• Share
  • Read Later
NO KERREY FAVOR: A federal deficit-cutting commission today refused to endorse a controversial plan by its co-chairmen, Sens. Bob Kerrey (D-Neb.), and John Danforth (R-Mo.), to avert a long-term federal budget crisis by privatizing Social Security. Instead, the 32-member Bipartisan Commission on Entitlement and Tax Reform more vaguely recommended in a letter to President Clinton that "tough action is needed sooner rather than later" -- and that major spending cuts and tax choices be decided based on their impact over 30 years, not the current politically-charged 5-year window. The Kerrey-Danforth package, which raised only four or five votes, was also forwarded to Clinton, but has been opposed by labor and by conservatives since it would raise the retirement age to 70 and allow young people to opt out of parts of the Social Security system.