WASHINGTON, Dec 1 (Reuters)- A presidential commission trying to balance the U.S. budget on Wednesday softened a proposed tax overhaul to win broader support for its bold plan to slash the $1.3 trillion federal deficit.
The plan faced an uphill struggle to win sufficient backing to trigger a congressional vote. Even if that happens, analysts predict Congress won’t take substantive steps to reduce the deficit this year.
The high hurdles still in front of the plan reduce “to zero the already slim chance of seeing any congressional action on this proposal in the foreseeable future,” said Steve McMillin, partner at policy advisory firm Hamilton Place Strategies.
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