Deficit Panel Results

Wednesday, December 1, 2010 - 10:43am

The President's deficit panel to reveal plan to clean up U.S. debt.

Are you willing to pay higher taxes to keep America from going even further in the red?

In an AP poll this week, most Americans said no.

But President Obama insists continuing tax breaks for the wealthy will cost America 700 billion dollars we can't afford.

"It would be unwise and unfair, particularly at a time when we're contemplating deep budget cuts that require broad sacrifice,” said President Obama.

Republicans argue the tax breaks will help.

Ohio Representative John Boehner said, "Stopping all the looming tax hikes and cutting spending would in fact create jobs and get the economy moving again."

The President's new "tax team" hopes to hammer out a compromise with Republicans. They meet for the first time today.

Also today: the Deficit Commission reports its controversial plan to put America back in the black.

They want to slow down Social Security benefits, raise the retirement age to 69, raise the gas tax 15 cents a gallon. They also want pay cuts and job cuts for federal workers and want to limit tax credits and deductions.

Erskine Bowles of the National Commission on Fiscal Responsibility and Reform said, "This deficit and this debt is like a cancer, and it's gonna destroy our country from within if we don't face up to it and face up to it quickly."

However right now, they don't have the votes to support it.

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