The president's deficit commission released its final recommendation for reducing the debt and reforming the budget this morning. Dramatically named "The Moment of Truth," the plan offers a mosaic of reforms that promise to cut $4 trillion from the debt before 2020.
The plan would also cap tax revenue at 21 percent, limit spending to 22 percent, and reduce debt as a percentage of GDP to the key figure of 60 percent by 2023.
The 18-member commission will vote Friday on the plan, which requires a 14-person majority to go to Congress. But you don't have to wait until then to learn the basics. Here is your executive summary, with "bottom line" conclusions to give you a sense of how I see things.
The goal is clear: cut $100 billion from defense and $100 billion from non-defense spending by 2015. The road there is less clear, because the discretionary budget is a vertiginous array of programs.
So the report keeps things broad. Spending in 2012 will equal spending in 2011. Spending in 2013 will come down to pre-crisis levels, adjusted for inflation. The president will propose annual limits for war spending. Disaster funds will be set up to manage unforeseen tragedies. A new 15-cent per gallon gas tax will pay into a transportation fund so that roads
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and bridges rely less on general revenue. Agencies will be responsible for their own diets, but in the event that they don't lose the weight themselves, a new, bipartisan "Cut-and-Invest Committee" will offer guidance.