balance the budget within 10 years, which would put it in the $4 trillion range. They have said, though, that it won’t include any tax increases.”