9:15 PM
Julio Barreto
Amidst all of the drama within both parties – Tea Party versus establishment Republicans, liberals versus conservative/moderate Democrats, make no mistake the 800 pound gorilla settling in Washington is the draft report issued by the bipartisan National Commission on Fiscal Responsibility and Reform. President Barack Obama creates the commission to seek recommendations on ways to reduce Federal spending and control future deficits.The Commission, co-chaired by Former Republican Senator Alan Simpson (WY) and Erskine Bowles, the former Chief of Staff to President Bill Clinton, submitted a preliminary report with five basic recommendations:1. Enact tough discretionary spending caps and provide $200 billion in illustrative domestic and defense savings in 2015.2. Pass tax reform that dramatically...
