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sales tax targeted to cut US deficit

federal budget deficit buy canada goose jacket on Wednesday called for a 2011 Social Security tax holiday, a soft drink tax and government spending freezes.

In an ambitious plan to slash the buy canada goose jacket cheap deficit and the fast mounting national debt, the group also called for a new 6.5 percent national sales tax, as well as lower Canada Goose Jackets and simpler individual income and corporate tax rates.

Former Federal Reserve Canada Goose Outlet Vice canada goose clearance Chairman Alice Rivlin and former Republican Senator Pete Domenici both veterans of Washington long running deficit wars headed the 19 member group organized by canada goose factory sale the Bipartisan Policy Center, a think tank.

Domenici called the deficit quiet killer undermining the economy and compared the effort required to vanquish it to the sacrifices made by Americans during World War II.

At an event to unveil the center plan, Rivlin said its twin goals were to boost the economy and tax reform.

It comes as a presidential commission targeting the same problem reconvenes cheap canada goose on Wednesday uk canada goose for another closed door session with just over two weeks before its final report is due.

Americans are worried about the deficit and want action, polls show, but politicians cannot agree on tax hikes and spending Canada Goose online cuts, even cheap canada goose uk though experts say both are needed.

Federal Deposit Insurance Corp Chairman Sheila Bair said at a conference in New York on Wednesday that she did canada goose black friday sale not see short term risk from the deficit. But she said, is a systemic risk to the financial system if structural deficits are canada goose uk outlet not credibly addressed over the next few years.

Dramatic proposals unveiled last week canada goose coats by the leaders of the presidential commission were widely dismissed as unworkable taken as Canada Goose Coats On Sale a whole. voters earlier this month in the midterm elections made clear is a top concern.

BOWLES: DENIAL OVER clear to me is that the era of debt denial is canada goose uk black friday over, Erskine Bowles, co chairman of the presidential commission, told reporters on Tuesday canada goose uk shop evening. The other co chairman is former Senator Alan Simpson.

Bowles said the 18 member commission, appointed earlier this year by President cheap Canada Goose Barack Obama, has agreed canada goose on the need for caps on discretionary spending and that defense spending is on the table. The panel will meet again on Wednesday, when it will discuss taxes and Social Security, and on Thursday.

Rivlin said that Bowles and Simpson have been briefed on the Rivlin Domenici plan. She is a member of the Bowles Simpson commission, as well.

Underscoring discord on the presidential panel, one of its Democratic members, Representative Jan Schakowsky, unveiled her own alternatives to the Bowles Simpson proposals.

am releasing my own plan today because I believe that there is a better way to achieve our goal one that protects the poor and the middle class, canada goose clearance sale Schakowsky said on Tuesday.

Schakowsky plan does not contain any cuts to Social Security, which she said nothing to do with the deficit.

SUGARY DRINKS TARGETED canada goose coats on sale One of the Rivlin Domenici proposals is excise tax on the manufacture and importation of beverages sweetened with sugar or high fructose corn syrup. Others are cutting farm payments and Canada Goose Parka tinkering with Social Security.

Their plan would kill the mortgage interest and charitable canadian goose jacket contribution tax deductions and replace them with 15 percent refundable tax credits anyone could claim. The group said the plan uk canada goose outlet would boost the Canada Goose sale economy, create canada goose store jobs and balance the budget excluding debt interest by 2014.

debt and rising interest costs could evolve into a spiral. Even without a crisis, Canada Goose Online rising debt will increase our reliance on foreign lenders, said the Rivlin Domenici group, which has no official government role. budget deficit is presently $1.3 trillion and the national debt is more than $13.6 trillion. (Additional reporting by Kim Dixon and Donna Smith; Editing by Andrea Ricci).