Groups Offer Ideas to Cut US Deficits
18 November 2010
Democrat Erskine Bowles, left, and Republican Alan Simpson meet with reporters in Washington to present their plan for reducing the government's budget deficit
This is the VOA Special English Economics Report.
Continuing debt problems in Greece and Portugal. The banking crisis in Ireland. A trillion-dollar deficit in the United States. These are all reasons why high levels of public debt are a big worry around the world.
Countries that keep spending a lot more than they earn may not be able to repay their debts. That risk of default can make it harder and costlier for them to borrow more money. Heavy debt can also affect a country's competitiveness.
Voter anger at government spending and taxes helped lead to the big Republican gains in America's elections this month.
President Obama says for the economy to improve, the government must cut spending and reduce its deficit. In February, he formed the National Commission on Fiscal Responsibility and Reform. The two chairmen are Erskine Bowles, a Democrat, and Alan Simpson, a Republican.
Last week, the chairmen presented their own ideas for how to cut the federal deficit to about two percent of the economy by twenty fifteen. The administration estimates this year's deficit at about ten and a half percent.
The two chairmen say their proposals would cut the deficit by almost four trillion dollars over the next ten years. One hundred billion would come from the military. Other proposals would cut the federal workforce by ten percent and freeze civilian pay.
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