By Pete V. Domenici and Alice M. Rivlin

The Hill

Feb. 17, 2011

"Together, we co-chaired a bipartisan,
19-member task force of former federal, state and local leaders for the Bipartisan Policy Center (BPC), developing a plan to reduce deficits to manageable levels, balance the 'primary budget' (everything but interest payments) by 2014 and stabilize the debt below 60 percent of the economy over the long term. We simplified the tax code for individuals and businesses while raising more revenue through a new 6.5 percent national sales tax; reformed Medicare and Medicaid to control healthcare costs; reformed Social Security so it can pay benefits for the next 75 years; found other entitlement savings; and froze defense and domestic discretionary spending for several years."

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Economic Policy Project