http://www.fixthedebt.org/blog/meet-the-press-alan-simpson-and-erskine-bowles-on-the-federal-debt_1

The video is a little long, but it’s well worth watching.

Some straight up stuff from a pair of guys – Simpson and Bowles – who have nothing political to lose. And it’s refreshing to see how folks from the two parties *could* work together.

There are no immediate financial planning implications, inasmuch as Congress and the President haven’t done anything yet about either the Bush tax cuts which expire at the end of this year, or about the long-run fiscal crisis we’re facing as a nation.  But it’s important to be aware of what the current tax situation is as well as what some of the possible changes might be.

Amongst the things that would require substantial planning were anything like Simpson/Bowles to pass would be dealing with changes to the mortgage interest deduction, and losses of various other deductions and credits.

But watch the video.  These guys are the only ones with any credibility who are talking seriously about the problem.  And convince anyone you know who votes to watch it, too.