Election Topic: Simpson-Bowles

Romney:  Simpson-Bowles also known as the National Commission on Fiscal Responsibility and Reform was issued by Obama in February 2010. The point of the commission was to study the debt crisis in the U.S. and offer a proposal to solve the problem. The plan was never passed. Mitt Romney did not support the unpopular choices that Simpson-Bowles put forward, but he did like the general idea of the commission. What he wants to do is stimulate the economy. He does not support raising revenue as a way to reduce deficit and promises to not cut taxes on the middle class. Reducing and stabilizing federal spending and fixing the tax code on jobs and growth are some of the areas that he will focus on. Romney also plans on brining fiscal restraint to Washington by placing a hard cap on federal spending. Obamacare will be repealed and Romney will focus on eliminating wasteful government. For spending Romney plans on reducing it from 24.3% last year to with the historical trend between 18% and 20% and wants to close the tax revenue generated by the economy.

Obama:  Even though Barrack Obama was the one who issued the Simpson-Bowles commission Like Mitt Romney he did not embrace the unpopular ideas and choices that it set forward. Obama’s plan for reducing the deficit contains many different aspects. The different parts of the plan include spending cuts in the Budget Control Act and spending cuts to mandatory programs such as Medicare and Medicaid. Obama also wants to drawdown the amount of troops in Afghanistan.  Reform of the Income tax and interest savings from pay down of federal debt are also major parts of Obama’s plan for reducing the deficit.