Deficit commission and your money

The federal so-called deficit commission captured a lot of headlines this week when the bipartisan group put out a draft proposal with something for every American to dislike.

Tough choices on Social Security, Medicare, defense spending, entitlements and taxes, both individual and corporate. I think it is the most courageous political act I've seen in decades and I applaud co-chairman former Republican Sen. Alan Simpson and former Clinton Chief of staff Erskine Bowles.

A lot of my colleagues in the media write their stories with a cynical edges noting by themselves or others, often unnamed, that it "will never pass."

They're right, the first draft proposal won't pass, but I believe something will, something that is substantive, fair, bipartisan and tough.

The chairman freely conceded that this was going to be tough on a lot of Americans but they also said we have a history of a willingness to sacrifice when we know our country will be better for our children.

And that's exactly what will happen if some of this stuff is passed. Really. You heard it hear first. I'm optimistic.

Here's a link to the report. It's 50 pages, but don't let that scare you, it's done in powerpoint-style big type etc.