Romney, Obama Both Like Simpson-Bowles Plan, to a Point

Following the panel unveiled its plan, Obama praised its work but didn't adopt its specifics. Republican panel member Paul Ryan, chairman of the home of Representatives budget committee and Romney's vice presidential pick, opposed the commission's plan.

The program called for about $3 in spending cuts for each $1 in new revenue to attain its goals.

Romney, despite expressing support for that plan, said he would "absolutely" not back raising revenue in an effort to reduce the deficit.
"Simpson-Bowles tried to reach the deficit reduction with a mixture of revenue increases and spending cuts, and Romney's plan's all on the expenditure side," said Howard Chernick, an economics professor at Hunter College in Ny.

Even as the Simpson-Bowles plan has had on new popularity, many experts say it's an easy crutch and that even with unpopular decisions, its math doesn't add up.

Longtime budget guru Stan Collender calls it a "laundry listing of spending and revenue alternatives" he likened to "budget candy, you can easily like in theory."

Obama said his $4 trillion deficit reduction plan's based on Simpson-Bowles, but analysts might disagree.
"Obama is nearer to Simpson-Bowles although he wouldn't cut costs by cuts in major entitlements," Chernick said. "Obama doesn't want to go there."

Social programs referred to as "entitlements" include the popular Medicare health insurance policy for the elderly and disabled and also the Social Security retirement program for that elderly. Simpson-Bowles takes aim at the expense of these programs, a reason some Democrats around the commission voted against it.
The Simpson-Bowles plan also requires tax rate cuts for those income groups, while Obama has required raising rates for the richest Americans. The program proposes slashing many popular tax deductions and adding it well only selectively.

Neither candidate has got very specific about which from the nearly $1.1 trillion in annual special regulations they would hit to balance your budget. Among these are the mortgage interest deduction and also the tax break for charitable giving.

Obama and Romney have both promised to not cut taxes on the middle-class. Critics say that position ties both candidates' hands - that there's not enough money available from the wealthy alone to handle the deficits the country faces.