We now know what both sides in the Gang of 12 have on the table to begin negotiations to reduce our nation's deficit. And looking at the Republican and Democratic proposals...we're screwed.
Last week - in a move that shocked many progressives - the six Democrats on the Gang of 12 offered up $475 billion in cuts to Medicare and Medicaid Cuts that a large majority of American disapprove of. Cuts to very popular programs that Democrats created. Again - this was in their FIRST proposal - meaning those cuts will only get steeper once negotiations start. And right on cue - Republican released their first proposal - one-upping Democrats on cuts to Medicare and Medicaid - calling for nearly $700 billion to be chopped out of the critical safety net programs.
So now - if the Gang of 12 does come up with a compromise - it will almost certainly include deep cuts to crucial entitlement programs. The Campaign for America's Future weighed in on what's come out of the Gang of 12 so far. The organization wrote in a press release blasting the Committee members, "Millionaires and billionaires have had their incomes rise and their tax rates decline - it's not shared sacrifice to balance taxes on the wealthy with cuts to Medicare, Social Security or other programs that protect people who need help."
Roger Hickey, Campaign for America's Future joins Thom Hartmann