Sec. 5. Reports.
(a) No later than December 1, 2010, the Commission shall vote on the approval of a final report containing a set of recommendations to achieve the mission set forth in section 4 of this order.
Sec. 4. Mission. The Commission is charged with identifying policies to improve the fiscal situation in the medium term and to achieve fiscal sustainability over the long run.
Specifically, the Commission shall propose recommendations designed to balance the budget, excluding interest payments on the debt, by 2015. This result is projected to stabilize the debt-to-GDP ratio at an acceptable level once the economy recovers.
The magnitude and timing of the policy measures necessary to achieve this goal are subject to considerable uncertainty and will depend on the evolution of the economy.
In addition, the Commission shall propose recommendations that meaningfully improve the long-run fiscal outlook, including changes to address the growth of entitlement spending and the gap between the projected revenues and expenditures of the Federal Government.
Executive Order -- National Commission on Fiscal Responsibility and Reform | The White House
Skepticism is high that Republicans would agree to raise revenues, or that Democrats would slash entitlement spending, in an election year with control of Congress in the balance. But many economists said a mix of tax increases and reductions in the fast-growing entitlement benefit programs Medicare, Medicaid and Social Security was essential, as soon as the economy fully recovered, to avert a fiscal calamity in the coming decade.
Republicans Name 6 to Debt-Reduction Panel - NYTimes.com
So what in your opinion will be in the final report ?
How will the government still be able to service the the entitlements as servicing the debt takes up more of the budget?
(a) No later than December 1, 2010, the Commission shall vote on the approval of a final report containing a set of recommendations to achieve the mission set forth in section 4 of this order.
Sec. 4. Mission. The Commission is charged with identifying policies to improve the fiscal situation in the medium term and to achieve fiscal sustainability over the long run.
Specifically, the Commission shall propose recommendations designed to balance the budget, excluding interest payments on the debt, by 2015. This result is projected to stabilize the debt-to-GDP ratio at an acceptable level once the economy recovers.
The magnitude and timing of the policy measures necessary to achieve this goal are subject to considerable uncertainty and will depend on the evolution of the economy.
In addition, the Commission shall propose recommendations that meaningfully improve the long-run fiscal outlook, including changes to address the growth of entitlement spending and the gap between the projected revenues and expenditures of the Federal Government.
Executive Order -- National Commission on Fiscal Responsibility and Reform | The White House
Skepticism is high that Republicans would agree to raise revenues, or that Democrats would slash entitlement spending, in an election year with control of Congress in the balance. But many economists said a mix of tax increases and reductions in the fast-growing entitlement benefit programs Medicare, Medicaid and Social Security was essential, as soon as the economy fully recovered, to avert a fiscal calamity in the coming decade.
Republicans Name 6 to Debt-Reduction Panel - NYTimes.com
So what in your opinion will be in the final report ?
How will the government still be able to service the the entitlements as servicing the debt takes up more of the budget?