Clinton Administration Heavyweights Offer Spending Cuts, Tax Reforms
December 4, 2012
A roster of luminaries from the federal government of the 1990s on Tuesday released a long-term spending-cut and tax reform plan designed to tackle the nation’s debt crisis while reducing after-tax income inequality.
The liberal-leaning Center for American Progress, following a year of work by a team of big-name authors, released “Reforming Our Tax System, Reducing Our Deficit,” outlining “progressive, revenue-enhancing, efficient, simplifying, and pragmatic tax reform” coupled with “pragmatic spending cuts that do not undermine the middle class, the poor, or seniors.”
The spending side of the plan includes counting the $1.5 trillion in reductions enacted in the past year, some new defense cuts, adjustments in Medicare to “bend the cost curve” without hitting beneficiaries, and other proposals the center offered previously. Among those are cuts to federal retirement benefits, which, as noted by John Podesta, the center’s founder and chair who was President Clinton’s chief of staff, are part of the current talks between the White House and Congress on avoiding the fiscal cliff.