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Obama fiscal chairmen commend Huntsman on debt stance
The co-chairmen of President Obama’s fiscal commission on Monday commended GOP presidential hopeful Jon Huntsman for embracing the commission’s debt-reduction plan.
The fiscal commission's proposal, which was ignored by the president when it was released in late 2010, would cut nearly $4 trillion from the deficit over 10 years. It contains $1 trillion in new revenue increases that are anathema to many conservatives, however.
The plan contained $2.2 trillion in spending cuts and $700 billion in interest savings.
“We are not in the endorsement business — but surely we are in a commendation mode! Governor Jon Huntsman's endorsement of the Simpson-Bowles Fiscal Commission plan is a bold and courageous step in his support of real and honest fiscal reform,” former Wyoming Sen. Alan Simpson (R) and former Clinton Chief of Staff Erskine Bowles said.
During the Jan. 7 debate in New Hampshire, Huntsman came out in favor of the Bowles-Simpson plan to raise revenue by eliminating tax breaks and lowering overall rates.
“I would have ripped open the tax code and I would have done what Simpson-Bowles recommended. I would have cleaned out all of the loopholes and the deductions that weigh down this country to the tune of $1 trillion, $100 billion. We’ve got a corrupt tax code,” he said.
Huntsman’s embrace of the Bowles-Simpson plan, with its nearly $1 in revenue increases for every $2 in spending cuts, is in sharp contrast to the other GOP candidates. It is also something of a shift, since Huntsman during an August debate said that he would walk away from a debt deal with $10 in spending cuts for every $1 in tax increases.
The former Utah governor is trying this week to energize moderate Republicans and to save his flagging candidacy with a strong showing in Tuesday’s New Hampshire primary. The praise from two figures associated with Obama could hurt Huntsman with more conservative voters, however.
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