The deficit deadline that came and went

December 2, 2010

Produced by Eight Forty-Eight

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(Getty/Win McNamee)
The National Commission on Fiscal Responsibility and Reform holds its Dec. 1 meeting on Capitol Hill.

Dec. 1 was the original deadline for President Obama’s deficit-reduction commission and it came and went without a vote. Despite the early release of a plan from commission co-chairs Alan Simpson and Erskin Bowles, a vote has been delayed to Friday—at least.

Illinois congresswoman and commission member Jan Schakowsky spoke with "Eight Forty-Eight" on Wednesday. She was one of many who offered an alternative plan. Schakowsky's concern is that the Simpson-Bowles scenario jeopardizes social programs and comes down too hard on middle to lower-income Americans.

To find out more about the strengths and weaknesses of the Simpson-Bowles plan, "Eight Forty-Eight" spoke with a couple of economic experts. Andrew Busch is a global currency and public policy strategist who advises Republicans on the economy and financial markets. Charlie Wheelan is a senior lecturer at The Harris School of Public Policy at University of Chicago. He is the author of "Naked Economics: Undressing the Dismal Science".

Music Button: Maserati, "Monoliths", from the CD Passages, (Temporary Residence)