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Where Would We Be If the Fiscal Commission's Recommendations Had Been Enacted?

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If the recommendations of the National Commission on Fiscal Responsibility and Reform (Fiscal Commission) had been adopted one year ago on December 1, 2010, the U.S. would:

  • Be on a path to stabilizing the debt by 2014, reducing it to 60% of GDP by 2023 and 40% by 2035.
  • Have put into place policies to cut the deficit by nearly $4 trillion through 2020, more than any effort in the nation's history.
  • Have avoided a downgrade by any ratings agency.
  • Be enjoying sharply reduced individual marginal tax rates with a top rate equal to that achieved under President Reagan.
  • Have dramatically cut backdoor spending in the tax code while increasing revenues.
  • Have reformed and reduced the corporate tax code to ensure America is the best place to start a business and create jobs.
  • Have instituted reforms to ensure lasting Social Security solvency and prevent the projected 22% in cuts to come in 2037, and reduce elderly poverty.
  • Be able to avoid arbitrary across-the-board cuts in defense and domestic investments such as education and infrastructure.
  • Be in the process of cutting tens of billions in government waste and inefficiency.
  • Ended the highly-partisan, and fruitless debate over extending the Bush-Era tax cuts.
  • Have protected and strengthened programs that serve the disadvantaged.
  • Be putting its fiscal house in order and ensuring the long-term health of the economy.