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Debt Commission Creates Plan

Debt Commission Creates Plan - A bipartisan presidential commission has made changes to a plan to reduce America's deficits and rein in the national debt, and its members will vote on the "final product" Friday, the panel's co-chairmen announced Tuesday.

The co-chairmen, former senator Alan K. Simpson (R-Wyo.) and former Clinton chief of staff Erskine Bowles, told a news conference that commission members would meet Wednesday to discuss the plan, which aims to cut the federal deficit in half by 2015 and stabilize the nation's soaring debt.

Simpson and Bowles spoke after the National Commission on Fiscal Responsibility and Reform, as the panel is formally known, held a closed-door meeting to discuss changes to a draft plan that the co-chairmen released three weeks ago.

"America, you have a serious problem," Simpson said in opening remarks at the news conference. "And time is short to address it."

He said a main feature of the plan is that it eliminates what he called "tax earmarks," essentially expenditures in the tax code that amount to $1.1 trillion a year. "Tax earmarks are spending by another name, and they just drain America," Simpson said, adding that it is now "sober-up time" for the companies that have benefited from them over the years.

Debt Commission Creates Plan
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