FINANCIAL TIMES: A sweeping plan championed by the leaders of a US commission charged with curbing the country’s mounting debts failed to advance to Congress after receiving the backing of 11 of its 18 members.
The final vote on Friday that ended the panel’s work displayed a surprising level of political consensus on the package, with three Republican and three Democratic lawmakers supporting budget deficit reduction measures worth $3,900bn over 10 years.
But the threshold for automatic consideration on Capitol Hill was 14 votes, meaning the ambitious proposals – including increasing the retirement age, cuts in healthcare and defence, and changes to the tax code – will not be considered wholesale in the coming years…(more)
