Like Jackie Gleason’s Buford T. Justice in 1977’s Smokey and the Bandit, they’re not giving up.
Alan Simpson and Erskine Bowles and released more of their updated deficit reduction plan, first announced in February, on Friday in an effort to gain bipartisan support.
The proposed plan “is smaller in scope and seeks to build on the $2.7 trillion in deficit reduction that the White House and Congress have agreed to since 2010,” according to CNN Money.
That $2.7 trillion (which the White House estimates to be $2.5 trillion) does not include the sequestration cuts that went into effect in March.
Simpson and Bowles call those cuts “mindless” and think they threaten the economic recovery, according to the network. Consequently, they propose canceling 70% of the cuts for this year and next. Similarly, they recommend delaying most of their plan’s deficit reduction until 2016.
But “back loading” the changes can mean a steep hit in later years, such as $500 billion in deficit reduction in 2023 alone, CNN notes.
It goes on to provide highlights of the new plan:
Debt reduction: $2.5 trillion in additional deficit reduction over 10 years is more than the $1.8 trillion that President Barack Obama called for in his 2014 budget, but less than the $5 trillion House Republicans want.