AirTalk for December 1, 2010

Long awaited deficit report released

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Mark Wilson/Getty Images

Leaves are blown off the plaza of the U.S. Capitol.

Over the next decade, the United States deficit is projected to rise to $8.3 trillion. As inconceivable as that figure might be, try coming up with solutions for reducing it. Options proposed by President Obama’s National Commission on Fiscal Responsibility and Reform include raising the Social Security retirement age, slashing spending, increasing the gasoline tax by 15 cents, or eliminating 200,000 federal workers. But these are all tough and unpopular choices. The plan, released today, has received critical support from the chairman and senior Republican on the Senate Budget Committee. But other members of the bipartisan commission voiced opposition and/or serious reservations, underscoring deep divisions on the issue. Given this, what hope do lawmakers have of implementing any of these sweeping changes? If swift action isn’t taken, will the U.S. careen off a fiscal cliff into never-ending debt?

Guests:

Congressman Brad Sherman, (D-27), Representing the 27th district in the San Fernando Valley, which includes Sherman Oaks, Reseda, Northridge, and Porter Ranch; one of five CPAs in the House of Representatives and senior member of the House Committee on Financial Services

Congressman John Campbell, (R-48), Representing the 48th district in Orange County, which includes Aliso Viejo, Dana Point, Irvine, Laguna Beach, Laguna Hills, Laguna Niguel


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