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<p style="font-size:xx-small;">The chairmen of President Obama's 2010 fiscal commission are wading back
into Washington's budget wars with a revised, somewhat milder plan to rein
in intractable federal deficits.The plan released Thursday by and former
Sen. Alan Simpson, R-Wyo., and former Clinton White House chief of staff
Erskine Bowles would lop more than $5 trillion from deficits over the
upcoming decade when combined with the deficit-cutting steps enacted in
fits and starts since his 2010 proposal.It's unclear what impact the updated
plan will have on a capital that's bitterly split over taxes, spending
and government debt. The initial Simpson-Bowles plan won warm reviews from
deficit hawks but got a chilly reception from Obama and much of
the rest of official Washington for its tough mix of tax increases
and cuts to benefits programs like Medicare and Social Security.The revised
plan by Simpson and Bowles reveals a familiar mix of revenue collected
by cleansing the tax code of deductions, cutting agency budgets and curbing
the growth of Social Security and Medicare.Simpson and Bowles would add
$2.5 trillion in new deficit cuts over 2014-2023 on top of about
$2.7 trillion estimated to have already been enacted through cuts to agency
budgets and January's tax increase on wealthier earners. It assumes $1.2
trillion in across-the-board spending cuts imposed for the failure of Washington
to replace them are repealed.The revised blueprint arrives as Washington
is fami
g released, and that only low-priority individuals are given a reprieve.
The administration also issued a directive allowing some illegal immigrants
who came to the U.S. as children to stay.Critics, though, warn that
legalizing the millions of illegal immigrants already in the country without
establishing a strict system of interior enforcement will allow the problem
to fester all over again.While the path to citizenship and other provisions
draw the most scrutiny from congressional Republicans, the nearly 900-page
bill contains a number of other measures -- including a new system
of temporary visas for low-skill workers and expanded visas for high-skill
workers.The bill, unlike the recently stalled gun control legislation, comes
out of the gate with prominent bipartisan backing. Rubio was one of
four Republicans drafting the bill, and some other Republicans have expressed
a willingness to consider an immigration overhaul, with the goal of leveraging
the immigrant workforce to help the economy and cutting red tape.
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