The Moment of Truth Report Released Dec. 1

Obama's deficit commission released what they call their "Moment of Truth" report (Read it). Alan Simpson conjures Harry Potter's dark wizards to describe what will happen to the report -- they're going to "shred this baby to bits." Sure enough, it's already started. People are all talk no action. This is America. We don't believe is fiscal sanity. So far, I've read that Judd Gregg plans to approve the recommendations, but most pundits say it will go nowhere. A vote on the report's recommendations has been rescheduled for Friday; 14 of the 18 members would have to approve to send it to Congress for a vote.

As the commission convened to discuss the cochairmen's call for raising the Social Security retirement age, slashing spending and increasing the motor fuel tax, former Sen. Alan Simpson said "the denizens of darkness" are poised to fight the panel's recommendations.

Simpson said he understands the predicament of lawmakers facing tough decisions, saying they must be ready to confront groups "waiting out there in temples around the city to shred this baby to bits." The Wyoming Republican told congressional members of the commision "there may be less cash in your Christmas stocking for the next election."

Said panel co-chairman Erskine Bowles: "Together I think we have started an adult conversation that will start a debate until the leadership here in Washington starts doing something real." NPR