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U.S. panel proposes massive deficit cuts plan

12-02-2010 09:46 BJT

WASHINGTON, Dec. 1 (Xinhua) -- A bipartisan deficit control commission created by U.S. President Barack Obama released a proposal Wednesday and recommended massive spending cut plan in a bid to trim U.S. budget deficits by four trillion dollars over the next decade.

In an effort to lower the deficit to 2.3 percent of gross domestic product by 2015, the proposal would reduce taxes while spreading the tax base, cut social welfare benefits and slash defense spending. It also called for a higher retirement age.

President Obama called for a deficit cut to about three percent of GDP by 2015 earlier this year. The current federal deficit to GDP ratio is about 8.8 percent.

U.S. federal deficit recorded 1.42 trillion dollars in fiscal year 2009, and 1.29 trillion dollars in 2010.

"The American people are counting on us to put politics aside, pull together not pull apart, and agree on a plan to live within our means and make America strong for the long haul," the report stated. "We cannot play games or put off hard choices any longer."

But as the commission co-chairmem unveiled the plan at a Congress hearing, it was unclear whether they would be able to build a convincing bipartisan consensus behind it by Friday when the 18-member penal is scheduled to vote.

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