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News Link • Government Debt & Financing

To reduce national debt, 'shared sacrifice' necessary, deficit chairs say


The Democrat and Republican who cochair President Obama's debt commission haven't offered a magic fix for federal deficits, but they've tried to make one point loud and clear: Answers to America's fiscal challenges will involve "shared sacrifice."

Erskine Bowles (D) and Alan Simpson (R) outlined a plan this week designed to keep US public debt from growing out of control. It's also designed to show that major progress is possible if Americans agree to make tough compromises.

Yes, this means things like paying more in taxes and working longer before becoming eligible for Social Security checks.

"Throughout our history, Americans have always been willing to sacrifice to make our nation stronger over the long haul," former White House Chief of Staff Bowles and former Senator Simpson write in their report. "That’s the promise of America: to give our children and grandchildren a better life."

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