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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Obama panel urges deep spending cuts, tax reforms AFP - Thursday, November 11 Send IM Story Print Obama panel urges deep spending cuts, tax reforms WASHINGTON (AFP) - – A high-profile panel set up by President Barack Obama has recommended deep spending cuts and sweeping tax reforms in a bid to slash US budget deficits by four trillion dollars over the next decade. Firing the starting gun for a bruising political debate, the bipartisan panel's co-chairs proposed "painful" cuts to defense and domestic spending as well as an overhaul of the fiendishly complex US tax code. Warning "America cannot be great if we go broke," Alan Simpson and Erskine Bowles outlined rapid reductions to bring the deficit under control and reforms to reduce long-term debt, which currently stands at over 14 trillion dollars. Offering both Republicans and Democrats something to chew on, the chairs said the "country will not be able to compete without a plan to get this crushing debt burden off our back." The measures include a 200 billion dollar cut in discretionary spending in 2015, split equally between defense and domestic outlays, to bring the annual deficit down to 2.2 percent of gross domestic product (GDP). The current budget deficit stands at close to nine percent of GDP, a level many believe is unsustainable in the long run and which could eventually bankrupt the country. The 18 member "Commission on Fiscal Responsibility and Reform" co-led by former Republican senator Simpson and veteran Democratic operative Bowles, had been charged by Obama with finding ways to bring deficits down to three percent of GDP by 2015. Exceeding that goal, the duo's proposals gradually raise the retirement age, increase fuel tax, reduce some income and corporate taxes and reduce many social security benefits. They would also include a 4.6 billion dollar cut in foreign aid, a 300 million dollar reduction in UN contributions per year, the elimination of funding for commercial spaceflight and slashing research funding for fossil fuels. The White House said it would wait for the Commission's full report, which is is due by December 1 before weighing in and stopped well short of endorsing the plans. The White House said in a statement that the ideas "are only a step in the process towards coming up with a set of recommendations and the president looks forward to reviewing their final product early next month." But rebuttals of the plan came fast and furious from left and right. Top congressional Democrat Nancy Pelosi described the proposals as "simply unacceptable" saying it did not balance economic security with fiscal security. "Any viable proposal from the president's fiscal commission must strengthen our economy, but it must do so in a fair way, focusing on how we can effectively promote economic growth," she said. Moderate Republicans gave the measures qualified support. Senator Judd Gregg, a Republican member of the panel described it as "an aggressive and comprehensive plan for getting federal spending, deficits and the debt under control." But the right wing lambasted the proposals, reiterating long-stated claims that the budget should be balanced through spending cuts alone. "This commission is merely an excuse to raise net taxes on the American people," said the hardline group Americans for Tax Reform. Amid this bitter partisan divide some observers have questioned whether the committee can reach significant recommendations, as 14 out of 18 votes are needed to agree such a step, meaning several Republicans on the panel would have to vote with Democrats. That task could be made even more difficult with Boles and Simpson taking on some powerful lobbies. The White House and Congress would not dodge the cuts under the plans, with both seeing their budgets cut by 15 percent. "American families have spent the past two years making tough choices in their own lives. They expect us to do the same." The chairs also put forward plans to cut the federal workforce by 10 percent, slash the number of outside contractors and freeze federal salaries and bonuses for three years. The Pentagon would also be subject to a freeze for non-combat staff and a reduction in procurement spending of 15 percent, saving 20 billion dollars. The chairs would have the Department of Defense cancel projects to build the V-22 Osprey aircraft, the Expeditionary Fighting Vehicle and substitute F-16 and F/A-18Es "for half of the Air Force and Navy's planned buys of (Lockheed Martin-made) F-35 fighter aircraft." In the long run the proposals hope to reduce the US long-term debt to 40 percent by 2037. 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