Senator Alan Simpson, co-creator of the Simpson-Bowel plan to reduce US fiscal deficit and US government debt and co-chair of President Obama's Debt Reduction Committee was on Cnnfn to discuss his views on ever-increasing U.S. debt and what he has outlined in the Simpson-Bowel plan to cut the fiscal deficit and debt.
Credit: www.cnnfn.com
-- We have both revenue and spending problem.
-- We have lowest revenue coming in as percentage of GDP since the Korean war. We have only 15% of GDP coming in as revenue vs. 19% in earlier years.
-- You cant tax out of this and you cannot cut spending to get out of this. It will have to be a balanced approach if there is any progress we want to make on reducing the fiscal deficit.
Here is the video:
Credit: www.cnnfn.com
-- We have both revenue and spending problem.
-- We have lowest revenue coming in as percentage of GDP since the Korean war. We have only 15% of GDP coming in as revenue vs. 19% in earlier years.
-- You cant tax out of this and you cannot cut spending to get out of this. It will have to be a balanced approach if there is any progress we want to make on reducing the fiscal deficit.
Here is the video:
