WASHINGTON (Reuters) - The United States cannot grow its way out of budget deficits and both revenue increases and spending cuts will be needed to stem the flow of red ink and create a brighter financial outlook, top members of a newly created budget commission said on Sunday.
The independent National Commission on Fiscal Responsibility and Reform created by President Barack Obama is to hold its first meeting on Tuesday. The co-chairmen of the 18-member panel told "Fox News Sunday" that everything had to be on the table as it considers ways to reduce huge deficits and mounting debt.
"We're not going to say we're going to grow our way out of this," said former Republican Senator Alan Simpson. "Hell, we could have double (-digit) growth for 30 years and never grow our way out of this."
Expect the Tax Increases coupled with spending cuts, of course they will renege on the cuts.
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